USDC/USDC#7 114

What is USDC (USDC)?

USDC Coin Is a Stable Coin, which means the Value Of This Coin is pegged 1:1 to the U.S. Dollar. Unlike other cryptocurrencies, its value stays stable. USDC coin  is Fully backed By U.S. Dollar Reserves, which ensures the reliability and trustworthiness

USDC is built on multiple blockchains, which started with Ethereum and is now available on several other networks like Solana, Algorand, and Stellar, providing greater flexibility and scalability options for transactions.

USDC was initially launched in 2018 as a stable digital currency built on the Ethereum (ETH) Blockchain. The foundation provides a Secure and fast  Transaction System, making it an efficient option for money transfer, including cross-border payments within its ecosystem. This Coin is Managed By a Group Called "Circle" Who Works With Regulated Financial Institutions To Issue USDC.

USDC Coin History

• In 2018, the Centre Consortium officially launched the USDC Coin. The aim was to create a stablecoin that pegged the U.S. dollar to maintain the stability of traditional currency with blockchain technology for digital transactions.

• Soon After Its Launch, USDC became a Popular Stablecoin in the Crypto Market.

• In March 2021,  Visa (the company that Provides Electronic Payment Services ) announced It would accept USDC Coin Within The Visa Network.

• In July 2022, USDC Reached $55 Billion In the Circulation of the USD coin, So More people Trusted It For Transaction Payments.

• In August 2023, The Centre Consortium Responsible for managing USDC dissolved, and Circle Took FULL Control of USDC management. 

Usdc Coin-Supported Exchanges

Usdc is available on centralized exchanges (Cex) and decentralized exchanges (Dex), allowing users to trade and swap coins.

Centralized Exchanges (CEX): Binance, Kraken, Gemini, Bitfinex, Huobi, OKEx, Coinbase

Decentralized Exchanges: PancakeSwap, SushiSwap,1inc, Curve Finance, Balancer, QuickSwap, Uniswap

Usdc Supported crypto wallets.

Usdc Supported Both Software and Hardware Wallet Here Are The List Of Wallets That Support USDC

Software Wallets: Trust Wallet, Coinbase Wallet, Exodus Wallet, Electrum, Mycelium, ImToken, Argent, MetaMask

Hardware Wallets: Trezor Model T & One, KeepKey, Ledger Nano S & X

Where is USDC used?

USDC Coin is used for several activities in the crypto ecosystem. It is mainly used for trading and investing in both  CEX and DEX. 

Since USDC is a stablecoin, it is also used for payment transactions, especially International transactions. Visa Also accepts USDC Coin For businesses to Use 

Usdc coin is widely used on defi platforms like Aav e, Compound, Maker DAO,  where People Can Lend, Borrow, Stake, and Yield USDC coin. This helps people to make money and earn rewards. 

E-commerce websites like Newegg, Overstock, Bitrefill, and Travala accept USDC for Payment On their products or Services. 

 

Who Are the Founders of USDC

USDC Coin was announced in 2015  Circle Company of Financial Technology Experts In Blockchain and Digital Currencies. Circle Collaborated with Coinbase (Crypto Exchange Company ) To Build USDC

Circle and Coinbase came together, collaborated, and created a Centre Consortium. This  Centre  Was Created To Manage USDC (USD Coin)

Centre Consortium Launched USDC In 2018, But in August 2023,  Circle took charge and Responsibility for managing USDC Coin. 

How USDC Coin  Works?

USDC coin is Designed To Maintain a Stable Value With the U.S. Dollar. For every USDC in circulation, an equivalent amount Of U.S. dollar is kept in Regulated banks. This ensures that USDC is always backed By real money, which guarantees its stability and reliability.

When a USDC Coin is purchased with a U.S. dollar, this amount is deposited into reserve and Stored, and the Buyer Holds USDC.

If Buyer again wants to reverse the Exchange from USDC for Dollar, then amount is sent to their Bank Account, and this USDC is burned or deleted

Circle is responsible for verifying reserves to ensure that every transaction is transparent.

How Is the USDC Network Secured?

The USDC network is secured Due To its Several Layers of Technology. USDC runs on the Ethereum blockchain, which helps with safe and fast transactions. USDC also uses Smart Contract to handle the transactions

The Company Behind the USDC Circle Follow the Financial Regulators' Rules and Observes that it operates Legally. 

Every USDC is Backed by U.S. dollars stored in financial institutions, such as U.S. banks and other financial organizations. These banks are carefully regulated for the Safety and security of assets.