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📝 Overview 📝
The USDC is another stablecoin that is trying to challenge Tether et al.
It is issued by the Centre consortium which is between Circle and Coinbase. Circle is a company that owns the Poloniex exchange and is backed by Goldman Sachs.
It is US based, is backed by well known companies and is fully US dollar funded – all of this verifiable through public record and internal audits.
The USD Coin is still centralised. The dollar reserves are in the hands of the Consortium and the dollars are redeemed through them.
The USD Coin was issued on the Ethereum blockchain as an ERC20 compatible token.
In order to make sure that the coin remains fully dollar backed, they will issue and burn tokens whenever there is a deposit / redemption.
The dollar peg will be maintained through a combination of supply, demand and no-arbitrage pricing dynamics.
The USDC is available on a number of exchanges.
The primary listing for this token is on Coinbase. For those who are based in the US, you can buy it with dollars right on your Coinbase account.
It is also listed on Binance, Poloniex, LATOKEN, IDCM etc.
There is strong turnover for the token on all of these exchanges. This means a large degree of liquidity for the bigger block orders.
In terms of storage, given that this is an ERC20 standard token, you have numerous wallet options – although you should probably opt for a trezor or ledger.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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