In March 2018 we have reported about Circle, which was planning to launch mobile app to allow instant cryptocurrency trading with zero commission. In May 2018 Circle Internet Financial added Monero support for their cryptocurrency trading app Circle Invest, which was released in spring.
The mining company Bitmain Technologies was holding a funding round for Circle Internet Financial, and on May 15 it was closed for $110 million. According to Bloomberg, Bitmain and Circle are collaborating to create fiat-based tokens backed by USD, which will be released by Circle in summer.
It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.
Chief Executive Officer, Circle
The USD Coins of Circle will be issued under the ticker USDC and be stable coins having no volatility. USDC will be an ERC-20 token, based on the Ethereum network. According to Circle co-founder Sean Neville, the company hasn’t decided yet whether it will charge fees for trading USDC as the main goal is to boost USDC use among the users.