Governance Consortium: Centre.io a partnership between Circle and Coinbase
Cryptocurrency symbol: USDC
Coin limit: No limit
Purpose: Asset-backed token. Payments
Other: USDC is available on multiple blockchains
Financial Products: USDC can be used as a yield-producing asset.
United States Dollar Coin (USDC) is a stablecoin backed by a basket of US denominated financial assets on a 1:1 basis for each coin. Assets include US cash and cash equivalents as well as various short term debt instruments like US treasuries. All assets are regularly audited by Grant Thornton.
USD Coin was created in the United States by Circle in partnership with Coinbase. Governance for USDC is provided by partners through the Centre consortium.
USDC is the second largest US dollar stablecoin internationally by total assets held.
The use cases include being used as an onramp from the traditional banking system into crypto. It can also be used as a method of payment, exchange or settlement on the VISA network.
A stablecoin is a cryptocurrency token that is backed by an asset. Assets used to back stablecoins can include fiat currencies like USD and CAD as well as hard assets like gold and silver. They can also include other financial assets.
Using a fiat currency-backed token (stablecoin) eliminates the volatility of holding assets in certain cryptocurrencies.
Stablecoins act as a bridge between the traditional financial system and the cryptocurrency financial system.
USDT (Tether) is the first US dollar stablecoin and the most widely known. Originally called Realcoin, Tether was founded by Craig Sellers, Brock Pierce and Reeve Collins in 2014. Tether’s main operation is located in Hong Kong.
Tether is available on Ethereum, Bitcoin, EOS, TRON, Algorand, SLP and OMG blockchains. On Ethereum, Tether is an ERC20 token. On Bitcoin, it uses the Omni layer and Blockstream’s Liquid.
Each Tether token is claimed to be backed by 1 USD in Tether reserves. Tether also supports other fiat currencies through EURT and CNHT.
Tether is tied to the Bitfinex exchange through its relationship with its mutual parent Ifinex Inc. Tether has been mired in controversy since its founding. This includes questions about reserves and various fines. There are also some restrictions on using Tether for US residents.
USDC can be used on multiple blockchains, including Ethereum, Stellar, Algorand, Solana, Tron and Hadera Hashgraph.
When you buy USDC, the process that takes place is:
To redeem the USDC, or convert it back to USD, the process goes in reverse.
You can buy USDC at select exchanges, trading platforms and partners, including Bitvo.
Click the button below and fill out the form and your KYC.
You can add funds in several ways, including Interac e-transfer
Once the funds are confirmed, open your trading screen and get started!
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