Circle Launched Dollar Backed USDC Today
Cryptocurrency finance company Circle have today launched their US Dollar-backed crypto as stated through their blog. Circle was founded back in 2013 with the aspiration of making money transfers open, secure, free and available everywhere like the internet. Circle currently has four different products to help investors buy and sell crypto.
Circle have introduced the service to tokenise US dollars over a blockchain together with CENTRE, an open source consortium. The stablecoin is to be called USDC which will hold a stable value of exchange. Traders will be able to sell crypto for the token during periods of volatility to reduce risk.
USDC is an ERC-20 token enabling the use of smart contracts for payments, lending, investing and trading. The open-source framework for the stablecoin can interact with fiat currencies allowing integration within blockchain applications. USDC is to be issued by regulated and licensed financial institutions that will maintain full reserves of US dollars periodically reporting on holdings. Traders looking to use USDC to buy and sell cryptocurrency will have greater reassurance and be able to redeem the tokens. An investor looking to cash out crypto should have a simple and streamlined process when using USDC.
USDC can be used from today on the Poloniex exchange and Circle Trade with more than 20 other companies reportedly supporting the token. Many companies are introducing currency-backed stablecoins in attempts to provide a safe layer for fiat to transact over a blockchain.
USDC is the first stablecoin developed by CENTRE with visions of developing an open standard for fiat money. We could be able to sell Litecoin in the future for a coin backed by Euros.
You can use our platform to sell crypto for fiat so make sure you check BC Bitcoin out. You can also find the latest news articles to keep yourself informed.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards