RATE Group | Bitmain-backed cryptocurrency unicorn Circle to launch US dollar ‘stable coin’ on Asian …
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Bitmain-backed cryptocurrency unicorn Circle to launch US dollar ‘stable coin’ on Asian …

27 Sep Bitmain-backed cryptocurrency unicorn Circle to launch US dollar ‘stable coin’ on Asian …

Posted at 00:25h in Cryptocurrency News by

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Circle, a US cryptocurrency unicorn backed by Chinese investors such as Bitmain, IDG and CreditEase, said its US dollar “stable coin” will start trading on a number of exchanges this week. Circle said it aims to challenge tether, the predominant stable coin that is popular among traders in Asia and elsewhere.

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Jeremy Allaire, founder and CEO, Circle

Jeremy Allaire, founder and chief executive of Circle, valued at US$3 billion following a US$110 million financing round in May led by cryptocurrency mining chip making giant Bitmain, said its stable coin would be audited by accounting firm Grant Thornton on a monthly basis.

US virtual currency trading platform Circle plans big expansion in Asia

The value of a stable coin is pegged one-to-one to another stable asset, such as the US dollar, and is, hence, less volatile than cryptocurrencies such as bitcoin. Used for…

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