The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App. It is not intended to offer access to any of such products and services. You may obtain access to such products and services on the Crypto.com What is USD Coin App. Before accessing the Crypto.com Exchange, please refer to the following link and ensure that you are not in any geo-restricted jurisdictions. USDC’s stability is built upon its reserve system, where every issued USDC token corresponds to a reserved US dollar.

Also, while USDC definitely boasts a more legitimate background, don’t forget that it is still tied to a commercial operation. This introduces some risk in comparison to truly decentralized cryptocurrencies, which can exist even without the complete absence of a central authority. Since USDC’s main claim to fame is its transparency, it provides monthly attestations of its reserves. These are carried out by Grant Thornton LLP, a well-known accounting firm. While not as extensive as a full audit, it still puts Centre ahead of other stablecoin operators in terms of transparency. USDC is a stablecoin, which means it is designed to maintain a value peg to other assets.

0.ai: AI Smart Contract

USDC’s biggest competitor, Tether, uses a similar approach and is available on even more cryptocurrency networks. Stablecoins such as USDC excel at transferring wealth between different platforms. They are incredibly convenient https://www.tokenexus.com/ for traders too, since withdrawing a fiat currency from an exchange takes several hours or even days. However, you would also come across a few limitations with US Dollar Coin, such as the competition among stablecoins.

But beyond that more compelling use case, stablecoins are also popular with crypto traders, speculators, and digital artists alike. That said, there are only a handful of stablecoins people actually use. USDC’s founding companies have extensive experience in the cryptocurrency world. Circle is not only backed by crypto-focused investors such as Bitmain and Blockchain Capital, it also owned crypto-exchange Poloniex between 2018 and 2019. In 2021, Circle announced its intentions of becoming a national digital currency bank.

What sets USDC apart from other stablecoins?

You can capitalize on the essence of ‘how does USDC work’ to ensure easier access to the domain of cryptocurrencies. USDC helps you purchase, sell and exchange funds without leaving the cryptocurrency ecosystem at any point. Rather than following the burdensome task of converting your cryptocurrencies into fiat currency, you can exchange your crypto assets for USDC.