How USDC work? Where you can get USDC?

How USDC work?

USDC is a fiat-backed stablecoin. This means that each USDC token in circulation is backed by one USD of Circle’s reserve fund.


Source: Remitano

Convert USD to USDC

Step 1: User deposits USD into the token issuer’s bank account
Step 2: The issuer uses the USDC smart contract to generate an equivalent amount of USDC.
Step 3: New minted USDC is transferred to the user. Meanwhile, the alternative USD is stored in the reserve.

Convert USDC to USD

Step 1: The user sends a request to the USDC issuer to exchange an amount of USD equivalent to the USDC token they want.
Step 2: The issuer sends a request to the USDC smart contract to exchange the token to USD and take that amount of the token out of the user’s storage wallet.
Step 3: The issuer sends the requested amount of USD to the user. The recipient will receive an amount equal to the requested amount of USDC, minus any additional costs.

What Makes USD Coin (USDC) Unique?

The stablecoin market has become exceedingly crowded over recent years — but USD Coin has aimed to stand head and shoulders over competitors in several ways.

One of them concerns transparency — and giving users the assurance that they will be able to withdraw 1 USDC and receive $1 in return without any issues. To this end, it says a major accounting firm is tasked with verifying the levels of cash that are held in reserve, and ensuring this matches up with the number of tokens in circulation.

Unlike some crypto ventures, Circle and Coinbase have also achieved regulatory compliance — and this has helped pave the way for international expansion. Both projects are also well-funded, giving the stablecoin certainty.

Current status

  • Top 5 in Coinmarketcap
  • Market Cap: $52,078,962,866
  • Volume (24h): $4,423,136,538
  • Total supply: 52,085,908,254
  • Support many blockchain such as Ethereum, Binance Smart Chain, Solana, Fantom, Algorand, Polygon, …

Update: 11/2/2022

Where you can buy USDC

You can earn USDC by buying directly from Circle or swapping with other coins on reputable exchanges such as:

  • Binance (USDC/BUSD, USDC/USDT pairs).
  • Digifinex (USDC/USDT).
  • Coinbase Pro (USDC/BTC, USDC/ETH pair).
  • CoinEx (USDC/USDT).
  • OKEx (USDC/BTC, USDC/USDT).
  • Hotbit (USDC/USDT).
  • Kucoin (USDC/BTC, USDC/ETH, USDC/USDT)

USDC Storage Wallet

USDC can be stored in the following wallets:

  • Hot wallets: Solareum, Coin98 Wallet, MyEtherWallet, ImToken, Trust Wallet, Metamask,…
  • Cold wallets: Ledger Nano S, Trezor, …
  • Exchange wallet

Storing USDC on wallets of exchanges will be very convenient for trading if you often trade. However, if you are a holder or do not have frequent transaction needs, it is much safer to use private wallets.

Download Solareum Wallet here: https://solareum.app/getwallet

-Solareum team-

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Ask a question:
When I exchange solana to USDC, What kind of USDC is it? Is it sol USDC? Or erc20/trc20? I suggest you mark it.

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If you trade on CEX, it could be any blockchain that that exchange support, you can choose appropriate blockchain that you wanted. On the other hand, if you trade on DEX of Solana, your USDC will be in SPL.

That’s great! Thank you very much.

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:zap:XSB: https://solareum.page.link/XKHDBvx6uf4Z3r9DA

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