What is USD Coin ?
A USD Coin is a cryptocurrency that is used as a token in place of a US dollar. It is often used as a substitute for other digital currencies such as TUSD and Tether. USD coins were developed to facilitate the dollars and make it a digital currency used in online transactions. It provides the benefits of dealing in dollars anywhere in the world.
About USD Coin
Every USDC cryptocurrency is conceptualized as a token, and every single coin amounts to one US dollar. The process of conversion of dollars into digital currencies is referred to as tokenization. It is regarded as a stable coin, as the amount never varies, and it also can be traded to purchase other cryptocurrencies such as Bitcoin, Ethereum, or Dogecoin. The Ether cryptocurrency highly powers the USDC.
Primary features of USD Coin
A USDC coin makes you the holder of the highest valued physical currency in the world. Additionally, there are many benefits of investing in the USDC. Therefore, let us look at the primary features of USDC trading.
- The USDC never fluctuates in the value it provides. It only varies with the change in the value of the dollar. This is likely to be consistently maintained.
- It provides better leverage as you can use the USDC to increase the profits in margin trading. However, the payoff will be marginal but would still be beneficial in trading.
- It provides better liquidity since it is directly tied to the US dollar and has a withdrawal ratio of 1:1.
Is USD Coin a promising cryptocurrency?
USD Coins is one of the digital currencies that provides the best return rates. Moreover, it gives you the feasibility of converting back to USD from USDC anytime.
How to use USD Coin?
Circle owns the USD Coins and provides the holders the guarantee that every USD Coin holds the digital value of a US dollar. However, you can use the tokens in the following ways:
- Tokenize Dollars: These are recommended for online transactions, in which the sum that has to be paid is small.
- International Transfer: It allows easy transfer of dollars across the globe.
- Online Payments: It allows you to use your digital currency to pay online bills.
- Investment: It is considered the most stable form of investment, as the market is non-volatile.
Pros & Cons of USD Coin
The USDC cryptocurrency price is highly stable.
It makes the entire crypto market secure and adds value to it.
It provides better sponsorship.
The rate of the USDC is better when compared to other stable coins.
It is not the only digital currency that is marked as stable.
It is new in the market of digital currency. Therefore, the awareness is shallow.
The availability of other digital currency which provides similar benefits is high. This creates more competition.
Trade USD Coin on CoinSwitch kuber
One of the most trusted platforms for crypto trading is CoinSwitch. However, it has many features that separate it from other platforms. Therefore, let us understand the characteristics of CoinSwitch for USD coin trading.
- Live update on the price list.
- Secure wallets
- Faster processing of coins
- Zero fees for promotional schemes
USD Coin ICO summary
The USDC distributed 60% of its stake as the ICO, which started in May 2018 and ended in September 2018. The soft cap’s total size, which appeared in the crowd sale, amounted to 10,000 ETHS, whereas the hard cap was predicted to be 65,00 USD.
FAQ's on USD Coin
- Is USDC Crypto Safe?
Yes, the market is non-volatile and is very safe.
- Is USDC Crypto a Good Investment?
Regarding owning a US dollar, it is considered a good investment for day traders.
- What Are USDC Coins Worth?
One USDC coin price is one dollar.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.