The last two weeks can be proclaimed the weeks of stable coins

Competitors don't let poor Tether to breathe, and more and more stables are entering the big market.

On October 23, Coinbase announced support for the first stable coin on its trading platform. This coin is  USD Coin (USDC) from the Circle company. US customers outside the state of New York can now buy, sell, send and receive USDC, the launch of which was first announced last month.

USDC will be the first stable coin on Coinbase and the second token ERC20 after 0x, which entered the listing of the exchange recently.

In its blog post, the company also noted that each token is supported by the American dollar in a 1:1 ratio, that is, it is 100% secured.

Of course, this step is good for ethereum. However, unless Coinbase release audit statements, it’s no different from USDT.

Gemeni USD already promised “fully backed and audited” coin, but have failed to release any audits. Right now everyone is just hoping on the “its winklewoss twins they are reputable” bandwagon.

However, there is still an issue regarding stable coins. Currently people just jump in and out of stable coins for speculation so they won’t need to transfer. But if you think they are launching this product in competition with other stable coins just to cater to the small community of crypto speculators, then you are not thinking big enough. These people will want to take a chunk out of the payments space.

Reminder: in crypto world verify and don’t trust only words.