Convert USDC to USD
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btcBitcoin
tonToncoin
ftnFasttoken
ltcLitecoin
busdBinance USD
ethEthereum
bchBitcoin Cash
zecZcash
dogeDogecoin
bnbBinance Coin
usdtTether
trxTronusdcUSD Coin
xrpRipple
usddUSDD
eosEOS
adaCardano
shibShiba Inu
dashDash
hftHashflow
dydxdYdX
linkChainlink
aaveAave
crvCurve DAO Token
achAlchemy
maticPolygon
daiDai
nearNEAR Protocol
atomCosmos
twtTrust Wallet
dotPolkadot
avaxAvalanche
flowFlow
ksmKusama
solSolanaWhat is USD Coin?
USD Coin is a stablecoin backed by the US dollar in a 1:1 ratio and released in 2018 by Center and Circle, together with the major cryptocurrency exchange, Coinbase. With the USDC supported by a physical dollar, it is much easier to hold as there is no volatility risk.
How Does USD Coin (USDC) Work?
USD Coin cannot be classified as a decentralized cryptocurrency because it has a third party, Circle, which issues it.
USDC operates on smart contracts that govern it. The essence of the principle is that the coins are only issued after the user transfers the fiat currency to the Center company, which acts as the issuer. If the user wants to return the dollars, they must send the coins to the company's smart contract address. Then the company will, in turn, send the equivalent amount in fiat currency to the user's account, and the coins will burn.
USD Coin does not have its platform and is on blockchains such as Ethereum, Solana, Tron, Stellar, etc. The fees charged and the transaction speed will depend on the blockchain chosen.
It is impossible to mine USDC because the platform uses PoS (Proof-of-Stake). However, you can engage in stacking (passive earning by storing crypto), as USDC does not count as a volatile coin.
Where to Buy and Sell USD Coin (USDC)?
USDC can be traded on various exchanges, such as Ethereum, KuCoin, Coinbase, Huobi and others, depending on the coin's standard. Buying and selling USDC tokens is more profitable on the Binance exchange, which has the highest liquidity. You can also get USDC through currency exchanges.
USD Coin (USDC) Pros and Cons
USDC pros:
- supported by various blockchains;
- transparency (open access to company activities and regular audits);
- reliability (no coin exchange rate volatility and 100% fiat backing);
- strong capitalization and liquidity;
- project funding and sponsorships.
USDC cons:
- centralization (different types of regulation may apply);
- high level of competition;
- direct coin purchase requires verification.