About USCoin
Overview of USDC
The abbreviation 'USDC' tells us that the basis of this cryptocurrency is the provision of the American dollar (USD). And the letter 'C' is an abbreviation of the name of CENTER, which produced this stablecoin.
Consortium Members
Apart from Circle and Coinbase exchanges, CENTER consortium includes Chinese mining company Bitmain and other large companies from the finance and IT. These are the Chinese search giant Baidu, venture capitalists from IDG Capital and representatives of one of the world's largest banks, Goldman Sachs Group. The consortium is open to other participants interested in the development of USDC cryptocurrency.
USDC Features
Each digital unit of usd coin has one US dollar in the assets of the exchange. It is not only possible to keep USDC in the purse of the exchange. The usd coin token is an Ethereum-based cryptocurrency and can be stored in any hardware or software wallet that supports ERC-20.
The USDC cryptocurrency was launched at the end of September 2018. This digital currency is fully compliant with U.S. anti money-laundering laws. Monthly certified auditors verify the US dollar reserves required for exchange for usd coin.
USDC is available on its native markets of Coinbase and Poloniex, as well as on many other trading floors. There is an exchange on the BitMax exchange for USDT. Usd coin rate is stable and slightly deviates from the exchange ratio of 1:1 to the U.S. dollar. The maximum for one coin was given $1.11, and its minimum cost was $0.97.
Usd coin is a convenient and reliable means for international money transfers.
Unlike bank payment, transactions are executed almost instantly. The commission fee in the network of cryptocurrencies is much lower than in the case of bank transfers in U.S. dollars.
Pros and Cons of USDC
Usd coin is more of a settlement tool than an investment instrument. The low price fluctuations of usd coin make the coin uninteresting for traders. At the same time, usd coin is a great way to keep your money digitally, linking it to such a popular settlement tool as the U.S. dollar. Usd coin is the so-called 'stablecoin', which determines both the pros and cons of this cryptocurrency.
Cryptocurrency is usd coin digital asset, which is easily transferred to an account in an American bank. Users in the United States can automatically exchange digital money for U.S. dollars in a bank account. It is also possible to exchange back: from a bank account to a digital wallet. For such an exchange, it is sufficient to have an amount of 5 USD or more.
Cryptocurrency usd coin also has disadvantages. Its value depends on the financial stability of the consortium. In addition, this is not the only such offer on the market. Stablecoin on the Circle Exchange competes directly with projects such as TrueUSD (TUSD) and Tether (USDT). These are cryptocurrencies, also secured by the U.S. dollar at a ratio of 1:1.