USD Coin (USDC) current price is $1.003 with a marketcap of $244.77 M. Its price is 0.06% up in last 24 hours.
- USD Coin (USDC)
- Live Price $1.003
24h % 0.06%
- Market Cap$244.77 M
- Volume$1.60 B
- Available Supply243.98 M USDC
More Info About Coin
USDC also referred to as the USD coin is a token based on the ERC-20 that works on the blockchain of ethereum as a portion of a smart contract. The price always remains constant because the coin is one of the most stable currencies.
It is completely secured by a pledge of collateral fiat stable coin. One can tokenize the fiat currency to US dollar Coin and transfer to ERC-20 services and wallets that are compatible. You are also able to shift into your account circle the USDC and also redeem the USDC for the fiat currency.
History of the coin
The USDC was created by the Centre Consortium which is collaboration between Circle and Coinbase. However, it is Circles that will make issuance of the USDC. A fiat US dollar backs up every USDC that is issued.
Purpose and use case of the coin
The application of this coin is based on its ability to move currencies between exchanges at ease and also with no worry about value change at a particular time. Usually, it takes several days to move US dollars between a bank and the cryptocurrency exchange.
There are also delays and complications experienced when moving dollars between two cryptocurrency exchange. The USD Coin, therefore, aims to solve all these challenges.
The feature of the USD coin
There two major feature that makes the USD coin cryptocurrency unique compare to other cryptocurrencies. These features are outlined below.
Accountability and openness
USDC is based on responsibility and transparency which are enshrined in technology standards and governance the CENTRE behind its creation. All the issuers of the USDC who do it commercially are required to:
- They must be licensed to deal with electronic money for example banking, trust charters and money transmission
- Must have AML that is audited and has compliance programs that will meet the FATF standards.
- Must back every available token on the basis that is fully reserved and offers published proof for reserves attested on a monthly basis so that they can be certified by public sectors.
- Must support USDC tokens redemption and fungible exchange from other issuer members who must also be authorized.
- Must meet all review and reporting requirements the CENTRE has established.
The USD coin cryptocurrency stands out as the only stable cryptocurrency. The developers of this coin maintain that the creation of this coin was based on the highest form of stability. The reason as to why they emphasized stability is because any big business or enterprise must consider a currency's stability before adopting it.
Before big businesses and corporations adopt a particular technology, they must conduct thorough research to know its background and also project its future. This is because upon adoption they would make a massive investment in the technology. Stability will compel innovators, and various institutions would confidently adopt the currency.
The USD coin developers believe and hope for a world with an open internet to facilitate value exchange, integrate and transform the world in a more significant way. The results would be the elimination of economic borders hence allowing a more effective and inclusive worldwide marketplace that joins every person from all over the world.
The global economy future is open, inclusive, shared, hugely distributed in an even manner, and robust for the gatekeepers and every other person who wants to connect.
The two co-founders of the Circle that developed the USD coin are Jeremy Allaire and Sean Neville. They developed the currency through the assistance of the company's CENTRE affiliate consortium.
Jeremy Allaire is the company's CEO while Sean Neville is the president of the company. The two have a lot of experience in blockchain technology and believes strongly that the internet of value will someday be more significant than the web of information. They also argue that a time will come when tokenization will take place in all the assets.
The USD coin vision relies to a greater extent on an open standards model for authorized money on the internet. This model has emerged with extensive industry support behind the USDC. The potential is vast, and the developers look forward to achieving their goals. The circle is expected to compete steadily with the crypto services that the Wall Street incumbents aim to begin.
BCrypto Investment Tip
USD Coin only came to existance late September 2018 and it's already ranked in the top 20 coins, above TrueUSD but below Tether. Is this the true stable cryptocurrency? I don't know what to think about this to be honest. More and more "stablecoins" are poping up left and right. Where are they coming from, what are their intentions? The crypto market is so easily manipulated you can't trust anything you see.