September 26, 2018
Poloniex Introduces USDC Markets
As part of Circle’s commitment to making Poloniex the premiere destination for crypto asset trading, we are delighted to announce today the introduction of USD Coin (USDC) markets. USDC is a fully collateralized US dollar stablecoin, serving as the bridge between dollars in a bank account and trading on crypto asset exchanges.
USDC deposits and withdrawals are currently live. Trading in BTC/USDC, ETH/USDC, and USDT/USDC pairs will be enabled by September 27th, 2018 at 10:00 ET.
What is USDC?
USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors. It is the first fiat stablecoin developed by CENTRE, the open source project and membership consortium, with Circle being the first of several forthcoming members to launch USDC issuance.
By using Circle’s USDC issuance service, individual and institutional investors can deposit US dollars from bank accounts, convert those dollars into USDC tokens and deposit them on Poloniex to be able to trade crypto assets. Conversely, customers can withdraw USDC tokens from Poloniex into Circle’s USDC service and redeem the corresponding amount of US Dollars which can then be transferred to bank accounts.
Tokenizing US Dollars with Circle and Transferring USDC to Poloniex
Customers interested in tokenizing US Dollars to trade with USDC in Poloniex will need to open an account with the Circle USDC service. Account registration can be completed in less than 10 minutes, after which customers can tokenize US Dollars by using the “Tokenize USD” option. This involves linking a bank account and wiring funds to the bank account details provided by the service. Once transfers settle on the Circle side, the service adds the associated USDC to the customer’s balance – US dollars in, crypto out!
Circle charges no fees for the tokenization process (although banks might charge wire transfer and FX fees). Once a customer has tokenized USD, USDC tokens can be transferred to Poloniex in a matter of minutes. At launch, Poloniex will feature USDC trading pairs against BTC, ETH, and USDT, with the intention of listing new USDC pairs in the future.
Just as the Circle USDC service acts as a gateway to go from US dollars to USDC on Poloniex, it can also be used by customers who desire to withdraw USDC from Poloniex and redeem the corresponding amount of USD dollars to a bank account.
We appreciate your continued support and do not hesitate to reach out to our customer support team with any questions related to USDC.
The Poloniex Team
Risk disclosure: The value of crypto assets can be extremely volatile and unpredictable. Please use caution and be sure to review the Risk Disclosures in our Terms of Service before making any decisions to trade on Poloniex.