In recent weeks two new cryptocurrencies have been listed on Coinbase, 0x and BAT. Both resulted in predictable pump and dumps immediately before and a few hours after the announcements. This is no surprise, but the fact that one of these two new listings is only available to trade in USDC could raise a few eyebrows.
USD Coin, or USDC, is a dollar-pegged ERC20 stablecoin from Circle and Coinbase. It has been designed to rival Tether which has been embroiled in its fair share of controversy recently. According to the blurb on the website “CENTRE stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency. Issuers are required to regularly report USD reserve holdings, and that information will be made available upon request.”