USD Coin (USDC)

Last updated 12/06/2021

Official website: https://www.circle.com/en/usdc

Introduction to USD Coin (USDC)

USD Coin (USDC) is one of the world’s fastest-growing full-reserve Stablecoins. Stablecoins are crypto-assets that are pegged to major fiat currencies such as USD or EUR. USDC is a Stablecoin that mirrors the price of the US Dollar and is redeemable on a 1:1 basis. The Centre Consortium, the establishment behind the asset, states that USDC is issued by regulated financial institutions and backed by fully reserved assets. USDC’s peg to the US Dollar is accomplished by maintaining a sum of dollars in reserves that is equal to the number of USDC tokens in circulation. This cryptocurrency was created by a well-established Goldman Sachs owned company, Circle, who teamed up with Coinbase to create the asset for use as ‘digital dollars’ for many financial purposes. Every month, the US dollar reserves for USDC are attested to by accounting services firm, Grant Thornton LLP. Circle publishes these reports so that you can be confident that USDC is always 100% redeemable for US Dollars. These resources can be found on the USDC Official Website.

Team

In October 2018, USD Coin (USDC) was launched as a fiat collateralised Stablecoin by the Centre Consortium, this is a partnership between Circle and Coinbase created to develop a price-stable crypto-asset and network protocols.

Roadmap

Since 2018, USD Coin (USDC) has maintained its Stablecoin status and has continued to be pegged to the US Dollar ever since. The following information is gathered from USDC Official Website showing data from Grant Thornton LLP reports on the USDC/Dollar reserves.

In October 2018:

127,408,827 USDC tokens issued and outstanding
$127,412,240.89 USD held in custody accounts

In April 2019:

293,184,174 USDC tokens issued and outstanding
$293,351,374 USD held in custody accounts

In October 2019:

464,507,005 USDC tokens issued and outstanding
$464,628,070 USD held in custody accounts

In April 2020:

726,804,679 USDC tokens issued and outstanding
$727,324,351 USD held in custody accounts

In December 2020:

4,008,397,398 USDC tokens issued and outstanding
$4,011,270,692 USD held in custody accounts

In January 2021:

5,970,149,296 USDC tokens issued and outstanding
$6,002,293,927 USD held in custody accounts

As evident from this data, USDC has kept its stability to the US Dollar and has massively grown its volume over the years.

Where to Store USD Coin (USDC)

USD Coin (USDC) is held in a wallet like many other cryptocurrencies. USDC is an ERC20 token and can be held in any Ethereum based wallet, if compatible. Some ERC-20 compatible wallets that can hold USDC are listed below:

As USDC is built on the Ethereum (ETH) network, coins can be stored in any wallet that support Ethereum-based transactions. Exodus is a popular desktop platform to store USDC for its user-friendly features and multi-currency compatibility. The platform also presents a real time portfolio valuation and tracks the value of assets held.

Atomic Wallet is an alternative wallet option with similar ease of use features as well as leading hardware wallet, Ledger. Always conduct your due diligence and research into any wallet provider you consider and ensure you back up your wallet.

Where to Buy and Sell USD Coin (USDC)

You can Buy & Sell USD Coin (USDC) here at BC Bitcoin.

You can Buy USDC by heading over to the Buy Coins page of our website. USDC is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying USDC has never been easier, simply place your order and provide your wallet address. Once your payment arrives USDC will be sent directly to your wallet.

If you choose to Sell USD Coin (USDC) you can send us the coins and receive a payment to your bank account. Details and a valuation can be found on the Sell Coins page.

USD Coin (USDC) Resources

Website: https://www.circle.com/en/usdc

Block Explorer: https://etherscan.io

Twitter: https://twitter.com/circlepay

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.