Launched in 2018, USD Coin (USDC) is designed to maintain a stable value within the world of volatile cryptocurrencies. AntolinWriter explains how it works and how it is different from other stablecoins:
USDC along with tether equates to more than 80% of total market capitalization for all U.S. dollar-pegged stablecoins. Though USDT has the largest market capitalization among all stablecoins, USDC has its advantages and differences among its peers.USDC is basically a tokenized version of the U.S. dollar . It is fully redeemable, meaning you can trade it for the same amount of cash you deposited to create your account.
To convert your U.S. dollars or whatever fiat money you have into USDC, you'll need to do three things:Deposit fiat currency into your account with the exchange by way of wire transfer, credit card or bank account.On the other hand, you can convert your USDC into fiat currency by doing the following:The exchange then sends a request to the USDC smart contract to convert their tokens for fiat and remove an equivalent number of tokens from circulation.
The difference between USDC and other stablecoins is that it is fully backed by USD held in Centre's reserves. They use a combination of collateralized reserves and multiple legal entities to reduce counterparty risk for any given transaction. USDC is fully backed by fiat collateral and not dependent on the potential future value of its use case or the value of other cryptocurrencies like some other stablecoins are.
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