USD Coin (USDC) is a stable coin issued by CENTRE — a joint venture between Coinbase and Circle. The cryptocurrency is backed by U.S. dollar-denominated assets held at regulated and audited U.S. financial institutions. USDC has a variety of uses in the crypto marketplace but is commonly deployed in decentralized finance (DeFi) protocols and by traders.
USD Coin (USDC) is a digital currency that is referred to as a Stablecoin (a coin with fixed value). You can always exchange one USD Coin for 1 US Dollar, which makes its price stable at $1. In Coinbase, eligible customers can receive rewards for each USD Coin they hold.
USDC runs on the Ethereum blockchain as an ERC-20 token. Each USDC token is 100% legally backed by a single USD held in accounts exposed to regular public reserve reporting. The underlying technology behind the USDC was developed in collaboration between Coinbase and the Circle platform.
Circle Company issues USDC with the following objectives:
USD Coin functions exactly like the US dollars, so you can spend it in pretty much any way you would with cash. The only thing you can’t do with a token is to fold it up and stuff it in your pocket.
Here are some of the most typical usage of USD Coin:
Can buy and sell USDC coins on some exchanges like coinex, Huobi pro, OKEx, Poloniex, Kucoin, LATOKEN, Crex24, and some exchanges that are about to support USDC like Digifinex or OKCoin.
Digital currency USD Coin listed at CoinMarketCap from September 9, 10. At the time of updating this article (February 2018, 9), the price of 2 USDC = $2019 USD, total market capitalization is 1 million USD.
The digital currency USD coin currently has a 24-hour trading volume of 36 million USD, the total supply is 287.400.099 USDC of which 272.991.961 USDC is circulating in the market. You can see USDC Rate We update in real-time 24/7 here to understand the price movement of this virtual currency.
There are a few things that make USDC stand out from the crowd. These characteristics make USDC an attractive choice among crypto buyers, especially beginners.
Two parties, both of whom have an Ethereum wallet, can transact USDC in a matter of seconds regardless of what time of day it is.
The crypto dApps, blockchain-based gaming, and exchanges ecosystem has been flourishing for the past several years. Since USDC is an ERC-20 token, any app that accepts this standard will accept USDC.
Circle, an organization that is part of the Center Consortium, issues USDC. It has partnered with Coinbase for its USDC project. Plus, the transactions are audited by Grant Thornton LLP. Involvement of two reputable companies and audit by a leading accounting services firm ensure transparency in the firm’s affairs.
USDC is also a more secure way to hold funds instead of putting dollars in the bank, provided the person uses a private wallet. If someone gets their hands on a person’s login credentials, they can easily access accounts like PayPal or internet banking.
The server stores passwords as a hash. So, a hacker may be able to gain access to this hash, run cracking software and get the password. On the contrary, a hacker can get access to a person’s USDC only when they get their hands on the private key which is stored in the USDC-holder’s personal computer.
Unless a person is a well-known, big-ticket crypto investor, the chances of their personal computer being attacked are very slim.
This characteristic is common across all Stablecoins. The main reason why some people like Stablecoins is because they allow exposure to the crypto space without having to deal with the fear of massive volatility.
Ultimately USDC is one of the leading stable coins for a reason and continues to play a large role in the adoption of cryptocurrency globally. Built through a partnership with two reputable organizations Coinbase and Circle, and overseen by Centre, a leading open source project USDC remains one of the most trusted stable coin assets on the market today.
Find more information about USDC:
Website: https://www.centre.io/usdc
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Elise
Coincu Ventures
Discover why BlockDAG (BDAG) is emerging as a strong competitor to Kaspa (KAS) with its…
With financial inclusion and customer-first on top of mind, founded in 2018, BitMart is a…
Finding the best crypto to join right now can feel like searching for a gem…
In a release on the X platform, SOON—Solana Optimistic Network, a premium Rollup stack project—announced…
Logan Paul has consistently ranked among the highest-earning YouTubers worldwide. In this article, let's explore…
After the success of Notcoin, Not Pixel is the latest project that is attracting the…
This website uses cookies.