Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.

This is the first cryptocurrency released by a major financial institution.

In order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.

“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”

“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”

The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.

Circle has said that the USDC will initially be available on its native trading platforms like the Circle Trade and Circle’s Poloniex exchange, and later available on other platforms like KuCoin, OKCoin, CoinEx, and others.

In a blog post, they noted: “Individuals and institutions can enroll in this service to deposit U.S. dollars from bank accounts [and] convert those dollars into tokens usable everywhere the internet reaches (subject to the token’s compliance controls), and redeem USDC tokens and cash out to bank accounts.”

“A fundamental building block of this vision is the tokenization of fiat currency itself, through what is now referred to as fiat stablecoins. A safe, transparent and trustworthy layer for fiat to operate over open blockchains and within smart contracts is a necessary precondition to the broader and more revolutionary potential of a crypto-powered global economy. USDC aims to meet this need.”

“What makes us different is that it is launched on an open sourced framework, meaning other companies can issue it [assuming they are a member of the CENTRE consortium],” said Jeremy Allaire, founder, and CEO of Circle.

In another blog post by Circle, they discuss how the USDC has received support from a wide crypto ecosystem. Popular wallet services like BitGo, Coinbase, imToken, and Ledger have extended support for the USDC. Payment processing giant BitPay is also part of the CENTRE consortium among 30 other partners.

“There are a number of banks who are excited about it and will support it.”

This is the Fedcoin

The USDC is designed to replace the dollar and become its digital version. This is the first step in replacing fiat paper currencies as we, in their words, move towards “a crypto-powered global economy.”

What is really interesting is what has happened since the USD coin was made available to the public beginning Sept. 27, 2018. This is what the value initially looked like on Friday, Sept. 28 at 11:33 AM when you first load coinlib:

After a few seconds, it changed to this:

As of Sept. 29, the value of the USDC was around .0005. Waking up Sunday morning, it now shows a dollar. According to valuation charts, it has always been a dollar since Sept. 27th. Go to coinlib and see for yourself. The image above showing a low-high 24-hour fluctuation of .0005 – .001 no longer exists. According to sources who invested in the USDC before it hit a dollar, they never saw any returns … it’s as if it was always valued at a dollar.

Coinbase On Track To Become The Crypto Regulatory Agency

Meanwhile, Coinbase has received approval from the SEC to move forward with a trio of acquisitions that will give the company the licenses it needs to list and trade federally regulated securities.

According to Bloomberg:

The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority approved Coinbase’s purchase of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC, a company spokesman said Monday. The acquisitions enable the firm to offer so-called security tokens and also place the businesses under federal oversight. Coinbase has primarily been regulated by a patchwork of state authorities.

The move provides Coinbase licenses to operate as a broker-dealer, an alternative trading system and a registered investment adviser, the San Francisco-based company said in June. Alternative trading systems operate outside traditional public stock exchanges.

With these licenses, Coinbase will soon begin listing hundreds of ICO tokens and other cryptocurrencies.

Coinbase is on track to become the crypto regulatory agency. They are already feeding account holder information to the IRS.

Coinbase is owned by DCG, an investment arm of the Federal Reserve. They are the Federal Reserve.

An excerpt from Kent Lewiss from his blockchain platform, Freedom.social:

Well, essentially FedCoin announced. Circle (owned by DCG) owns Poloniex, today (Sept. 27) Poloniex announced the launch of USDC Coin…. and – Coinbase is going to be essentially the regulatory agency for all cryptos by allowing decentralized cryptocurrencies to be listed on Coinbase.

I had predicted: 1) The fed would create FedCoin, and 2) that the federal government would create regulatory agencies to allow decentralized cryptos register to make payments on private blockchains.

However, the Federal Reserve, in FACT, controls DCG (Digital Currency Group). Therefore they in “fact” control Coinbase and Circle and Poloniex.

THEREFORE MY REPORT IS ACCURATE, BECAUSE:

1. By allowing Circle/Poloniex to create USDC coin, which is essentially the FedCoin, they are allowing a private company in place of the Federal Reserve to control this new currency.

2. By allowing Coinbase to allow decentralized cryptocurrencies to be listed on Coinbase, decentralized cryptocurrencies must go through regulatory hoops which essentially makes Coinbase the regulatory agency for the government.

Kent Lewiss is the CEO of companies that operate www.Freedom.social, FreedomMarket, and the 1776 Token. Kent stated, “As soon as the fed and corporations complete tokenizing every conceivable product and service onto private blockchains, they will move to a cashless society. People will not have paper money any longer and will initially pay with their device or debit card. However, their objective is to RFID chip every person and force them to buy and sell on their new cashless global payment system. www.Freedom.social and FreedomMarket and the 1776 cryptocurrency token were created with a technological approach to circumvent their beast system”. Claim 10 free 1776 by creating a free account at www.Freedom.social and Masternodes are buy 2 get 1 free if you mention this article before Oct. 7

In Summary

The USDC is the first fiat replacement stablecoin to hit the market that is backed by a major financial institution. In the days to come, you will see other fiat currencies follow suit. Once Coinbase gets approval and begins listing other cryptocurrencies, watch as they evolve into the governmental regulatory agency.

The future of a one world digital currency is imminent.

Update 10/01/2018: Stablecoins to replace fiat currencies has begun:

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