Circle is launching a USD-backed cryptocurrency with Bitmain funding


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Fintech giant Circle is launching a new cryptocurrency pegged against the US dollar reserves. The cryptocurrency, named USDC or USD Coin, will be an ERC20 token built on top of the Ethereum blockchain. The company has raised $110 million for the new project in Series E funding led by¬†cryptocurrency mining behemoth Bitmain. The other investors who are funding the project include IDG Capital, Accel Partners, Digital Curency Group, Pantera Capital, Blockchain Capital, Breyer Capital, General Catalyst and Tusk Ventures. Circle is developing USDC based on the open-source fiat Stablecoin framework developed by its own affiliate, CENTRE.¬†Circle is currently the only…

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