Circle to Launch USD Stablecoin

Owner of Poloniex exchange told that the USDC was developed with the help of the CENTRE consortium
27 September 2018   1369

Circle, which owns the Poloniex exchange, announced the launch of a tokenized USD Coin (USDC). Soon USDC will appear on a number of crypto exchanges, including decentralized sites, and will also be supported by many other projects.

Circle said that the USDC was developed with the help of the CENTRE consortium and is intended to become a way of easy transfer of tokenized dollars in public blockchains.

Individuals and organizations can use this service for deposits in US dollars from bank accounts and convert them into USDC. Also, these tokens can be withdrawn back to bank accounts.

Initially USDC will be available at Poloniex, after which they will also be added to DigiFinex, CoinEx, KuCoin, OKCoin, Coinplug, XDAEX and other trading platforms.

Also, the company pays attention to the importance of trading protocols, as the exchange of currencies, goods or assets in a non-credible way is what many projects will soon want to get by default.

In this connection, Circle highlights several examples of using USD // Coin at the protocol level. For example, the Kyber Network, decentralized trading platforms DEX, Paradex, Radar Relay and Tokenlon, as well as the Dharma platform, where the support for USDC will soon appear.

Stablecoins, especially ones that provide fiat rails, are a critical piece of infrastructure in the decentralized ecosystem. We're excited by Circle and CENTRE’s efforts to create a transparent, fiat-backed project that provides a bridge between traditional finance and the open financial system of the future.
 

Ron Bernstein
General Manager, Paradex

Future partners of USD Coin are :

  • Origin Protocol
  • BlockFi
  • MoneyToken
  • BitPay
  • FOTA
  • Melonport
  • Centrifuge

In addition, CENTRE declares its intention to make every effort to ensure the security of the use of the USDC and partnership with the blockchain-oriented, AML-compliant and risk-based companies, including Chainalysis, Elliptic, Coinfirm and Coral.

Additionally, it is stated that such wallet providers as BitGo, Cobo, Coinbase Wallet, CoolWallet S, Elph, imToken, Ledger, Status and Trust will provide native USDC support.

Circle announced the release of its own stablecoin in May after the close of the E-series financing round for $ 110 million.

Poloniex to Compensate User Losses Due to CLAM Fall

The price of CLAM on May 26, 2019 fell by almost 70%, which resulted in a large number of uncovered marginal positions and losses
18 March 2020   354

Cryptocurrency exchange Poloniex reported on measures taken to eliminate the consequences of the incident on the CLAM market, during which many users suffered losses.

The price of CLAM on May 26, 2019 fell by almost 70%, which resulted in a large number of uncovered marginal positions. The amount of losses of users lending to the positions of others amounted to 1800 BTC or more than $ 9 million at the current rate.

We fully recognize that the situation could have been handled more professionally and know that we need to regain your trust. 53 customers have been fully repaid through these initiatives, and we know this isn’t nearly enough.

 

Poloniex

More than 1,000 people with arrears of 0.0047 BTC or less received full compensation. Losses of other clients so far have only been partially compensated.

Also in April, the exchange agrees to pay commission for lending from June 6, 2019. In the future, Poloniex will continue to pay commissions until the debt is fully paid.

Even though reimbursing trading fees may not be meaningful for all customers, we are committed to continuing it as many of you are actively trading on our platform and accelerating your repayment as a result.

 

Poloniex