USD Coin (USDC) Is Gaining Ground Among Crypto Traders and Users From Shayne McCulloch (CTO)
Created and marketed by a Boston-based crypto finance firm Circle, USD coin or USDC is a fully collateralized USD stablecoin that utilizes the ERC-20 standard to provide detailed operational and financial transparency. The reason it’s becoming so popular is that its value doesn’t fluctuate. So, it’s safe to say that investing in USDC is quite similar to investing in the US Dollar. Users can use a simple web app to tokenize fiat currency into USD coin fiat tokens that can be used for trading and payments in the cryptocurrency ecosystem. There’s an increasing number of ways you can use USDC to add a lot of convenience to your crypto life.
By using USDC issuance service both institutional investors and individuals can deposit US dollars using their bank accounts, convert those deposited dollars into USD tokens and then use them to trade crypto assets on Poloniex, one of the most reputed cryptocurrency exchanges. Moreover, users can also transfer USDC tokens from Poloniex to Circle USDC service to redeem the equivalent amount (in US dollars), which can be transferred to local bank accounts.
Tokenizing USD into USDC is incredibly simple. The user sends USD to an issuer’s bank account > the issuer sends a confirmation request to Circle’s USDC Smart Contract to mint a corresponding amount of USDC > the issuer receives and processes the response from the Smart Contract to make the newly minted USDC available to the consumer while keeping the US Dollars in reserve available to the user. It sounds simple, doesn’t it? The exchanges that support USDC trading pairs include: Digifinex, Coinbase, KuCoin, OKEx, Huobi and more. Clictechnology supports merchant acceptance as a payment method or using ClicPay Wallet to store or spend your USDC tokens.
USDC supported countries include: Andorra, Australia, Austria, Belgium, Bulgaria, Canada, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Lithuania, Luxembourg, Mexico, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Kingdom, United States (excluding HI, NY, MN), Holy See (Vatican City State), Vietnam.
Here’s what the team behind USDC say about its services and goals:
‘’USDC is the brainchild of CENTRE, an open source technology project bootstrapped by contributions from Circle and Coinbase. This organization will be responsible for governing USDC and is dedicated to connecting every person, merchant, financial institution and currency, everywhere.’’
Circle USDC users believe USDC will assist in revolutionizing the crypto industry and maintain a positive outlook on the change that comes with a product like stablecoin. With this new format users can move money between countries, currencies and friends as well as investing in cryptocurrency even if they’ve never done so before. What makes USDC stand out from the rest is its transparency and authenticity. Users can send money anywhere in the world in a matter of minutes.
Creating a USDC account is easy. Users can use USDC’s or the ClicPay official web app to set up a business or individual account to get started.