What is USD Coin (USDC)

USD Coin or USDC (USDC/USDT – Trade it here) is a digital stablecoin that is pegged to US dollars. It was launched in 2018. As a stablecoin, it serves the basic purpose of functioning as a medium of exchange to help investors and crypto users to make faster and more efficient transactions. Read more about “What is Stablecoin” on MEXC Blog to learn more about the functionality, mechanism and market needs of stablecoins.

What is USD Coin (USDC)

USDC Core Features and Ecosystem

As a stablecoin, USDC has many different use cases for different groups of users, organizations, businesses, etc.

USD Coin for Business

As a fully-reserved stablecoin according to its official website, USDC provides a stability to make markets as it maintains relatively well its price at 1 US dollar, by the time of writing.

Moreover, USDC provides a high capital efficiency. The reason is that USDC is available 24/7 and moves at internet speed, with global payments and remittances that can settle in seconds and can cost a fraction of a penny. Instant cash flow is available to support operations, pay vendors, and make payroll worldwide.

USD Coin for Individuals

USDC’s individual use cases have already expanded to some daily life scenarios. USDC can be used to purchase real-life goods such as ergonomic chairs, etc.

USDC is also an entry point to the world of decentralized finance (DeFi) for general individuals. The innovations of blockchain technology enables anyone to lend their USDC directly to anyone else in the world, and receive daily interest in return. Instead of waiting weeks to get a loan, people can borrow USDC instantly and no bank account is required.

USD Coin for Developers

Foundational. Composable. USDC is a core building block of the crypto economy, serving as a trusted, interoperable, and highly liquid digital dollar for thousands of projects running on the world’s leading blockchains. USDC is open-source, composable, and accessible for anyone to build upon.

Further, USDC is an open platform for digital dollars running on global, always-on infrastructure. Developers build on USDC to connect their products to an uber-money API that delivers 24/7 liquidity and near-instant payments to anyone with an internet connection.

USD Coin Tokenomics

According to the official website, USDC is a fully-reserved stablecoin, which means that every digital dollar of USDC on the internet is 100% backed by cash and short-dated U.S. treasuries. It is also stated that USDC reserves are kept in the management and custody of leading U.S. financial institutions, including BlackRock and Bank of New York Mellon.

A Circle (which issued USDC) customer can always mint or redeem USDC in 1:1 exchange for U.S. Dollars through their Circle Account; customers are able to mint and redeem nearly instantly subject to settlement of funds.

How to buy USDC?

You can buy USDC on MEXC following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  1. Search “USDC” using the search bar to see the available trading pairs. Take USDC/USDT as an example.
  1. Scroll down and go to the [Spot] box. Enter the amount of USDC you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy USDC] to confirm your order. You will find the purchased USDC in your Spot Wallet.

Interested in crypto like USD Coin?

MEXC lists moonshot and provides access to trading of major crypto coins like USDC, keep an eye on our listings in Innovation and Assessment zones, as well as major tokens in the Main Zone – we have more great projects to come! Also, visit the hot projects section to find more hot tokes that were listed already. If you would like to know more about crypto trading itself visit MEXC Academy.

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