Goldman Sachs-Backed Startup Launching 'Price-Stable' US Crypto Dollar

Bitmain Leads Circle’s $100 Million Round Teams Up to Create Stable Coin

More than a technical novelty, Allaire positioned the stablecoin project as essential to Circle's maturation and continued expansion, painting it as integral for its mobile payments application, its over-the-counter (OTC) trading business and its exchange service. Now, they have more resources to try and execute that vision.

Circle, a U.S. cryptocurrency startup which counts Goldman Sachs among its backers, has closed a US$100 million Series E funding round that lifts the firm's private valuation to almost US$3 billion.

Goldman Sachs-backed (GS.N) cryptocurrency startup Circle has raised $110 million in an investment round led by Chinese virtual coin mining giant Bitmain Technologies, Circle said on Tuesday.

Existing Circle investors including Breyer Capital, General Catalyst and Accel also joined the round. Jumping on the Ethereum bandwagon Following the close of the round, Circle said it would create a new cryptocurrency, that uses the Ethereum blockchain, with it's value "pegged to the price of the USA dollar", according to Reuters.

Earlier, Poloniex was using the USDT token by Tether, however, after a lot of questions being raised about the suspicious operations of Tether in the recent past, Circle made a decision to have its own stablecoin. The company has also previously received funding from Goldman Sachs and Baidu.

Circle is having a big year. By providing a cryptocurrency backed by fiat money, Circle hopes USDC will provide a life raft from the crashing waves and popping bubbles of a still-stormy market.

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Bringing Poloniex into the fold put Circle on track to generate more than $1 billion in annual revenue, Fortune reported.

But while Circle's funding round and valuation are likely to grab a majority of headlines, it's perhaps its launch of a USA dollar cryptocurrency initiative with participation from Bitmain that may most impact the crypto market.

Backing USDC will be a new group called CENTRE that will provide independent oversight of USDC's development, promotion, stability and its guarantee of being tied to actual US dollar reserves.

It's clear that Circle wants to build the infrastructure of the cryptocurrency industry. "As I like to say, go in through the front door-don't go hide in the shadows", Allaire told xconomy.

Circle says the goal of their United States dollars coin is to provide "detailed financial and operational transparency, operating within the regulated framework of USA money transmission laws". It will be run on a network managed by Centre initiative, Circle's subsidiary focused on making payments interoperable between digital wallets online. Circle Internet leverages blockchain technology capabilities to offer peer-to-peer payment services. "Something like this makes it more possible".

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