Nov 29, 2018 at 0:51

The adoption of crypto assets as a payment and trading tool is spreading rapidly across the world. And yet, current approaches remain lacking in financial and operational transparency, allowing them to operate in unregulated offshore jurisdictions with unknown banking and audit partners. 

Such has left the whole ecosystem tolerating such closed-loop ecosystems and closed source technologies—this, of course should not be the case.

The USD coin aims at resolving this issue by enabling the use of fiat currencies for payments and trading. 

“We believe that during this phase of the market, most market participants don’t desire a new currency, but instead want to be able to use their existing major national or global reserve currencies on top of open public chains. Customers want price-stability and the trust and regulatory framework of existing central bank money but with the openness, speed, security and global reach of crypto powered networks,” it said in its website.

A price-stable currency like the United States dollar, Euro, Sterling, Japanese Yen, and the Renminbi, among others, is also seen as effective in supporting maturation in tokenized securities, loans, property and other financial contracts built on smart contract platforms.

The USD coin is partnered with several banks and auditors and it has an open membership network wherein eligible financial institutions can join. 

An ERC-20 token, the USD is a stablecoin introduced in the Centre platform which offers services in payments, lending, investing, trading and trade finance.

It offers a fully collateralized US dollar stablecoin, and is based on the framework developed by CENTRE which consists of price-stable crypto assets, network protocols, and business rules which were implemented in early form over the past several years by blockchain-driven network member Circle.

For its end-goal, CENTRE envisions a network scheme that will manage the creation, redemption, and flow of these assets under a new organization independent and separate from Circle.

Specifically, CENTRE plans to have three features that it perceives will entice more to adopt digital tokens: a mechanism for issuing members to mint and burn or redeem stablecoins to manage price volatility; a tool to to enable “global stablecoin transaction interoperability” even on public blockchains; and network membership rules and smart contracts that will govern the licensed network participants that mint, transact, and redeem stablecoins. 

“In addition to governing and auditing network membership, CENTRE plans to provide technology to address price volatility and transaction scalability challenges on top of existing public blockchain infrastructure,” read its whitepaper.

How to purchase?

USD is available on Poloniex, OKEx, DigiFinex, CoinEx, KuCoin, Coinplug, XDAEX, Coinbase Pro, LATOKEN, Coinsuper, Binance, CPDAX, Hotbit, Korbit, FCoin, SouthXchange, COSS and Crex24.

Is it mineable?