Circle launches its stablecoin for trading

Individuals and institutions can now enroll in Circle's stablecoin services and convert their dollars into a stablecoin that Circle calls USD//Coin or USDC. The new coin should maintain a consistent exchange rate with the US dollar and will be usable on Circle Poloniex and Circle Trade. Additionally, over 20 companies have announced support for UDSC including: Huobi, OKEx, Radar Relay, and Dharma Protocol.

Circle has big hopes for the coin: "Individuals and institutions can enroll in this service to deposit US dollars from bank accounts, convert those dollars into tokens usable everywhere the internet reaches (subject to the token’s compliance controls), and redeem USDC tokens and cash out to bank accounts. While Circle is hardly the only group working to promote a stablecoin, its status as a well-known name in crypto gives their USDC a chance to gain early traction. (Source: Circle)