Initial USD Coin (USDC) trading pairs on Liquid will include BTC and ETH, and traders will be able to buy and sell USDC to protect their investments at times of price volatility. At the same time, the tokens can be cheaply transferred over the blockchain.
One USDC is a 1:1 representation of a US dollar on the Ethereum blockchain. Each USDC is 100% collateralised by a corresponding US dollar held in accounts subject to regular public reporting of reserves.
Circle is a money services business registered with FinCEN, which holds 48 US state money transmitter licenses. The company was the first recipient of the BitLicense issued by the New York States Department of Financial Services (NYDFS), and it is working with NYDFS to bring USDC to customers in a regulated way.
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