About the USDC Stable Coin

in #businessntech11 months ago

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Stable coins are up there as one of the most important and talked about cryptocurrency assets because of their use and benefits. Based on the main tasks for this post, I will be discussing about USD Coin. Before continuing writing about USD Coin, I think it is important to first of all know what stable coins are and what they are all about. A stable coin is simply a type of cryptocurrency asset created to minimize volatility hence the name “stable” coin and runs on a blockchain network. They are pegged to a stable asset like USD or any other stable asset.

USD Coin or USDCis a clear example of a true stable coin on a variety on blockchain networks. It is a stable coin that runs on the ethereum blockchain with the main aim to tokenize the US dollar. It is regarded by many as the king of stable coins because of the team behind it and the features and benefits of it. It is backed by the US dollar and is pegged to the US dollar. The USDC stable coin is a decentralized cryptocurrency asset that is meant to represent 1 USD Coin to 1 US Dollar. The USD Coin was launched in 2018 and a collaboration of Circle and Coinbase. USD Coin is a stable coin that runs on ethereum and is executed through smart contract.

Features

It is powered by the ethereum blockchain and is decentralized, 1USDC will always be 1US Dollar, Utilizes smart contracts, it is backed and pegged to the US Dollar.

Benefits

One of the benefits of USD Coin is that it also possess the amazing benefits of the ethereum blockchain since it runs on ethereum blockchain and also supported on multiple wallets with ERC-20 compatibility. Another benefit of the USD Coin is that of its full compliance with the legislation which gives users trust and assurance.

USD Coin is decentralized which is key in blockchain and cryptocurrency. Being powered by the ethereum blockchain gives USD Coin security and wider adoption. USD Coin is a top stable coin for traders and also a great way to bridge the gap between the US Dollar and cryptocurrency. It is backed by a reserve which provides security to the USD Coin.

Why USDC is ranked as one of the best stable coins

One of the main reasons why USDC is ranked as one of the best stable coins is the team behind USDC. There are a big names in the cryptocurrency sphere that is involved in the USD Coin development. It developed by the Centre consortium, a collaboration between two giants Circle and Coinbase. Center develops the framework for governing and the tech behind the project while Circle and Coinbase are the first commercial issuers of the USD Coin or USDC.

Where to Buy or Trade USD Coin

Based on the information on coinmarketcap, and like every other top stable coins, USDC is also traded on many top exchanges; Binance, Coinbase Pro, Kucoin, Huobi, Poloniex, Hotbit, and other very good exchanges…

Where to Store USD Coin

One of the key benefits and advantages of the USD Coin is its compatibly with a lot of ethereum-based wallets. USDC can be stored securely on any wallet that supports the ERC-20 since USDC is powered by the ethereum blockchain. There are a lot of popular and secure ethereum wallet which can either be web wallet, mobile wallet, desktop wallet or hardware wallet can be a great option to store the USD Coin, as far as the wallet provides the keys or seed phrases, to give you full control of your asset.