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What is USDC?

USDC is what is referred to as a stablecoin. Stablecoins are designed for their supposed stability, being tied to the current value of a fiat form of currency in most cases. In the case of USDC, it is tied, or pegged to the US Dollar. More often than not, 1 USDC is the equivalent of 1 USD. However, in times of market instability they can fluctuate, as large in-flows and out-flows of stablecoins occur within markets when traders buy or sell other cryptocurrencies.

USDC is short for United States Dollar Coin. USD Coin is managed by a group known as “Centre”. The group was started and is now managed by the US based company Circle. USD Coin was announced and launched in 2018, and is the second most heavily traded stablecoin pegged to the value of the US Dollar in circulation. Registered customers are able to buy USDC and many other available cryptocurrencies on Firstrade cryptocurrency trading platform.

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More about USDC

The process of minting USD Coin is unique in its format. The minting process happens in three specific steps. The process is started when someone sends US Dollars to the coin issuer’s bank account. From there, the issuer uses the USDC smart protocol to create, or mint the associated number of USD Coins. Finally, the minted coins are sent to the user, and the US Dollars are held in reserve as backing.

Amongst some notables, USDC is known for its unique minting process. The coins can be converted back into dollars at any time due to the real-time reserve held in the USD currency. This process of tokenizing the US Dollar gives users a store of value which is directly correlated to the most used form of currency worldwide.

USDC is traded globally, and pegged to many universally recognized decentralized networks for the various different users to trade between it and other stablecoins, and non-stablecoin cryptocurrencies. Firstrade mobile and web-based cryptocurrency trading platforms allow our customers to buy and sell cryptocurrency.

Learn more about USDC and check the most current cryptocurrency prices on Firstrade.

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