Circle, a Goldman Sachs-backed Startup, Introduces a Cryptocurrency Version of the USD

Circle, a payment company backed by Goldman Sachs, is going to introduce a digital version of the USD.

A FinTech company backed by Goldman Sachs, Circle, is going to produce a better, faster, digital version of the USD. The company announced that it is going to launch a cryptocurrency pegged to the USD. There was also a Bitman-led $110 million investment round that raised the value of Circle to about $3 billion according to the announcement on Tuesday.

According to Jeremy Allaire, the CEO of Circle:

“The new deal will unlock the unlimited potential for the USD. It’s simply a dollar operating on the blockchain.”

Investors of Circle include Baidu and Goldman Sachs making it one of the properly funded blockchain startups in the industry. The company runs a peer-to-peer payment network through the same blockchain technology underpinning Bitcoin.

SEE ALSO:   Paycent – A Mobile Wallet - Adds Support for Digital Currency Dash

What Problems Will the New Digital Coin Solve?

The key problem the coin aims to solve is the problem of volatility in cryptocurrencies. Anti-cryptocurrency investors say that cryptocurrencies should not be backed as a payment method because it is too volatile. Bitcoin, the leading cryptocurrency in the market has lost over 50% of its value within less than seven months. This is a typical example of volatility.

Circle will permit its customers to hold $1 for each coin to keep the price stable. Companies like Basis and Tether also provide stable coins that have their value tied to the USD to prevent volatility. The new coin will be a compliant alternative to Tether.

SEE ALSO:   Cardano Follows up Their Two Testnets

Allaire continued:

“When I consider the convergence of our traditional crypto and financial space, I see that it’s begging for a complaint alternative to Tether. There are many banks that are ready to support this project”.

As soon as the USD is transferred to the new coin, funds can be moved within seconds through the blockchain technology. The speed and absence of volatility will make the project a success.




Legal Disclaimer: The content of this website ( is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from

SEE ALSO:   What's The Difference Between Ripple XRP's Tech And Other Cryptocurrency Assets? -Tue May 22

Leave a Comment

Get Smart About Crypto!

Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!