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Sunday, July 21, 2024

USD Coin (USDC): US dollar stablecoin cryptocurrency overview and all details.

USD Coin (USDC) is a fully collateralized US dollar stablecoin powered by Ethereum and jointly created by Circle and Coinbase, which is traded on exchanges at a value of one US dollar. USDC is the bridge between dollars and trading on cryptocurrency exchanges. The technology behind CENTRE consortium makes it possible to exchange value between people, businesses and financial institutions just like email between mail services and texts between SMS providers.

Creators of USD Coin (USDC)

The US Dollar Coin was created in a joint move by Coinbase, the hugely popular cryptocurrency exchange, and Circle, a crypto finance company based in Boston. Circle is backed by several high-profile companies, including Goldman Sachs.

What are the current stats of USD Coins?

Let’s have some of the stats of USDC.

Current price of USDC:

Currently price of USDC is $1(price may be different as market fluctuations).

Market cap of USDC:

Current Market cap of USDC is $23.19 Billion.

Maximum supply of USDC:

Maximum supply of USDC is Unlimited.

From where you can buy or trade USD Coin (USDC)?

There are many platforms or applications from that you can buy or trade USDC. Some of them are,

  • Binance
  • Coinbase
  • Coinswitch Kuber
  • WazirX
  • Kraken
  • Gemini

What are the Pros and Cons of USD Coin (USDC)?

There are many advantages and disadvantages of every cryptocurrency. Pros and Cons of USDC are as follows.

Pros of USDC:

  1.  USDC is built on ERC-20 standard so this means that the funds transfer speed is as good as ETH has.
  2.  As it said of the official Circle website, people can transfer US Dollars across the world within seconds with the help of USDC.
  3.  Experienced team of developers with serious funding.
  4.  Individuals and organizations may deposit US Dollars from their bank accounts, then convert the money into tokens and after that they buy USDC tokens and withdraw the money to a bank account.

Cons of USDC:

  1. USD Coin is a very new project with indeterminate perspectives, and it is not clear how it will function in the future. We can just guess if this cryptocurrency will be in demand or not.
  2. USDC is not the first stablecoin that is trying to become an analogue of fiat currency, It can be said that all other stablecoins faced with some problems and there are no guarantees that USD Coin will avoid those.
  3. There is a high competition among stablecoins
    USDC should have significant benefits to be above its competitors. It is unknown yet if USDC will be able to sidestep its rivals or will be one of those stablecoins that is not interested to investors.

What will be the Future of USD Coin (USDC)?

Based on the data, it can be predicted that it is Profitable to invest in USD Coin (USDC) for the long term. By long-term, we mean that the USD Coin forecast for a period of 5+ years. The technical analysis using the algorithm says that the price of USD Coin (USDC) will not decrease or fall or drop in long term.

Should I invest in USD Coin (USDC)?

Stablecoins aims to bridge the gap between the digital asset and fiat currency worlds by allowing users and investors have their cake and eat it too: reduced volatility combined with the benefits of blockchain technology and cryptocurrencies decentralized, secure, transparent, and quasi-anonymous payment system. So, buying USDC is good choice for long term.

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