Coinbase Adds Its First Stablecoin Tied to the US Dollar

Coinbase is providing support for the Circle-issued USDC stablecoin. The token will initially be supported through Coinbase Wallet.

AccessTimeIconOct 23, 2018 at 4:18 p.m. UTC
Updated Sep 13, 2021 at 8:31 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange Coinbase announced support for the Circle-issued stablecoin Tuesday.

In a blog post, the exchange said U.S. customers outside the state of New York can now buy, sell, send and receive the USD//Coin (USDC) through the company's iOS and Android apps, as well as coinbase.com, which was first announced last month. It intends to offer the coin to customers in different regions going forward.

USDC is the first stablecoin supported by Coinbase, and is only the second ERC-20 token the exchange's customers can trade after it added the 0x token earlier this month.

"The underlying technology behind the USDC was developed collaboratively between Coinbase and Circle, in our capacity as partners and co-founders of the new CENTRE Consortium," the post explained.

Each token is backed by U.S. dollar holding at a 1:1 ratio, the post stated, meaning it is 100 percent collateralized.

It added:

"The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That's why we think of it as an important step towards a more open financial system."

Coinbase Wallet already supports the USDC token, and Coinbase Pro will begin supporting the token "in the coming weeks," the post noted.

In a separate post, Circle co-founders Jeremy Allaire and Sean Neville outlined the CENTRE Consortium, which was launched Tuesday with Coinbase.

, first announced last year, was a Circle initiative focused on building a payments network. The new consortium builds on that, according to the post.

Image via Coinbase

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.