USD Coin was launched in September 2018 by the Center consortium created in partnership between Circle and Coinbase. USDC is one of the fastest growing stablecoins pegged 1: 1 to the US dollar coin value.Note that the company Circle, which developed the us dollar coin crypto, has the amount of money in circulation to support the USDC, which means usd price chart will be the same price as USD. As previously mentioned, the Center consortium is the result of a collaboration between Circle and Coinbase. It is also an open source stablecoin governance consortium and framework with multiple issuers and a governance consortium. In other words, Center is a framework that allows issuing and linking to other platforms for USDC.
In creating the new us coin cryptocurrency that we know today as USDC, Coinbase contributed a lot to development and understanding, making it easier to launch and market to crypto audiences. USDC works like a digital programmable dollar, providing 24/7 fast transfers for micro and macro payments. Basically, USD Coin is an ERC-20 token that operates through the Ethereum network. Algorand, Solana and Stellar blockchains also support USDC transactions.
Since the launch of USDC 2.0, the payment process has been simplified by paying for gas directly in USDC. In addition, USDC is integrated with numerous crypto exchanges, wallets, DeFis, and other cryptocurrency related platforms. Basically, USD Coin is an ERC-20 token created for payments, lending, investing, trading, and trade finance.Inside Ethereum, stablecoin integrates with decentralized financial applications, with millions of consumers and hundreds of millions of US dollars locked in the form of digital wallets, exchanges, DeFi protocols, savings, lending, and payment services.
However, at present, USDC is not exclusively tied to Ethereum as it has managed to integrate and run on multiple blockchains.In addition to Ethereum, USDC gained access to the speed, scalability, and profitability that third-generation public networks Algorand, Solana, and Stellar provide. At Algorand, USDC enables enterprise-scale applications through blockchain transactions that enable near-instant settlement, transaction throughput approaching 1,000 transactions per second, with current average transaction fees of around 1/20 cent. On Solana, USDC supports up to 50k transactions per second and offers a settlement finality of 400ms. Also, large DeFi projects are integrating with Solana.
USDC is under constant development and improvement. In August 2020, the Center Consortium announced the release of version 2.0. USDC 2.0 introduces gas-free shipments, allowing wallet and app developers to find a workaround for gas charges and customer needs to keep balances in ETH. Gas charges are transferred to another address.This creates an entirely new marketplace for wallet developers to provide the option to pay for gas. Customers will be able to send and receive USDC payments on a peer-to-peer network using only USDC, with commissions expressed and paid in USDC instead of ETH.
USDC is the same as usd coins value, and if you want to invest solely for profit, then this is not what you need. The cryptocurrency of a usd prices today has virtually no volatility. Therefore traders usually use this as a hedging mechanism during trading. On indusCrypto you can view trade using USDC as you base currency and make use of your own TradingView trading script, set up a crypto copy trading functionality and follow traders in our public Marketplace, or create powerful crypto trading bots that will never sleep. Join now!