USDC stablecoin was launched on Coinbase Pro on October 25. The news comes after the big announcement of USDC being listed on Coinbase, which took place two days earlier. USDC is said to be a representation of US dollars, which runs on the Ethereum blockchain.
Tweet by Coinbase Pro:
“USDC is launching on Coinbase Pro. Customers can deposit USD and click to convert to USDC with no fee. Customers can also transfer USDC into and out of their Coinbase Pro accounts but cannot yet place or fill orders.”
They further added:
“After a minimum of 12 hours, once sufficient liquidity is established, trading will begin on the BTC/USDC and ETH/USDC order books.”
Users can now deposit USD and convert it to Bitcoin [BTC] or Ethereum [ETH] with zero fees.
Instead of the USD/USDC order book, the team has developed a tool which converts USD to USDC immediately, without any exchange rate risk.
A crypto enthusiast commented:
“Awesome, trading my worthless fiat for a even more worthless stablecoin pegged to fiat, such innovation!”
According to an official blog by Coinbase Pro, the team has had four stages to the launch. They are: USDC conversion and transfer the only mode, Post only, Limit only and Full trading.
In the first stage, users will only be able to convert USD to USDC and transfer USDC. BTC/USDC and ETH/USDC orders will not be filed at this stage.
In the Post Only mode, customers are only allowed to post limit orders with no matches.
In the third stage, limit orders will be matched, however, customers won’t be able to submit market orders.
In the final stage, full trading services will be available for all the customers.
The blog further stated:
“We believe these are major steps towards making the USDC stablecoin useful, and help us build a more open financial system.”
A Twitterati named Levon Chakmakjian says:
“who cares, no one cares about usdc, only XRP”
Another Twitterati named SK-Fx says:
“u list few coins n yet u about to shoot an IPO.. man [email protected] kinda vudu u using to make all this work lol.”
According to a recent tweet by Coinbase, the initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally, than traditional bank account-based dollars.