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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.
16 Jun 2022 6 minute read 2 comments CryptoMasterMiner
I hope many of you were able to enjoy ten chapters from my first yield farming e-book, each chapter released as an article on this platform. I'm not going to release the chapters from my second e-book, however, I will give you a peak into my strategy...
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With stablecoins, the cryptocurrency space really has become a lucrative and serious alternative to the traditional financial banking system. While you don't get any significant interest from your local bank, you can earn lucrative rewards from your...
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What happens on Polygon stays on Polygon, unless you are using Across Protocol! Across is the fastest, cheapest and most secure Ethereum bridge! Huge milestone was achieved on the 16th of April, as Across reached $200MM in total bridged volume! Check...
20 May 2022 2 minute read 0 comments Steve Hodl
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19 May 2022 2 minute read 2 comments kev_nag
Introduction Long beleaguered by concerns regarding its cash reserves, in the wake of the Terra/UST crash, Tether faces more concerns. As Tether’s peg with the United States Dollar is backed (supposedly) by cash, bonds, and Treasuries, each individua...
19 May 2022 3 minute read 2 comments CryptoChad
The UST de-pegging has shown one thing; not all stablecoins are safe and our selection is vital. Even if they remain stable for a long time they can still show volatility which can mainly be attributed to the coin's code and functions. Do we need t...
17 May 2022 3 minute read 0 comments Cje95
A few months ago when Tether first started disclosing the breakdown of assets that backed up its $1 peg the majority of their backing was in something called Commercial Paper. Commercial Paper, while not the world's worst thing, is still not a great...
16 May 2022 6 minute read 0 comments Stormgain
What is a Stablecoin? The global financial market is extremely volatile nowadays. Stablecoins, as a type of cryptocurrency, are increasingly attracting investors as an alternative to traditional assets. So, what is a stablecoin, how is it regulated a...
