American exchange Coinbase has launched a service for creating Custom Stablecoins for legal entities.
Custom Stablecoins allows the issuance of USD-pegged cryptocurrencies in the following ways:
- First, you need to deposit USDC (USDC) or other stablecoins into your Coinbase Prime account balance, which will be used as collateral;
- You can then create your own digital assets and send them to crypto wallets.
Custom Stablecoins users are allowed to choose the virtual currency’s name, ticker symbol, and a recognizable logo to promote their brand. Coinbase employees will do all the legwork: they will create smart contract, will guarantee its security and control digital assets that ensure the stability of the coin’s exchange rate.
Owners of custom stablecoins will be able to burn them on Coinbase to receive USDC in exchange for the destroyed digital assets. Furthermore, cryptocurrency creators will receive a weekly reward for using their coins. Apparently, they will receive a portion of the fees earned from processing transactions with the new cryptocurrencies.
Coinbase employees began offering stablecoin creation services due to their growing popularity. This year, the market capitalization of dollar-backed digital assets has doubled to exceed $308 billion, and the volume of transactions involving these coins has reached $9 trillion.
Market Cap Growth of Dollar Stablecoins