Coinbase Upgrades Security Through Use of Stablecoin

Coinbase and Circle stablecoin; to monitor and censor transactions

The customers of Coinbase both local and international will now have an upgraded experience in their use of cryptocurrency. They will now be able to interact with additional security features. According to the US-based cryptocurrency exchange, the features will not only boost security levels but they are also easier to navigate. The new development is as a result of a launch by Coinbase Pro to support Circle USDC stable coin.

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Coinbase Wallet supports the USDC token and in the coming weeks, Coinbase Pro will also begin to support the token.  The cryptocurrency exchange claims that this is an important step towards expanding the flexibility of financial systems.

What are these new security features?

The launch of the support for Circle USDC stable coin is timely given the burgeoning ecosystem of crypto exchanges.  According to Coinbase the newly launched USDC will behave like a real stable coin. It may not reach out to every region at the moment but Coinbase says that plans are underway to have it in a majority of other regions.

Speaking of the new security features, they include instant conversion. The users of the stable coin will have an easy conversion of USD and USDC on a 1:1 basic. They will not incur any fees or risk of the exchange rate. The cryptocurrency exchange cited that it has developed something that will make USDC a true stable coin or at least as stable as the fiat currency that backs it.

The other feature is the address book. This will make it easy to transfer cryptos to addresses that users trust. There is the option of adding more wallet addresses and the user will not be required to copy and paste the address every time.

Developers and fintech companies are aware of the ease of programming a blockchain-based digital dollar like USDC.  On the other hand, there are very clear results of the attractiveness the stable coin market has continued to create. Just to single out one case, Singapore-based peer Huobi has also declared its support for the package of stablecoins.

Applauding its new move, Coinbase stated, “The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars.”

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