(source: Unsplash/Thought Catalog)
Crypto exchange BitBay listed its first stablecoin USDC, a digital currency offered at a stable value of $1, according to a press statement issued by BitBay.
The USD Coin is an ERC20 Ethereum protocol token, which means that it is classified as non-mineable, with the total supply capped at USDC 215,193,466, the press statement adds.
“USD Coin (USDC) is a stablecoin (currency designed to minimise price volatility) representing a value of 1 US Dollar (USD) per coin. USD Coin is a faster, safer solution for active crypto trading and better alternative to international wire transfers in US Dollars. It’s also a great way to make deposits on a cryptocurrency exchange, as USDC takes mere moments while maintaining a great level of security,” BitBay says.
BitBay was created in 2014 in Katowice, Poland. At the beginning of 2016, the company started working on the BitBay 3.0 version of the platform, extending its team to 70 people. In 2018, the company announced to have decided to suspend the activity of BitBay exchange in Poland and moved to Malta, tagging the latter’s jurisdiction as “cryptocurrency friendly”.
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