$USDC What is USD Coin (USDC)?
USD Coin (known by its ticker USDC) is a stablecoin pegged to the US dollar on a 1:1 basis. Each unit of this currency is supported
The cryptocurrency traded at a dollar is held as a reserve, in a mix of cash bonds and short-term US Treasury bonds. It says
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The consortium behind this asset, USDC is issued by regulated financial institutions.
The stablecoin was originally launched on a limited basis in September 2018. Simply put, the slogan for USD Coin is "digital cash for the digital age" – and the currency
the stablecoin designed for a world where cashless transactions are becoming more common.
Many use cases for the US dollar coin have been revealed. In addition to providing a safe haven for cryptocurrency traders during times of volatility, it says
Those behind the stablecoin can also allow businesses to accept payments in digital assets, shaking up a range of sectors including
that decentralized finance and gaming.
Overall, the goal is to create an ecosystem where USDC is accepted by as many wallets, exchanges, service providers, and dApps as possible.
USDC / USD Coin
Who are the founders of USD Coin?
The center consortium consists of two founding members. One is the peer-to-peer payment service Circle, the other is the cryptocurrency exchange Coinbase.
Other crypto projects are open to joining this consortium.
The co-founders of USDC, Jeremy Allaire and Sean Neville, explained: "We believe that the open internet for value exchange can transform the world and integrate it in a
deeper, ultimately eliminating artificial economic boundaries and enabling a more efficient and inclusive global market. It connects everyone on this planet.
In 2020, Circle and Coinbase jointly announced a major upgrade to the USDC protocol and smart contract. The goal of these improvements is to
Facilitating the use of the US dollar in everyday payments, commerce, and peer-to-peer transactions.
USDC / USD Coin
What makes USD Coin (USDC) unique?
The stablecoin market has become extremely crowded in recent years – but US dollar coins aim to stand head and shoulders above competitors in several ways.
One relates to transparency – and giving users assurance that they will be able to withdraw 1 US dollar and receive one dollar in return without
Any issues. To this end, it states that a major accounting firm is tasked with verifying the levels of cash held in reserve, ensuring that it matches the number of tokens in circulation.
Unlike some crypto projects, Circle and Coinbase have also achieved regulatory compliance – and that has helped pave the way for international expansion. Both projects
well-funded, giving the stablecoin certainty.
How many USD Coin (USDC) are in circulation?
It’s a bit hard to pinpoint an exact number here – as theoretically, the amount of USDC that can exist is limitless. Coins are created
New metallic in line with demand, whenever someone wants to buy one with modest dollars.
However, there have been factors that have helped the US dollar coin enjoy great popularity over the years – especially in 2020. One is the surge
the surprising and sharp rise in the popularity of decentralized finance. USDC is a common sight in many DeFi protocols due to how it acts as an onramp system for
the broader environment.
How is the USD Coin network secured?
All traded USDCs are actually ERC-20 tokens, which can be found on the Ethereum blockchain. One of the biggest advantages here is how
Integrating it with Ethereum-based applications. As mentioned earlier, the security and trust in this stablecoin are provided by proving that US dollars
is securely held as a reserve.
Where can you buy USD Coin (USDC)?
As you might expect, Coinbase is one of the most enthusiastic exchanges offering USDC, given how the exchange was involved in creating this currency.
stable. US dollars can also be bought and traded on Poloniex, Binance, OKEx, and Bitfinex, in addition to decentralized exchanges like Uniswap.
USDC is typically purchased using Bitcoin – and if this is your first time buying Bitcoin, make sure to check out our comprehensive guide here.
