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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.
23 Sep 2021 5 minute read 13 comments SirGerardThe1st $1.14
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The United States Treasury Department has been meeting with the different groups that are invested or involved in stablecoins to investigate possible issues that could arise and what would be done in said situations. What is good about the reports co...
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9 Sep 2021 3 minute read 5 comments Austras $1.37
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27 Aug 2021 2 minute read 1 comment TabbyTabby $0.05
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What are stablecoins in the first place? In short: “stablecoin” is a type of cryptocurrency that has its price connected to the price of a fiat currency (USD, EUR, GBP, etc.) or a precious material (gold, oil, platinum, etc.). This way you may store...
19 Aug 2021 1 minute read 3 comments Cje95 $0.52
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Terms like "Price impact", "slippage", "impermanent loss", "rug pulls" etc may be daunting and overwhelming for beginners. The extremely composable nature of the space may also be frightening as users can create and execute yield generating strategie...
