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When many people think of cryptocurrency, they usually think in terms of volatility and risk. Stablecoins provide a way to safely use cryptocurrency without having to worry about a reduction in value or crazy market dumps. Circle’s USD (USDC) is one of the stablecoins created to help users get more out of crypto as it is pegged to the US dollar. 1 US dollar = 1 USDC. As a result of this stability, many people prefer USDC for payments and as a reserve in tough bear market conditions. To buy this stablecoin, you need an exchange.
Best cryptocurrency exchange to buy USD Coin
It is easy to buy USDC; a lot of centralized exchanges allow you to buy and even sell it. However, if you are looking for the best place to buy this coin with the lowest fees, then you should definitely check out:
4. Prime XBT
What are the benefits and drawbacks of the USD Coin?
What is USDC?
The USD coin was created nearly a decade ago by Jeremy Allaire, who sought to invent a digital dollar that could be used anytime, anywhere as a means of payment. But, the coin had a rocky start and seemed to be less appealing to the public in its early days. Despite its rough beginnings, USDC now has a 24-hour trading volume of 6 billion USD. For more accountability, Grant Thornton, a globally acclaimed accounting firm gives monthly reports on the reserves that back USDC.
Is USDC relevant in today’s digital economy?
Stablecoins like USDC plays a critical role in today’s digital economy. Every day people are not the only beneficiaries of USDC. Institutions and market makers also benefit from the stability this coin offers, especially when it comes to transaction settlement time. It is far easier and faster to use USDC transactions to settle on-chain than to use the dollar. Stablecoins like USDC also allow people to receive and send dollars, especially in places where it might be highly expensive or cumbersome to do so.
Where to Buy USDC?
You can buy USDC directly from your bank account or credit card from a host of popular centralized exchanges. If you prefer to use decentralized exchanges, then you may need to swap a cryptocurrency you have, say Bitcoin, to get USDC. It is important to note you can buy less than $1 worth of USDC, provided the exchange you choose to use allows it. Buying and selling of USDC are extremely cheap, as most transactions cost less than $0.5, whether you are buying $10, 000 worth of USDC or selling $10 worth of the stablecoin.