Circle Working on a Stablecoin (this is a Big Deal)

The crypto company Circle is working on a new ERC-20 based stable coin called “Circle USD Coin” (USDC). USDC Investors include the mining giant Bitmain. Circle investors include the investment banking giant Goldman Sachs.^[1]

The token will be managed by CENTRE (a subsidiary of Circle).

This means TUSD and USDT (those are two different popular stable coins) are about to get some serious competition.

After-all, Circle isn’t just “a crypto company,” it is a major player in the crypto space that recently acquired Poloniex and is backed by some big mainstream players.

If crypto was “dead,” Goldman Sachs probably wouldn’t be backing a company that was partnering with a mining giant to create an ERC-20 based (AKA Ethereum-based) stable coin. That is basic logic.

This also is yet another reminder that while the crypto space is still young and is in the middle of a Mad Max-like battle royale that is punishing investors in the short term and rewarding traders for shorting the daylights out of crypto on a monthly basis, the future is potentially very bright for investors, users, developers, and of course, traders as well.

1. Bitmain Leads Circle’s $110 Million Round; Teams Up to Create Stable Coin. BitcoinMagazine.com.