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SALT, a company that enables cryptocurrency holders to secure cash loans by collateralizing their blockchain assets, has announced its partnership with CENTRE Consortium.
CENTRE, which was unveiled by blockchain payments startup Circle last October, aims to provide a governance framework and network for the global, mainstream adoption of fiat stablecoins. In October 2018, Circle and crypto exchange Coinbase announced that they have co-founded the initiative.
With its partnership with CENTRE, SALT has announced that it has started accepting USD Coin (USDC) – a fiat-backed stablecoin “USD Coin” or USDC – as collateral. USDC is the product of a collaborative effort between Coinbase, Circle, and the CENTRE Consortium.
“At SALT, we’re constantly analyzing new collateral options with our clients in mind,” said SALT’s CTO and Interim President and CEO Bill Sinclair.
“While we typically base our decision on a number of factors including the voting feature in our borrower portal, we deliberately chose to add USDC in direct response to the recent market volatility we’ve experienced. We want you to keep your crypto, and we’re hopeful the addition of USDC will help accomplish that.”
With the addition of USDC, SALT now offers loans collateralized by Bitcoin, Litecoin, Ethereum, DOGE, USDC, or a combination of the five.
“When there’s volatility in the market, it has a direct impact on a borrower’s loan-to-value (LTV), which can result in an undesired loss of collateral,” SALT said. “Given market dips can occur at any point, SALT has added USDC to its collateral mix in response to feedback from customers regarding the need for additional transfer options that can be used outside of normal banking hours.”
In addition to SALT, a number of other projects have also added support for USDC. This includes IDCM, ChangeNow, Loopring, Alpha Wallet, and XinFin. In an online post dated December 19, Circle said that USDC has become the second largest asset-backed stablecoin by market capitalization.
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