Good day fellow P0x'ers! In case you missed the "big changes" post or haven't noticed, tips here on Publish0x are now being paid out via USDC. That's US Dollar Coin in case you weren't aware. USDC is a stable coin issued by a technology company called Circle. What's the benefit of a stable coin? One USDC is always redeemable 1:1 for US Dollars. What stable coins do offer is price stability, meaning that the value of 1 USDC is always pegged to $1 USD. It's meant to maintain a stable value.
USDC is billed as being "the world's largest regulated stablecoin." It is backed by U.S. Dollars and United States Treasury instruments. Those instruments are in a fund held at The Bank of New York Mellon, managed by BlackRock. So while the United States government does not issue USDC, it is actually backed by government debt securities. So there is indeed a very interesting indirect relationship between the stable coin and the United States government.
At any rate, USDC can be used strategically as a trading tool, specifically if navigating a downward trend. As an example, say you're trading shittymemecoin25 and you want to book your profits and sell before the rugpull. Simply swap it for USDC before you hit the hay for the night and you can sleep comfortably knowing that your trading funds can sit safely in stability. USDC is supported on 25 blockchains, including:
- Algorand
- Arbitrum
- Avalanche
- Base
- Celo
- Ethereum
- OP Mainnet
- Polkadot
- Polygon
- Solana
- Stellar
- XRP Ledger
...among many others. Suffice to say, there's no shortage of usecases for USDC. If you have any tips remaining here on P0x in ETH or OP, they will be auto-converted to USDC on July 29th. Anyway, that's it for my rant on Circle's stablecoin. I could go on about the indirect (yet direct) relationship between the U.S. Government, specifically the Treasury, and USDC but perhaps I'll save that for another post. Until next time! Careful trading out there, beware the rugpulls, and enjoy this bull market while it lasts. Remember that stablecoins can provide safe haven, unless they get unpegged again!
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