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Information about USD Coin (USDC)
USD Coin (USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds. The Centre consortium, which is behind this asset, says USDC is issued by regulated financial institutions.
The Centre Consortium has two founding members. One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange.
In 2020, Circle and Coinbase collectively announced a major upgrade to USDC’s protocol and smart contract. The goal of these enhancements is to make it easier for USD Coin to be used for everyday payments, commerce and peer-to-peer transactions.
The stablecoin market has become exceedingly crowded over recent years — but USD Coin has aimed to stand head and shoulders over competitors by its transparency: Users are assured that they will be able to withdraw 1 USDC and receive $1 in return without any issues.
News
Circle has launched a Refund Protocol that integrates on-chain dispute resolution directly into USDC transactions. This eliminates the need for third-party arbitration, enhancing transparency and confidence in payments.
As USDT continues to dominate with over 61% market share, Circle’s new protocol significantly strengthens USDC’s competitive stance. It facilitates seamless integration into DeFi, NFTs, and e-commerce, despite facing potential regulatory challenges.
The Bank of America is gearing up to challenge Tether and Circle in the stablecoin sector, driven by billions in daily transaction volumes linked to stablecoins.
CEO Brian Moynihan emphasized that the issuance of stablecoins hinges on clear legal frameworks, as the House’s STABLE act and Senate’s GENIUS act are under discussion.
There are debates in Congress about restricting non-bank entities from issuing stablecoins, highlighting potential privacy issues regarding financial data.
EnclaveX has officially launched as the pioneering fully encrypted DEX, catering to institutional investors and DeFi traders. This platform offers advanced trading features across multiple blockchain networks.
The exchange supports initial trading with USDC on Ethereum, Solana, and Avalanche, with plans for additional blockchain integrations to improve functionality and accessibility.
Designed for high security using secure enclave technology, EnclaveX also plans to introduce Alpha Strats for users to access professional trading strategies, enhancing the trading experience for all.
Panama City has officially approved the use of Bitcoin, Ether, and stablecoins for various transactions, establishing itself as a pioneer in digital currency adoption. This initiative is supported by a bank to ensure that all crypto payments are converted to USD as required by law.
The local government is exploring broader legislation to create regulation around cryptocurrency usage. A draft bill aims to legalize crypto payments and set compliance standards for Virtual Asset Service Providers, signaling a commitment to integrate digital assets into the economy.
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