Circle will launch a stablecoin pegged to the Japanese yen
The new asset aims to meet demand from users in the Asian region
16.11.2021 - 07:30
460
1 min
0
What’s new? Circle, the issuer of the popular USDC stablecoin, has announced plans to release a new asset. It's about a stable cryptocurrency pegged to the Japanese yen, Bloomberg reports.
News source on the agency's website
What is the main purpose of the launching? Circle CEO Jeremy Allaire believes that stablecoins will be in demand in the loan and lending markets. With this asset, customers will be able to hedge risks and protect funds against inflation.
“Many people want to hedge risks by buying bitcoin directly, but for corporate asset managers and corporate treasurers, it looks more interesting to add stabelcoins to the portfolio,” Allaire believes.
To implement these plans, Circle plans to open an office in Singapore and obtain a license from the local regulator to issue and operate the new stablecoin in the city-state.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024