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US – Cloudbet launches second major stablecoin integration with USDC

By Lewis - 7 October 2020

Cloudbet has added USD Coin to the portfolio of coins available to customers, marking the operator’s second major stablecoin integration after launching USD Tether in May.

New players who deposit USDC with Cloudbet are eligible for a welcome bonus worth up to 1000 USDC. Customers can buy the coin on the site with their credit cards or Apple Pay.

With the integration of USDC and USDT, Cloudbet now supports the biggest coins in the stablecoin universe, with a combined market value of US$18bn.

For crypto gaming, stablecoins have been put forward as a solution for players seeking to protect the value of their cryptocurrency winnings from the extreme fluctuations in price experienced by holders of non-stablecoins.

As with USDT, because USDC’s value is fixed on a one-to-one basis with the US dollar, the fiat value of winnings of the coin does not fluctuate along with cryptocurrency market prices. For this reason, stablecoins have been offered up as the key to convincing a more fiat-friendly audience to experience the benefits of cryptocurrency gaming.

“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems,” a Cloudbet spokesperson said. “Stablecoins are an extension of that.”

Cloudbet supports USDC on the Ethereum blockchain. The coin was introduced by the Centre Consortium, an organisation co-founded by Coinbase and Circle, in part to provide a governance framework and network for the mainstream adoption of fiat-backed stablecoins.