USD Coin (USDC) is a relatively new cryptocurrency and a stablecoin that is pegged to the US dollar. Initially launched in September 2018, the coin has been developed in a collaboration between Circle and Coinbase. The USD Coin crypto is constantly in the latest stablecoin news because of its alternative to USD backed cryptocurrencies like Tether (USDT) or TrueUSD (TUSD).Here, you will find the latest USD Coin news and see what it takes to tokenize US dollars and facilitate their use over the Internet. We will also cover the new developments on the public blockchain and the new updates on USD Coin crypto tokens and the way they are ensured with ERC-20 smart contracts.
USDC News, Stablecoin Updates & More
As a stablecoin, USD Coin is developed by the centre consortium, which as we said is governed by Circle and Coinbase. The entire technology and framework belongs to Centre, while Circle and Coinbase act as the first commercial users of USDC.The USD Coin news show that this stablecoin works in an easy way. If you want to buy USDC, you need to send USD to the token issuer’s bank account, after which the issuer uses a USDC smart contract to create an equivalent amount of USDC. Finally, the newly minted USDC are delivered to the user, while the substituted US dollars are held in reserve.Redeeming USDC for USD is a process that is equally easy. Unlike the most popular stablecoin out there named Tether (USDT), the creators behind the USD Coin are obligated to provide full transparency and work with a number of financial institutions in order to maintain the full reserves of the equivalent fiat currency.
Using USD Coin: What To Know About USD Coin Crypto
USD Coin News (USDC) is a 1:1 representation of one US dollar on the Ethereum blockchain - and an ERC-20 token which can be used with every app supporting the standard. If you want to get USDC, you need to tokenize USD, redeem your USDC, transfer them to the ERC20 compatible Ethereum address and deposit from an external Ethereum wallet address.A minimum USDC redemption amount is 100 USDC and the tokens are processed on business days only in a process that can take up to 24 hours.