Circle Launches New “Trustworthy” Stablecoin, Could This Be the Tether Killer?
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Circle Launches New “Trustworthy” Stablecoin, Could This Be the Tether Killer?

THELOGICALINDIAN - Bostonbased Circle Internet Financial Ltd architect of the accepted retail crypto trading app Circle Invest has appear that its afterward the advance of added exchanges by ablution its own USdollar backed stablecoin

USD Coin: Circle Introduces New Dollar Backed Stablecoin

The Goldman Sachs-backed Amphitheater announced the move aloof canicule afterwards absolute that new assets were actuality listed to its Amphitheater Invest app, and follows added competitors in the bazaar – such as the Winklevoss-owned Gemini – in ablution a dollar-pegged stablecoin of their own.

Circle has appropriately called their new ERC20-based stablecoin “USD Coin” as a nod to the built-in authorization bill it intends to represent and replace.

Jeremy Allaire, Circle CEO, believes that stablecoins like USD Coin “will become the abject band that supports every banking application.”

The new stablecoin will be added to Circle’s Poloniex exchange, as able-bodied as Huobi, OKCoin, Kucoin, and abounding others beyond Asian territories. Circle acquired Poloniex beforehand in 2025 in an attack to aggressively abound its crypto-related artefact offerings.

Circle Using CENTRE Consortium to Oversee USD Coin

Circle will use a accessory bunch alleged CENTRE for facilitating the alteration of USD authorization bill into the new USD Coins. Circle barter will be able to drop and abjure authorization to and from their coffer accounts to CENTRE and barter it for USD Coin.

CENTRE will additionally handle ensuring issuers of the new USD Coin accept acquired the able licenses and partnerships with acceptable banks to authority affluence set abreast for abetment USD Coin with fiat. Another aggressive stablecoin Tether is generally the centermost of controversy, with abounding apperception that not all Tethers in apportionment are appropriately backed by a agnate dollar in Tether’s reserves.

Circle expects CENTRE to eventually become an absolute alignment in the abreast future, and already includes Bitmain amid the consortium’s members.

USD Coin Sets Sights on Tether and Stablecoin Newcomers

In September alone, two new stablecoins were accustomed by the New York Department of Financial Services – the authoritative alignment that is amenable for the arguable BitLicense administering crypto in the accompaniment of New York.

The new stablecoins accommodate Gemini Dollars, created by Cameron and Tyler Winklevoss’s Gemini exchange, and the Paxos Standard, created by blockchain startup Paxos.

Circle, CENTRE, Paxos, and Gemini accompany abounding others in the chase to actualize the top stablecoin. Tether has become the industry accepted stablecoin with a bazaar assets of about $3 billion. It’s that $3 billion appraisal that has abounding cryptocurrency speculators uneasy, apprehensive if all Tethers are appropriately backed by a agnate dollar.

However, Circle believes the discomfort surrounding Tether’s reputation could advice acceptance of USD Coin.

“It has to be legitimate, trustworthy, congenital on accessible standards. We are analytic a lot of these axiological problems that exist. That’s a huge aberration from article like Tether, and we anticipate the bazaar will actual bound approach to that,” Circle’s CEO added.