NEW YORK — Circle is the cryptocurrency business behind USD Coin, the second-largest so-called “stablecoin” in the crypto market.
Unlike more popular cryptocurrencies like bitcoin, stablecoins are usually backed by gold, federalgovernment bonds, money or other properties, and are usually priced on a 1:1 ratio with the U.S. dollar. More than $50 billion is kept in USDC, 2nd just to Tether, a competitor stablecoin with $70 billion in properties.
Co-founder and CEO Jeremy Allaire spoke to The Associated Press about Circle’s launch of Euro Coin, its euro equivalent of USD Coin. He likewise spoke about morecomprehensive chaos in the cryptocurrency area.
Q: Why are you releasing a brand-new cryptocurrency, Euro Coin, throughout this bothered time for the market?
A: In some methods, it’s a excellent time to be releasing items that boost the energy worth of blockchain innovations. The market chaos hasactually been a truly favorable driver for USDC. It hasactually been the flight to security for crypto. (…) With the launch of Euro Coin, we’re bringing t