Heavyweight stablecoin $USDC by circlepay challenges $USDT supremacy: Comprehensive guide
Amid the carnage on the cryptocurrency markets, more and more investors are increasing the share of stablecoins in their portfolios. As such, the right moment has come to study the features of USD Coin, the second largest stablecoin and one of the most promising assets of the segment.USD Coin is a U.S. Dollar-pegged stablecoin issued by Circle Inc. payments provider.
In this guide, we will cover the latest developments of USD Coin , review its core features and observe its prospects for the coming months.A stablecoin is a digital asset that has its price pegged to this or that real-world currency, precious metal or index. Largely, stablecoins are pegged to the U.S. Dollar and Euro . Also, there are stablecoins pegged to the Chinese Yuan , Mexican Peso , Gold and Silver .First-ever stablecoins BitUSD and NuBits were created in 2014.
There are centralized and decentralized stablecoins. Centralized stablecoins are backed by cash and commercial papers stored by the issuers of stablecoins. Auditors periodically check whether these"baskets" are healthy. Decentralized stablecoins have their pegs guaranteed by a sophisticated architecture of smart contracts.Launched in late 2014, the United States Dollar Tether is the most popular stablecoin and the ongoing leader of this segment by market capitalization.
USDT is issued by Tether Limited; CTO of Tether and Bitfinex Paolo Ardoino is its key figurehead. Tether is backed by a balanced basket of U.S. Treasuries, commercial papers and by a small number of non-U.S. bonds.Since its launch in 2014, U.S. Dollar Tether has retained its leadership in the stablecoin segment. However, in 2022, USD Coin is closer to a historic"flippening" than ever before.USDC, or USD Coin, is a Dollar-pegged stablecoin launched in 2018 by Circle Inc.
Largely, USDC is used by retail investors for trading and investing in crypto. However, its technical toolkit makes it attractive for institutions as well. Per Circle, USDC is used by traditional and crypto-native businesses . USDC is integrated into cross-border remittance mechanisms as its transfers are almost fee-less.
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