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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.
12 Mar 2023 1 minute read 1 comment Bfab
USDC depegged to 0.9 yesterday due to the collapse of its counterparty Silicon Valley Bank, which holds 7.7% of USDC reserves. While Circle (USDC creator) tries to reassure USDC owners on the redeem of USDC at 1:1 against USD from tomorrow at the ope...
12 Mar 2023 1 minute read 0 comments Coinseek
USDC issuer, Circle, has issued a statement updating investors on its cash reserves, which are currently stuck with Silicon Valley Bank (SVB). This follows the recent collapse of SVB, which has left the fate of USDC’s funds in question. Possible sho...
12 Mar 2023 1 minute read 19 comments Yugocean
The value of multiple stablecoins—DAI, USDC, USDD, and FRAX—unexpectedly dropped below 95 cents together; despite some regains, their value is still not pegged. Describe DAI USDC USDD & FRAX DAI, USDC, USDD, and FRAX are all US dollar-pegged stabl...
12 Mar 2023 2 minute read 1 comment ROcrypton
USDC loses parity with the dollar due to excessive liquidity Yeah, it's not easy for anyone, at least for those with large positions in USDC, at the time of this post I should have already exchanged for BTC or ETH or TETHER, but remember right awa...
11 Mar 2023 5 minute read 0 comments Dave Sawyer
Cryptonauts, we love you!! Been a scary week, but the Watch Army rolls on baby!! Reading music for today's foray into tradfi wonderlandTLDR: that's right, put a little love in your heart, baby!! We are gonna NEED it!!! Crypto that won't say crypto...
11 Mar 2023 2 minute read 1 comment busyjordy
USDC coin today lost its peg to the dollar amidst rumours of insolvency following the collapse of another bank - this time it's the Silicon Valley Bank, which had ties to crypto. It's the second crypto-centric bank to go bust this week and this time,...
11 Mar 2023 3 minute read 0 comments Todd Mei PhD
The Macro Situation Toss and then mix. The state of the market remains confused. The ups and downs: After an initial drop, the economy got complicated when later in the week an increase in jobless claims seemed to bolster the Fed’s plan for steady hi...
11 Mar 2023 2 minute read 3 comments Drake Flyer
One shocking news after another. Intro Hold on to your hats, folks! It looks like the USDC (United States Dollar Coin) has lost its marbles in March 2023! This digital currency was once a reliable sidekick to the good old greenback, but it's gone ro...
8 Mar 2023 2 minute read 0 comments CrSanity
The FTX light switch was flipped, rest of the insanity falls just like a domino. If you missed crypto news or didn't connect the dots, Stablecoins are burning. SEC's attempt to furthermore destroy confidence in them by attacking Binances BUSD did not...
7 Mar 2023 4 minute read 3 comments Krzamake
Do we all know what are stablecoins?! By its definition, stablecoins are a special class of digital currency that are created by private companies and transferred using blockchain and distributed ledger technology. Stablecoins are typically anchored...
