Description and characteristics
USD Coin (USDC) is a type of cryptocurrency that is called a stable coin. You can always buy back a coin of 1 US dollar for 1 US dollar, providing it with a stable price.
Each US dollar is 100% secured with the corresponding US dollar, which is stored in accounts subject to regular public reporting of reserves.
The underlying technology incorporated in USDC was developed jointly between Coinbase and Circle, as partners and co-founders of the new CENTER Consortium.
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The advantage of a digital block-based dollar, such as USDC, is easier to program, quickly send, use in dApps applications, and store locally than traditional dollars based on bank accounts.
Advantages of using USDC:
- Improved sending and receiving.
- Two Ethereum wallets can quickly send and receive any amount of USDC at any time of the day.
- Large transfers for business purposes become as simple as payments through electronic trading.
- Consumers can use the Coinbase app to send USDC to someone, while remaining confident that the value is stable.
- Use in applications and exchanges.
- There is a growing ecosystem of crypto-applications, exchanges and block games.
- USDC follows the ERC20 standard, which means that it can be used with any application that accepts tokens based on this standard. Thus, USDC can be used as a stable digital dollar for the purchase of items in a crypto-ecosystem, from cryptokitties to tickets for blockchain-based games.
- Programmable dollar. For developers and fintech companies, it is easier to use a digital dollar, such as USDC. For example, given the private keys for USDC, the program can easily send and receive them back and forth using the open chain of Ethereum blocks.
The launch was made possible through collaboration between Coinbase and Circle, as co-founders of the new CENTER Consortium. Both Coinbase and Circle operate in accordance with the principle of compliance and a reputation for security.
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How to get a coin in dollars
1.Create or sign in to your Coinbase account
2. Convert USDC at the rate of 1.00 USD for 1 USDC without a fee
3.Send to another place or convert back to dollars on Coinbase
Editor: Pereyidenko Ihor