What is USD Coin (USDC)? | A Beginners Guide To Understanding USDC Coin (USDC)

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I use USD Coin, which is a stablecoin that is
tied to the US dollar. It’s run by two big names in the industry,
Circle and Coinbase. USD Coin is one of the most reliable
cryptocurrencies out there, so I can trust it to keep up with the
dollar’s value. Even when the markets are volatile, I know that I
can rely on USD Coin.

Market Cap	Volume 24h	Circulating Supply
$55,427,476,040	$2,377,289,552.29	55546939563.0 USDC

What is USD Coin?

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USD Coin (USDC) is a relatively fresh stablecoin
pegged to the US dollar. It was launched on September 26, 2018, in
collaboration between Circle and Coinbase. USDC is an alternative
to other USD backed cryptocurrencies like Tether (USDT) or TrueUSD
(TUSD).

I’m sure you’ve heard of USD Coin. It’s a
digital currency that tokenizes US dollars and makes it easy to use
over the internet and public blockchains. Plus, you can always
exchange your USDC tokens for USD. The issuing and redeeming of
USDC tokens is managed by a smart contract called ERC-20. So, USD
Coin is an easy and secure way to move and store US dollars
online.

I’m amazed by the power of blockchain
technology. With it, I can transfer US dollars anywhere in the
world in minutes. It’s incredible how it also brings much needed
stability to cryptocurrencies. Blockchain is also opening up a
world of possibilities for trading, lending, risk-hedging and more.
It’s an exciting time to be alive and see the potential of this
technology!

Who is the Team Behind The USD Coin?

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I’m part of the Centre consortium, a joint
venture between Circle and Coinbase. We’re the creators of USD
Coin. We developed the technology and governing framework, and
Circle and Coinbase were the first to launch USDC. Our mission is
to provide a digital version of the US dollar that is secure,
stable, and trusted.

I founded Circle back in 2013 with my buddy,
Jeremy Allaire. We wanted to create a way for people to exchange
money quickly and securely. That’s when we decided to join forces
and work together to make our vision a reality. We wanted to make a
product that was accessible to everyone and that could be used in
any country. We also wanted to make sure that transactions were
safe and secure. After months of hard work, we finally launched
Circle and today it is one of the most trusted digital money
transfer platforms. We couldn’t be more proud of what we have
achieved.

Circle is an official Money Transmitter, which
makes the company an open financial book. Money Transmitters are US
money service businesses that must comply with federal laws and
regulations. Before the issuance of USDC, the equivalent amount of
USD is with one of Circle’s accredited partners. Consequently, all
USDC tokens are regulated, transparent and verifiable. Besides,
Circle is known as the crypto startup backed by Goldman Sachs.

How Does USD Coin Work?

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I’m not sure where all this magic money is
coming from, but I know it’s not just being conjured up out of thin
air! Circle has my back though, they guarantee that each USDC token
is supported by an actual US dollar! This process of transforming
the dollars into tokens is called “tokenization.” It’s pretty
cool!

Tokenizing USD into USDC is a three-step
process:

I sent some USD to the token issuer’s bank
account, and in return they used their USDC smart contract to
create an equal amount of USDC for me. Then, the newly minted USDC
were sent to me and the substitute US dollars were kept in
reserve.

I found it really simple to exchange USDC for
USD. It’s the opposite of creating the token, but the process was
just as straightforward. All I needed was to enter the amount of
USDC that I wanted to redeem for USD and the transaction was
complete. The best part is that the entire process was secure and
transparent. No hidden charges or complicated steps. All in all, it
was a breeze.

I’m requesting to exchange my USDC tokens for
USD. The issuer sends a request to the USDC smart contract to make
the exchange and take an equivalent amount of tokens out of
circulation. The issuer then sends USD from its reserves to my bank
account. The amount I receive is equivalent to the USDC tokens I
had, minus all fees.

As opposed to Tether (USDT), I’m confident in
the full transparency of USD Coin’s creators. They’ve partnered
with financial institutions to guarantee that there’s always an
equivalent fiat currency in reserve. This gives me the assurance
that I’m making a sound investment.

All USDC issuers are required to regularly
report their USD holdings, which are then published by Grant
Thornton LLP. All the monthly attestation reports can be found
here.

How to Use USDC

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I’m USD Coin (USDC), a one to one representation
of one US dollar on the Ethereum blockchain. As an ERC-20 token,
I’m accepted on any app that utilizes the standard. I’m the perfect
digital equivalent of a dollar, and I’m here to revolutionize the
way you pay for goods and services. My transparency and security
give users assurance that their funds are accounted for and safe.
Plus, I’m super easy to use – no need to worry about complicated
processes. I’m here to make your life simpler and easier. So go
ahead and try me, you won’t be disappointed.

I’m ready to redeem USDC with Circle, so I’ve
got to get registered and verified. To do that, I need to complete
the KYC process and link a legit bank account. Then I’m all set to
start using the Circle USD platform, where I can do four
things:

• Tokenize USD;
• Redeem USDC;
• Transfer USDC out to ERC20 compatible Ethereum addresses;
• Deposit USDC from external Ethereum wallet addresses.

I don’t pay any fees for tokenizing and
redeeming services when I use Circle USDC, however I have to pay a
$50 fee if my bank transfer is incorrect or rejected. For Coinbase
USDC operations, the normal fees will still apply.

I need to redeem at least 100 USDC. This process
only happens during business days and it can take up to a day for
it to go through. So, if I submit my request today, I should expect
to get my tokens no later than tomorrow.

I have no restrictions on the amount of
tokenization I can do, and it can take up to two days for it to be
finalized. I understand that this might not be the most ideal
situation, but rest assured that the process is as efficient as
possible. To make this process even smoother, I have implemented a
few steps that can help things move along quickly. I’m confident
that with these additions, it will be a much faster and smoother
process.

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In general, stablecoins like USDC are used
to:

• I’m looking for a way to get my hands on some cryptocurrency
  without having to cash out. Luckily, I’ve found a solution that
  makes it much easier to buy cryptocurrencies in the future. Instead
  of having to wait days or weeks to get the funds from a traditional
  bank account, I can now quickly purchase digital assets with just a
  few clicks. It’s fast, secure, and cost-effective, and I don’t have
  to worry about security or storage. Cryptocurrency has never been
  easier to purchase!
• Avoid traditional financial instruments and institutions;
• I want to make sure I’m not affected by hyperinflation, so I’ve
  been researching ways to protect my finances. I know that in
  countries like Venezuela and Turkey, inflation is a huge problem.
  I’m looking for ways to keep my money safe and secure. I’m
  investing in assets that are not subject to hyperinflation, like
  gold, silver, and other precious metals. I’m also diversifying my
  portfolio to include low-risk investments and I’m keeping cash on
  hand in case of emergencies. I’m also looking for ways to save
  money, like cutting back on unnecessary expenses and finding ways
  to increase my income. By taking these steps, I’m hoping to protect
  my finances from the ravages of hyperinflation.
• Send money instantly, globally, securely and at low cost;
• I’m able to shop and purchase items using different crypto
  applications, exchanges, and blockchain-based games. It’s
  fascinating to explore the world of decentralized technology and
  how it is transforming online commerce. I can easily convert my
  cryptocurrency into fiat currency and purchase goods and services
  from merchants. Being able to access a wide variety of
  crypto-related services has been a great advantage for me as a
  consumer. I’m continuously learning about the potential of
  blockchain technology and its implications for our financial
  future.

How is The USDC Coin Different From Other
Stablecoins?

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Crypto stablecoins can be put into four
categories:

• Fiat-collateralized.
  These include all stablecoins pegged to reserved fiat value. All
  fiat-collateralized coins are centralized by design. I’m
  familiar with the world of cryptocurrencies, and some of the most
  popular stablecoins include Tether (USDT), TrueUSD (TUSD), Gemini
  Dollar (GUSD), Paxos Standard Token (PAX), Digix Gold (DGX), and
  USD Coin (USDC). These coins are known for their stability, which
  makes them a popular choice among crypto traders and investors.
  They also provide a great way for people to easily convert between
  different fiat currencies and cryptocurrencies without having to
  worry about currency exchange fees. Furthermore, these coins
  provide a secure and reliable way to store value. All in all, these
  stablecoins are a great way to enjoy the benefits of crypto without
  having to worry about market volatility.
• Crypto-collateralized.
  These are stablecoins whose value is pegged to reserved crypto
  assets. Examples: Makercoin (MKR & DAI); Havven (nUSD &
  HAV).
• Algorithmic
  non-collateralized. Software-based economic models that
  seek to provide price stability without any collateralized assets.
  Example projects: Basis; Kowala; Fragments.
• Hybrid. Stablecoins which
  rely on a blend of the approaches listed above.Example
  projects: Carbon.

I’m familiar with the first type of stablecoin,
the fiat-collateralized type–namely, USD Coin. It’s a centralized
one, so not unlike Tether (USDT) or Digix Gold (DGX). But there are
some key distinctions. Tether’s been pretty dodgy about letting
anyone get a good look at their books, so that’s a huge red flag.
Digix Gold is different in that its value is backed by gold, which
is cool. Ultimately though, they’re all on the same playing
field.

I’m familiar with different types of
fiat-collateralized stablecoins, and they all tend to run on a
similar business model. What differs between them is the fee
policies and partner organizations. One thing that remains
constant, though, is that these coins provide regular attestations
and are backed by US dollars.

Where Can You Get USD Coin?

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USD Coin (USDC) can be purchased in the
following exchanges:

• Binance (paired with BTC,
  BNB).
• Poloniex (paired with
  BTC, ETH, XRP, BHC, STR, LTC, ZEC, XMR, DOGE).
• Coinbase Pro (paired with
  BTC, ETH).
• Coinbase (paired
  with
• CoinEx (paired with
  USDT).
• Coinsuper (paired with
  BTC, USD).
• OKEx (paired with BTC,
  USDT).
• CPDAX (paired with
  BTC).
• Hotbit (paired with
  USDT).
• Kucoin (paired with BTC,
  ETH, USDT).
• Korbit (paired with
  KRW).
• FCoin (paired with
  USDT).
• LATOKEN (paired with BTC,
  ETH).
• SouthXchange (paired with
  BSV, DASH).
• COSS (paired with BTC,
  ETH).
• Crex24 (paired with
  USD).

I can easily switch my USDC to USD or vice versa
at Coinbase. It’s a simple process and I can choose the right
option for me. I can use Coinbase to turn my USDC into USD, or the
other way around, depending on my current needs. I’m sure Coinbase
will take care of my money so I can rest assured that the switch
will be done securely and properly. I’m looking forward to the
convenience and ease that Coinbase provides.

Where to Store USD Coin

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USDC is an ERC-20 token issued on the Ethereum
blockchain and can be stored in any Ethereum wallet. The most
popular options are MyEtherWallet, MetaMask, Mint or Jaxx wallets.
If you don’t know how to set up an Ethereum wallet, see this quick
guide.

Current State of the Project

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I have been keeping up with the USD Coin project
since it first began in May 2018. It has grown quickly, with over
60 partners already involved. The institutions supporting it are
also quite reliable, so I feel confident that it is a good project
to invest in.

Some of the latest news surrounding the USDC
project is about the level of control project creators retainI’m
hearing a lot of buzz about a secure cryptocurrency called USD
Coin. It seems like the developers have control over it; they can
blacklist addresses and freeze funds if they think the USD Coin is
being used for something illegal. That means it’s a lot safer than
other types of digital currency.

However, most of the other stablecoins also have
similar clauses. The only stablecoin without such terms is DAI by
Maker.

Similar Projects

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• Tether (USDT). The oldest and most popular
  USD-backed stablecoin.
• TrueUSD (TUSD). USD-backed ERC-20 token by
  TrustToken Platform.
• Gemini Dollar
  (GUSD). USD-pegged ERC-20
  token issued by Gemini exchange.
• Paxos Standard Token
  (PAX). An ERC-20 token pegged
  to the US dollar.
• Dai (DAI). ERC-20 stablecoin pegged to the
  USD.
• bitCNY (BITCNY). A stablecoin issued on BitShares
  blockchain and backed by Chinese Yuans (CNY).
• bitUSD (BITUSD). A stablecoin issued on BitShares
  blockchain and backed by USD.
• bitEUR (BITEUR).I have recently found out that I
  can use a stablecoin on the BitShares blockchain, and it is backed
  by Euros (EUR)! This is great news for me as I am constantly
  looking for secure and reliable ways to store my money. With this
  stablecoin, I can ensure that my money will remain safe and
  consistent in value. I am excited to take advantage of this new
  opportunity!
• Stasis Eurs
  (EURS). A collateralized
  ERC-20 stablecoin pegged to the EUR.
• nUSD (NUSD). An ERC-20 stablecoin issued by the
  Havven foundation.
• White Standard
  (WSD). A USD-pegged
  stablecoin for global payments issued on Stellar protocol.

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