Coinbase and Circle created the CENTRE Consortium last year. The crypto exchange and the Goldman Sachs-backed startup have since then, decided to expand the consortium behind the USD Coin (USDC).
The CENTRE consortium is basically a platform which is responsible for the conversion of Circle’s own cryptocurrency to fiat and vice versa.
USDC was launched back in September 2018 and until now, there was no room for new members. The post states that Coinbase and Circle have developed the Centre Network in hopes of establishing a membership-based framework and government scheme.
An invite to the consortium, will allow the freshly-joined institutions to redeem and issue USDC. This right however, is only obtainable if the new members agree to follow Centre’s operating rules, issuer settlement and liability framework.
Back in May, Circle published another 3rd-party audit of USDC. Circle also claimed, that the company successfully issued $293.1 million in USDC with $293.3 million in the firm’s reserves.
In Circle’s latest blogpost it was revealed that currently there is a little over $795 million USDC issued. Reportedly $470 million of it has been redeemed.
The CENTRE Consortium expansion is just one of the many projects of Coinbase
The expansion of the consortium is just one of the many projects that Coinbase seems to be undertaking. Last month was very productive for the crypto exchange and many new deals and partnerships were struck.
This month, the trend seems to be continuing as earlier this week, Coinbase launched its very own Visa debit card in six European countries. Visa card holders in Germany, Spain, Italy, France, Ireland and the Netherlands are now able to sync their cards directly to their Coinbase accounts.
There are also mobile apps for iOS and Android combined with a physical card which is able to withdraw fiat from ATMs.
Coinbase is definitely on a tear in the last few months and if the bull run keeps going, the exchange may have one of its best years to date.
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