Buy USD Coin [USDC]
While most of the crypto projects focus on decentralization and independence of the stock market, there are companies that aim to combine the best qualities of fiat and crypto into stablecoins – digital assets backed with physical value (fiat, gold, oil).
What is USD Coin (USDC)?
USD Coin is an ERC-20 token developed on the Ethereum blockchain. Every USDC is backed with USD (1:1) by the Circle bank reserves. USD Coins are issued by Centre, and the asset’s capitalization grows with every USD deposit to the Centre fund. Just like other stablecoins, USDC is intended to avoid the volatility of crypto while maintaining the advantages (autonomy and fast transactions). The token is a product of Circle Internet Financial and Coinbase within their mutual project Centre Consortium. According to Circle, USDC is the largest stablecoin ecosystem in the world. Its main distinctive feature is that the USDC source code is in open access, and all operations are regulated according to the US government. Centre Consortium has all the required licences to operate with crypto. Besides, the organization upholds AML (anti-money laundering) by implementing KYC for the customers. Another advantage of USDC is cooperation with big financial institutions and miner manufacturers. However, the biggest advantage of USDC over USD is its autonomy. Those who use the asset are independent of banks and regulators.
How to buy USD Coin?
Where and how to buy USD Coin (USDC)
Unlike other stablecoins, USDC didn’t face issues with listings. The token appeared on credible platforms right after it was created. That’s the reason why USDT did not struggle with further distribution.
Before buying USD Coins, you need to get a crypto wallet that supports ERC-20. The wallets can be either cold (offline) or hot (online). They are further divided into the web, mobile, hardware, software, and paper wallets. Cold wallets are safer, and it would be best to use one if you are planning to hold your tokens for long periods. Ledger Nano X and Ledger Nano S are the most popular hardware wallets.
USDC can be purchased directly from Circle for USD. After signing up and passing KYC, attach your bank account so the system can convert your dollars into tokens. The company also offers services for purchasing and using USDC:
- Invest – a platform for investors created for fast and convenient fiat/crypto exchange;
- Pay – an application for fiat and crypto transfers;
- Trade – a crypto exchange.
Check the alternative USD Coin purchasing options:
How to buy USDC:
Centralized exchanges. On such platforms, you can buy USDC in several ways:
- For another crypto;
- Via trading.
Please note that most of the exchanges will require passing KYC in order to withdraw. On WhiteBIT, you can withdraw up to 2 BTC without the verification.
Crypto exchangers. This method is fast and simple, but it also has disadvantages. First, transaction fees on such platforms differ and can reach 10%. Second, exchangers typically do not own much crypto in circulation. If you try to buy more USDC than available on the platform, the transaction can freeze, and you will have to wait till the support team solves the problem.
P2P platforms are great for those who want to avoid fees. This method allows purchasing USDC directly from other users. Double-check users you are willing to trade with before proceeding to the deal.
What to do with USD Coin
How to get USDC
USDC is in demand, and you can get it for free during different activities aimed at attracting new users. Besides, there are online casinos and games that accept bets and grant rewards in crypto.
How to use USD Coin (USDC)
- Hold. As 1 USDC always equals 1 USD, many users hold tokens.
- Trade. USDC is very popular, and it is listed on most exchanges.
- Spend. USDC payments are an alternative to USD payments. Crypto transactions are way faster as compared to bank transfers. Besides, online games based on blockchain gain more popularity daily. You can spend your tokens there.