Crypto Currencies

USD Coin – USD Coin price today, USDC live marketcap, Chart, and Information

What is the USD Coin?

  • The USD Coin (USDC) is a type of crypto currency described as “price stable.”
  • It is always possible to exchange 1 USD Coin for US $ 1.00, which gives you a stable price.
  • On Coin base, eligible customers can earn rewards for every USD Coin they own.

Stable value

  • Customers with a bank account in US dollars can always exchange 1 USDC for US $ 1.00, which means that its price is stable.

Backing of the US dollar

  • Each USDC is backed by one US dollar, reserved in a bank account.

Powered by Ethereum

  • The USD Coin is an Ethereum token so that digital currency can store in a compatible wallet, such as the Coinbase wallet.

Global transactions

  • The USD Coin is designed for dollars to move globally from your cryptocurrency wallet to other conversions, businesses, and people.

How to get USD Coins?

Step 1: Create or log in to a Coinbase account

Step 2: Convert your funds to USDC, at a value of US $ 1.00 for 1 USDC without commissions

The, Step 3: Send USDC to other destinations or convert back to dollars from Coinbase.

USDC, the arrival of a new stable coin

  • Stablecoins or stable coins are nothing new in the crypto world.
  • The arrival of Tether (USDT) marked a before and after in this sense, allowing fast transactions between those who use cryptocurrencies.
  • Such as Bitcoin or Ethereum and want to make quick changes to a “less volatile” currency on exchanges.
  • However, Tether had severe problems on his shoulders.
  • In principle, it was slow, expensive to mobilize, and unsuitable for the future of decentralized exchanges.
  • As it ran on top of OmniLayer and Bitcoin (although a version of USDT on Ethereum has existed since September 2017).
  • Additionally, USDT has transparency policies that many people see as unacceptable.
  • Especially regarding audits that verify that Tether effectively has in its possession the expected 1: 1 backing for each USDT token issued.

More about USD Coin

  • On the other hand, the issuance of Tether tokens is only to companies or private parties.
  • It meets the acquisition requirements and only in amounts more significant than USD 100,000.
  • These weaknesses led various industry giants to find a way to cope and take the emerging market that followed from their hands.
  • It is how Coinbase and Circle joining their efforts and creating Center, a company that can be in charge of managing USDC.
  • Thus, USDC can be a new stable coin anchors 1: 1 with the dollar, an ERC-20 token working on Ethereum (ETH).
  • Although Ethereum is not significantly faster than Bitcoin, its scalability and the way its commissions are managing making this new stable coin much more agile and economical.
  • Not only that, because USDC was an ERC-20 token, it can easily integrates into DApps and DEX that creates on Ethereum, something that USDT can not do at the time.
  • It is completed the birth of USDC on September 26, 2018.
  • At which time, it creates the USDC smart contract, and its circulation in the crypto space begin.
  • Additionally, USDC from the beginning guaranteed broad development access around this cryptocurrency, which we can see on this GitHub.

Also Read: Fossil Gen 5 – The new smart watches with Wear OS with NFC, Speaker, and Snapdragon Wear 3100

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