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USD Coin (USDC) is a stablecoin released by popular exchange Coinbase in collaboration with payments company Circle in 2018. Backed by the US Dollar on a 1:1 ratio, the token is an ERC-20 token that can be purchased on Coinbase’s platform. Coinbase has said that it chose the Ethereum protocol because of its smart contract capabilities and strong developer support.
Like other stablecoins, it is intended to help traders overcome the volatility of the market. Coinbase has said that it is part of its mission is to “build an open financial system for the world”, and it does indeed allow anyone from across the world to purchase the stablecoin and use it for trading and various services.
Stablecoins often receive scrutiny relating to whether or not the issuing entity has enough reserves to back every token up, but Coinbase assures users that the holding accounts are closely monitored and audited. USD Coin is an example of a fiat-backed stablecoin, which is often what receives the greatest scrutiny.
Having one very specific purpose, there is not much in the way of development news for USD Coin. Coinbase is however working on making it more widely available, including on more exchanges and services.
3 Aug 2021 2 minute read 4 comments Cje95
Late last week I saw that a new farm had appeared on the Ethereum Chain of Harvest Finance, FARMStead USDC-24, however, for about a day I could not really find out anything about it. It only had a few thousand dollars deposited in it and was not yiel...
21 Jul 2021 3 minute read 2 comments Crypto.com
With Crypto.com constantly striving to perfect its products and services to provide the best user experience, the crypto company recently unveiled a new feature for both its App and Exchange users to enjoy. Since June 28, direct global USD deposits...
20 Jul 2021 1 minute read 3 comments Skyfries
Circle, the consortium behind USDC, has released their audit for all assets through May 28th, 2021 conducted by Grant Thornton. The audit took a different tack from the April audit and had a breakdown of how assets were denominated. It is now clear...
8 Jul 2021 3 minute read 3 comments Sapphire
Have You Noticed? If you have been operating in the DeFi space utilizing stablecoins in order to earn yield, you would have noticed how much the rates have decreased. Although rates are down across most of the DeFi space, stablecoin returns on DeFi p...
4 Jul 2021 2 minute read 5 comments Wonrey
USDC versus USDT (Tether), both stable coins worth one dollar, what is the difference? The major difference is what is backing these stable coins? For many years, most people did not believe that Tether was fully backed by a dollar but it was hard fo...
1 Jul 2021 3 minute read 1 comment The Part Time Economist
I started out this morning sifting through various news sources and scouring #cryptonews on Twitter to do a weekly recap of the week's most important crypto news, but the more I looked, I saw that most of the news involved involved Circle's USDC stab...
1 Jul 2021 1 minute read 2 comments Coard
What is MATIC? MATIC - aka POLYGON network. Used to make transactions on the Ethereum network (side chain) The commission is extremely cheap at the moment. About 0.001648 MATIC = 0.0018128 USD (But depends from MATICs price on the market) For example...
1 Jul 2021 5 minute read 4 comments Bread
Cryptocurrency. The very word tends to fill the average person with fear, particularly the less technically literate. Some have heard the word 'Bitcoin' and know a little bit about it, but mention Ethereum, Ripple or Monero and you'll basically end u...
1 Jul 2021 1 minute read 3 comments KHubbard
If this first story isn't a testament to how much our lawmakers don't know about blockchain and cryptocurrencies, I don't know what is. Many in the cryptocurrency industry have long demanded that Congress provide "regulatory clarity" on how it will...
29 Jun 2021 2 minute read 0 comments RHBW
Coinbase today announced that they are taking pre-enrolled applications for their USDC 4% APY. This will be a significant jump from their .15% available to holders of USDC on the Coinbase platform. With this jump some increased risk is also included...
