Coinbase is launching support for the USDC stablecoin

Probably the first piece of the crypto ecosystem where being a trusted, regulated entity in a country with a real court system is an asset rather than a liability.

Re: Coinbase is launching support for the USDC stablecoin

#5

Post by buildbuildbuild » Tue, Oct 23, 2018, 4:25 PM UTC

Excited to see a reputable company like Coinbase launch this. Hopefully with their reputation we can avoid another Tether situation.

The US government should launch their own stablecoin. A digital US dollar is a national need that shouldn’t be managed by a corporation in my opinion.

Re: Coinbase is launching support for the USDC stablecoin

#6

Post by ISL » Tue, Oct 23, 2018, 4:26 PM UTC

azinman2 wrote: post #2

But if it’s pegged to the dollar, how do I speculate on it?!

Forex futures.

Re: Coinbase is launching support for the USDC stablecoin

#7

Post by endijs » Tue, Oct 23, 2018, 4:28 PM UTC

I understand why stablecoin's are useful to the end user. I also understand how Bitfinex is cashing in on Tether. However how is Coinbase making money with USDC? They clearly will have considerable expenses (keeping reserve, legal team, development etc. etc.). But if I give them 1USD and get back 1USDC, which later can be exchanged back to 1 USD, where are they making money?

Re: Coinbase is launching support for the USDC stablecoin

#8

Post by cheeseomlit » Tue, Oct 23, 2018, 4:28 PM UTC

buildbuildbuild wrote: post #5

Excited to see a reputable company like Coinbase launch this. Hopefully with their reputation we can avoid another Tether situation. The US government should launch their own stablecoin. A digital US dollar is a national need that shouldn’t be managed by a corporation in my opinion.

USD is already digital, the vast majority of dollars in circulation are not bills/coins

Re: Coinbase is launching support for the USDC stablecoin

#9

Post by soared » Tue, Oct 23, 2018, 4:28 PM UTC

buildbuildbuild wrote: post #5

Excited to see a reputable company like Coinbase launch this. Hopefully with their reputation we can avoid another Tether situation. The US government should launch their own stablecoin. A digital US dollar is a national need that shouldn’t be managed by a corporation in my opinion.

Why does there need to be a digital US dollar? Almost 20% of the US is underbanked, and 6.5% is unbanked. A digital dollar seemingly would be even worse and work to concentrate wealth among the educated/wealthy.

https://www.fdic.gov/householdsurvey/

Re: Coinbase is launching support for the USDC stablecoin

#10

Post by hendzen » Tue, Oct 23, 2018, 4:28 PM UTC

Blockchain-based stablecoins seem like a really convoluted and environmentally wasteful way to implement centralized, cryptographically secure USD based account transfers.

Why not just use Chaumian ecash [0] - which is perfectly suitable for this purpose and doesn't require mining?

[0] - http://sceweb.sce.uhcl.edu/yang/teaching/csci5234WebSecurity...