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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 Jun 2022 3 minute read 0 comments 1securemf
I can understand why a 9.4% APY on USDC probably doesn't sound too impressive. After all, Coinloan offers 10.3% and Finblox offers 15%. So why am I so happy with Hodlnaut's 9.41% APY? Because unlike those other custodians, if Hodlnaut gets hacked, I...
31 May 2022 2 minute read 1 comment PVMihalache
I claimed my suINT in April, and had to do something with this bag of Polygon UMA. As a miracle, the UMA & Tetu partnership was announced. Risk Labs has funded an UMA - USDC LP and suddenly UMA could be used for yield farming. This pool had innovativ...
25 May 2022 1 minute read 2 comments FreedomBuilder
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24 May 2022 3 minute read 7 comments PVMihalache
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
The latest speculations are that the BTC reserves were not used by Terra to maintain the peg but were in fact sent to a cold wallet is the latest blow to UST/Luna bagholders.source The fallout of the collapse of Luna and UST has now got the whole cry...
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...
27 Apr 2022 3 minute read 0 comments Mike Ermolaev
BlackRock’s clients show increasing interest in digital assets BlackRock becomes the manager of Circle's USDC cash reserves The crypto community fears this will undermine Bitcoin's decentralization It's a trillion-dollar question, or to be more p...
