We are delighted to announce a strategic partnership with the global crypto finance company Circle. Along with this partnership, users can now store Circle’s newly introduced fully collateralized, US dollar stablecoin: USD//Coin (USDC) in imToken 2.0. On top of that, USDC will also act as the base trading currency for Tokenlon (imToken’s native decentralized exchange).

Why Stablecoins?

A majority of the cryptocurrency exchanges utilizes BTC or ETH as the base trading currency. However, the large price volatility for BTC and ETH relative to currencies such as the US dollar, making both BTC and ETH unsuitable to be the base trading currency of choice.

On top of that, there is an increasing interest and demand for stablecoins, emerging as the preferred choice for market participants on use cases like investment, payment, loans and more. The presence of stablecoins will undoubtedly aid in the progress of mainstream adoption of blockchain technology.

Why USDC In Particular?

There are numerous stablecoins in the market, and most of the existing approaches are known to lack transparent financials or operational backgrounds, operating at unregulated offshore jurisdictions, incomplete financial audit records or are built with closed source systems.

Circle introduced the CENTRE open source consortium in May 2018, a governed network powered by price-stable crypto assets. The first contribution of the CENTRE is USDC, offered as a solution with detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, with established banking partners and auditors.

imToken founder and CEO, Ben mentioned: “imToken has more than 6 millions users, and one of the priorities for the imToken team is to satisfy users’ needs under different circumstances as much as we can. The support for USDC showed imToken’s commitment towards the strategic alliance with Circle. From the users’ perspectives, USDC is one important bridge between traditional and blockchain financial services, facilitating the conversion from fiat currency to cryptocurrency and vice versa.”

Ben also mentioned: “USDC provides a hedging option for traders, a “safe harbor” for the cryptocurrency price volatility; the room for imagination is endless for USDC, combining both the stability of fiat currency and the flexibility of cryptocurrency. We are excited about the strategic partnership between imToken and Circle, I strongly believe that this partnership will translate into more robust financial services for our users in the near future.”