In a blogpost, Allaire and Neville explained: "A price-stable currency, such as a token pegged to the USA dollar, is critical for enabling mainstream adoption of blockchain technology for payments as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenised securities, loans and property".
China-based Bitmain is one of the world's largest cryptocurrency mining companies and a leading manufacturer of the high-powered computer servers used for mining cryptocurrencies. The framework for this cryptocurrency is an "open source fiat stablecoin framework" that's been developed and is governed by CENTRE, a governed network for cryptocurrency. The information has been released by Circle on a press release uploaded on May the 15th.
Circle doesn't want its USD Coin to be subject to the instability and inflation inherent to other unregulated cryptocurrencies, so it will tie the value of a coin to that of a USA dollar, according to CNBC. Pitched as "a solution that enables customers to purchase and use USDC fiat tokens for payments and trading in the crypto ecosystem", the token will be backed by physical US dollars held in reserve, making it what Circle refers to as an "open source fiat stablecoin". General Catalyst, Breyer Capital, and Accel are among the existing investors of Circle who joined the round.
According to Circle, Bitman will also be joining CENTRE's efforts to implement numerous fiat-backed stablecoins that aim to provide financial interoperability around the world. "It is hard to use something like bitcoin if the volatility is so high", Circle's founder and CEO Jeremy Allaire stated.
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But, per Sky Sports , the Court of Arbitration (CAS) for Sport upheld an appeal by the World Anti-Doping Agency to extend said ban after it expired this month.
Circle, which is valued at almost €3 bilion following the latest round, also announced a new virtual currency or so-called "stablecoin", known as Circle USDC, which is to run on ethereum, will be pegged to the US dollar. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We're over the moon to have one of the most important and forward-thinking companies join our investor's list. We are excited to be working directly with Bitmain on realizing our shared vision.
It is worth noting that Circle's USDC is not the first cryptocurrency aimed at stability, or to even be pegged against the US Dollar.
Further, Circle claims they would be open to detailed and transparent financial & operational audits since they operate within the regulated framework of U.S. money transmission laws.
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