Published On: Wed, May 16th, 2018

USD-pegged Stablecoin to be Introduced by Goldman Sachs-backed Circle

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Circle, a startup payments company backed by Goldman Sachs, is set to launch a cryptocurrency with a value pegged to the U.S. dollar — similar to Tether (USDT) — after announcing a $110 million investment round dominated by cryptocurrency mining giant Bitmain. 
A ‘Compliant Alternative’ to Tether
Goldman Sach-backed fintech startup Circle has announced its plans to launch a cryptocurrency pegged to the U.S. dollar, following an incredibly lucrative investment round dominated by cryptocurrency mining monopoly Bitmain.
The new dollar-pegged cryptocurrency sounds a lot like Tether (USDT), an occasionally controversial cryptocurrency token which is purportedly backed by one dollar for each token issued. Circle CEO Jeremy Allaire explained:
It unlocks an incredible amount of power for the dollar. It’s basically a dollar that operates on blockchain.
“Basically” is the keyword, however, since the dollar is the official currency of the United States and Circle’s new open-source stablecoin presumably isn’t.

Nevertheless, the new USD-pegged coin is meant to function like USDT by helping remove volatility from the notoriously volatile cryptocurrency market.
Unlike Tether, however, Circle customers must hold $1 for every USD-pegged coin, according to CNBC — likely in …

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