Bitcoin and blockchain startup Circle Internet Financial Inc. just got a big boost for its burgeoning USD Coin, gaining the support today of cryptocurrency exchange Coinbase Inc.

The USDC stablecoin was announced by Circle in May alongside a round of funding before being offered publicly in September. A stablecoin is a cryptocurrency designed to minimize the price volatility by being pegged to a fixed asset, in this case, the U.S. dollar.

Since its launch, USDC has gone from strength to strength. It got a boost last week as Tether, the current market-leading stablecoin, experienced significant issues. But Coinbase, as the largest U.S. cryptocurrency exchange may well be an even bigger boost.

The listing of USDC on Coinbase involves more than the listing alone. Coinbase also joined as a founder of the CENTRE Consortium, an independent body established by Circle to provide independent oversight of USDC’s development, promotion, stability and its guarantee of being tied to actual U.S. dollar reserves. Cryptocurrency mining firm Bitmain Technologies Inc. is another member.

“Coinbase joining us to co-found CENTRE and launch USDC reinforces the value of a shared, standard, interoperable stablecoin,” Jeremy Allaire, co-founder and chief executive officer of Circle, told SiliconANGLE. “Like internet standards, USDC is now not owned by one single company, but distributed among network participants according to clear rules, regulations and collectively-owned software.”

The news came on the same day that Coinbase received approval from the New York Department of Financial Services to offer its custodial services in the state. Coinbase launched the custody service, a service that holds digital assets for institutional investors, in July but required approval to offer the service in New York City, the financial capital of the U.S.

“The New York State Limited Purpose Trust charter, which now enables Coinbase Custody to act as a Qualified Custodian for crypto assets, builds on our unparalleled success as a crypto custodian while holding the company to the same exacting fiduciary standards and oversight of other, mature financial institutions operating in New York,” Coinbase President and Chief Operating Officer Asiff Hirji said in a statement.

Image: Circle