What Is USD Coin USDC? A Guide to the Stablecoin

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So Centre has forged partnerships with Algorand, Stellar and Solana, rival blockchains, to expand the market. Before accessing the Crypto.com Exchange, please refer to the following link and ensure that you are not in any geo-restricted jurisdictions. The Centre consortium was established in 2018 to manage USD Coin. USDC became its first initiative when Coinbase offered USDC to its users.

Understanding USD Coin (USDC)

Cryptocurrency transaction fees vary significantly depending on a number of factors. Assuming you’re transferring USDC on the Ethereum network, you can expect to pay anywhere from a few cents to a couple of dollars on a normal day. Either rely on your wallet to suggest the right fee for the circumstances or check out GasNow for live estimates.

• In theory, you could approach a recognized USD Coin issuer to grant you 100 digital tokens in exchange for 100 US dollars.
• This is especially true when the market enters a prolonged bear market.
• Another benefit of using a stablecoin like the USDC is to save time withdrawing and depositing fiat.
• You can send a petition to the person, agency, or platform issuing USDC, and the smart contract would come into play for the conversion process.
• USD Coin can help in making cross-border payments or remittances easily to any individual with a cryptocurrency wallet.
• Airtm then sends those funds to Venezuelan healthcare workers in the form of its own US dollar stablecoin, AirUSD.

On the other hand, Tether is currently under intense levels of scrutiny regarding the authenticity of its finances. Tether had claimed that they had a real dollar in the bank backing every Tether token in circulation. In order to own USDC or transfer funds from one wallet to another, you are not required to have a bank account with any centralized financial institution. The USD Coin can be bought from any popular centralized crypto exchange or DEX. USD Coin, also known as USDC, is a de-pegged version of the US dollar that is referred to as Stablecoin in the Crypto industry.

USDC Coin

Our go-to recommendation for safe crypto storage, as always, is to invest in a robust hardware wallet. Failing that, consider using one of our top software wallet picks for smartphones and PCs. Stablecoins such as USD Coin are unlike most cryptocurrencies in that they have practically zero value as an investment vehicle. The only exception to that rule is if you live someplace where the US dollar is far more stable than the local currency. Say, for instance, you sign a smart contract that depends on the outcome of a sporting event.

Coinbase is the platform that customers will be able to use to make deposits. Coinbase Pro and Coinbase Prime customers can also use the USD coin. Alongside the deposits, customers can also convert fiat into USD tokens and facilitate transactions using the token. The USD coin was created as a collaboration between Circle Internet Financial and Coinbase.

What makes USD Coin unique?

Currently, it is listed on a total of 7 among the world top 10 exchanges. We Coin-Labs.com provides only objective information about USD Coin. Therefore, we are not responsible for the investment decision in USD Coin and What is USD Coin the resulting loss. USDC can be transferred 24/7 and is faster to send than traditional currencies, with settlements occurring in seconds. Transaction costs are low cost, making it cost- and time-efficient to use.