News

Circle Introduces Its New Stablecoin

Stablecoins are in trend lately. It seems like every financial institution and exchange wants to issue its own cryptocurrency. This time is none other than Circle, the Goldman Sachs backed exchange and payment processor, that is ready to issue its own stablecoin in the American market.
A stablecoin is no other thing that a cryptocurrency designed to have always the same value almost always pegged to a fiat currency value. In this case, the stablecoin launched by Circle has been dubbed the USD coin and it is pegged to the American dollar. They have declared that they are actively trying to address the common problems that stablecoins have, like last of transparency in the method of maintaining its value.
This new launch happens after the recent launch of another stablecoin, the Gemini dollar, that is backed up by none other than the Winklevoss Twins and their exchange Gemini, having been approved by the New York regulators. So why the buzz about these type of cryptocurrencies, even if there is one big boy among them: Tether, a cryptocurrency that has emitted more than 2 billion dollars till the date. The words are trust and confidence.
Tether, the main stablecoin, has been under the shadow of a doubt by some time. Many think that it has been used to manipulate the market and that its value is not justified in any way. And they have something right because a full audit of the Tether company has not been made since last December. Despite all that, it is still widely used in “pure” exchanges, where there is no way of exchanging cryptocurrencies by dollars to cash out from the platform just because they help traders to avoid volatility and freeze their funds.
It remains to be seen if any of these stablecoins will be the one that prevails in the market, but the truth is that the competition is fierce.

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