USDC price today, USDC to USD live price, marketcap and chart

What is USD Coin

Circle has developed the technology to enable USDC to run on 15 public blockchain networks, with open-source and private market innovation driving rapid progress in dollar digital currency models. If you’re looking for a cryptocurrency investment, it makes more sense to compare other types of cryptocurrencies that aren’t stablecoins. Bitcoin (BTC -4.29%) and Ethereum are popular choices, but there are many other interesting projects out there. Another popular option is USD Coin staking on decentralized crypto exchanges.

What is USD Coin

What makes USD Coin unique?

  • In 2021, the stablecoin market was worth about $130 billion, making USDC the second-largest stablecoin in circulation.
  • While USDC is backed, it’s important to note that the reserves do not only contain dollars.
  • Before accessing the Exchange, please refer to the following link and ensure that you are not in any geo-restricted jurisdictions.
  • Many crypto enthusiasts and economists believe that high-scale adoption of the top currency will lead us to a new modern financial world where transaction amounts will be denominated in smaller units.
  • Circle has committed to maintaining transparency and regulatory compliance in its operations, regularly publishing attestation reports conducted by auditing firms.
  • As mentioned earlier, crypto lending programs have failed in the past, leaving users high and dry.
  • Airtm then sends those funds to Venezuelan healthcare workers in the form of its own US dollar stablecoin, AirUSD.

If you would like to know where to buy USDC at the current rate, the top cryptocurrency exchanges for trading in USDC stock are currently Binance, BYDFi, Bybit, OKX, and DigiFinex. According to the report, the total USDC reserves held by the company consist of $42.3 billion worth of US Treasury Securities and total cash deposits of $12.2 billion. The monthly reserve report was issued by leading global accounting firm Grant Thornton. One of them concerns transparency — and giving users the assurance that they will be able to withdraw 1 USDC and receive $1 in return without any issues. To this end, it says a major accounting firm is tasked with verifying the levels of cash that are held in reserve, and ensuring this matches up with the number of tokens in circulation.

Popular Canadian Dollar (CAD) Currency Pairings

The top crypto is considered a store of value, like gold, for many — rather than a currency. When US dollars are swapped for USDC on a digital asset exchange, the exchange will typically provide the balance of USDC it has on-hand to fulfill the swap. If the exchange needs more USDC to fulfill the swap, the exchange will often use its Circle Mint account to mint more USDC.

Dollar stability & global reach

This was followed by a heavy crackdown on Bitcoin mining operations, forcing many crypto-related businesses to flee to friendlier regions. USDC enables businesses to offer payment connectivity and dollar-backed financial services to more people in more places. There is the possibility of losing funds if borrowers default on their loans or if the lending platform goes through financial difficulties. It halted withdrawals in 2022, and then filed bankruptcy, leaving users without access to the crypto they had deposited. You can make passive income with USD Coin by lending it, and that’s one of the reasons investors buy it. There are several crypto lending programs available that will pay you interest for lending your crypto.

What is USD Coin

Please note that the availability of the products and services on the App is subject to jurisdictional limitations. may not offer certain products, features and/or services on the App in certain jurisdictions due to potential or actual regulatory restrictions. Before accessing the Exchange, please refer to the following link and ensure that you are not in any geo-restricted jurisdictions. You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website.

What Is USD Coin (USDC)?

  • Since USDC represents a US dollar, it’s a neat way to trade more volatile currencies, such as Bitcoin.
  • A hard fork is a protocol upgrade that is not backward compatible.
  • In USD Coin’s case, the asset is the U.S. dollar, and one USDC is designed to maintain a value of $1.
  • As you might expect, one of the most enthusiastic exchanges that offers USDC is Coinbase, given how the exchange was involved in this stablecoin’s creation.
  • You can make passive income with USDC by lending it to other crypto investors.
  • As USDC provides an open-source smart contract, this allows other companies to develop their own blockchain products, such as wallets and exchanges.

The year-to-date return on Bitcoin is -35% as of this writing, for example. Meanwhile, the value of USDC has remained almost completely flat year to date. The lowest trading price that USDC has fallen to within the last 52 weeks is $0.995, a slight dip below its dollar peg.

What is USD Coin

Advantages and Disadvantages of USD Coin

The flip side of the investment narrative is that having a digital asset pegged to a fiat currency like the U.S. dollar doesn’t make a great investment for appreciation. USD Coin’s main advantage is that it enables people to buy and sell other cryptocurrencies without having to move fiat currency in and out of exchanges. USD Coin was managed by Centre, a consortium co-founded by the cryptocurrency exchange Coinbase (COIN), and Circle, a financial technology company. This partnership was dissolved and Circle became the sole responsible party. The company aims to change the global financial landscape by connecting every person, merchant, financial service, and currency worldwide.

How a Saudi pullback from a landmark US deal would be bad news for dollar dominance

What is USD Coin

For investors, USDC also has the advantage of being subject to more regulatory oversight because it’s considered a stored value instrument in most U.S. states. The Centre consortium was established in 2018 to manage USD Coin. USDC became its first initiative when Coinbase offered USDC to its users. The exact mechanics will look slightly different depending on the specific exchange, but these steps outline the general process. That’s better than many traditional savings accounts but falls short of the typical high-yield savings account. Sign up for free online courses covering the most important core topics in the crypto universe and earn your on-chain certificate – demonstrating your new knowledge of major Web3 topics.

What is USD Coin

Keep reading to understand more about USDC, including how it works and the various use cases for the digital currency. In a new blog post, the think tank mulled the prospect that a 1974 accord that mandates Saudi Arabia exclusively use greenbacks when selling its crude oil could come to an end. For 50 years, the “petrodollar” deal has ensured the US dollar’s role as the world’s chief financing and trading currency, the think tank said. Live tracking and notifications + flexible delivery and payment options. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods.

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