The USD coin is one of several stablecoins present within the world today. The USD coin differs from other stablecoins because it is serviced by Circle and Coinbase.
We will cover what the USD coin is and what it does in addition to its marketcap and other key features.
Let’s begin.
USD Coin and Numbers
The USD coin has a marketcap of $346,694,277 at the time of this writing.
Volume in the past 24 hours is $154.2 million.
Circulating supply is $350.5 million.
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The USD Coin
According to Coinbase, the USD coin (USDC) is a stablecoin presented by the exchange itself.
The currency is managed by Centre, a consortium in charge of minting and creating USDC. The consortium is the entity that will audit and manage the USD reserves to back USDC.
The reason why it exists is for it to be a cryptocurrency with a stable price where one dollar equals one USD coin.
Each USD coin is expected to have 1:1 to match where one USD coin should be backed by one dollar in a bank managed by Coinbase and its partners.
Since it is an ethereum (ERC-20) token, users can keep it in their ETH token supported wallets.
USDC is interesting because one doesn’t need to have a bank account, one simply needs to have a Coinbase account to have access to USDC. This means that if someone where to send value, they can send USDC and a Coinbase user would have the equivalent of United States dollars in their Coinbase wallet.
The USD coin is useful because individuals can convert their dollars to the USD coin and transfer to different exchanges, wallets and other accounts allowing them to transfer, exchange and send value.
The USDC is also programmable, making it to where developers working with different organizations should be able to integrate it into different applications.
It is divisible and akin to the dollar in that you can hold one cent of USDC.
How to Obtain the USD Coin
To acquire USDC simply visit Coinbase, transfer funds and convert to USDC.
Find and hold USDC at Poloniex, Binance, Kyber Network and host of other exchanges.
Use USDC at Abacus, Coinbase Commerce, Centrifuge, Nexo, bitpay and a slew of other organizations.
USD Coin
The USD coin is just one of many different stablecoins ranging from Tehther to DAI to the upcoming Libra and the one planned by Binance.
USDC is just one stablecoin out of several that have different mechanisms which allow for more opportunities.
