USDC, which is the acronym of the name of USD Coin, is the second most popular stablecoin on the market. USDC, which follows Tether, draws attention with its strong partnership structure and transparency.
In this article, we will first examine the use of the USDC token and then discuss its partnerships in its organizational structure.
Centre is a consortium founded by Circle and Coinbase. This consortium is responsible for the improvement and governance of the USDC token. Therefore, ensuring the exchange rate of 1 USDC = 1 USD is is also their task.
Founded in 2012, Coinbase is one of the most popular and respected cryptocurrency exchanges in the USA. Besides being one of the few companies having Bitlicense*, it serves in 32 countries.
Andreessen Horowitz, Union Square Ventures, and the New York Stock Exchange are among the early investors of the company.
The company is estimated to have earned about $ 520 million in 2018.
Circle, which was created in 2013 to offer cryptocurrency payment systems, is one of the companies that entered the cryptocurrency sector early like Coinbase.
It is remarkable that companies such as Goldman Sachs, Bitmain, which is a China-based mining company, IDG Capital, Tencent, Baidu, CreditEase are among the investors of the company.
Circle obtained the licenses of “money service provider” (MSB) by the U.S Treasury Department, Bitlicense, and “electronic money service” required to serve in the UK. In this way, it has the opportunity to provide services for cryptocurrency and fiat money both in the USA and the UK and Europe.
We will discuss the services of Circle under 4 subtitles.
It is an international payment service with zero fees on blockchain technology and under the Center network.
It is the department that is responsible for the management of the company’s cryptocurrency assets. It has a daily market volume of about $ 2 billion. With this feature, Circle can also be regarded as a market maker.
This department is also responsible for the company’s over-the-counter (OTC) operations.
It is an application designed to attract investors through Circle Trade.
Besides, it aims to simplify the cryptocurrency investment. In line with this purpose, it enables every individual investor trade cryptocurrency of $ 1 or above without any fee.
Poloniex is one of the most popular and earliest crypto exchanges. Circle bought the exchange for $ 400 million on February 26, 2018. Thus, it can be said it has a say not only the trade of USDC but also other cryptocurrencies.
*: Bitlicense is a business license to perform virtual currency activities such as cryptocurrency within the borders of New York. This license must be received to operate in New York. Bitlicense of the company shows that there is no legal problem with the activities of the company. Circle was the first company to hold this license.