Coinbase adds support for Circle USDC stablecoin

Bitcoin exchange Coinbase announced today support for their first stablecoin. Customers in supported jurisdictions can now buy, sell, send and receive the Circle USD Coin (USDC) in their accounts. US customers outside New York state can buy and sell, and global users can send and receive. The company said more locations will be available in the future.

This is the first time Coinbase has supported a stablecoin. USDC is meant to represent a single US dollar (USD). One USDC is a 1:1 representation of a US dollar on the Ethereum blockchain.

Each USDC is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves. The underlying technology behind the USDC was developed collaboratively between Coinbase and Circle as partners and co-founders of the CENTRE Consortium.

Use cases for USDC include:

Presently supported on the Coinbase Wallet, USDC will be coming to Coinbase Pro in the coming weeks.

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