USDT is widely known as the largest stable currency, but while USDT is the largest stable currency today, the market is increasingly adopting USDC as the preferred stable currency. More recently, Center has released nearly $6.5 billion in USDC on Ethernet alone, up more than tenfold from a year ago. That makes USDC the second-largest stable currency after USDT, so more and more investors are interested in USDT, but some just entering the coin circle don't know what USDC is.
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What is the USDC currency?
USDC (USD Coin) is an open-source cryptostable currency whose value is pegged to the US dollar, 1USDC = $1. Launched in 2018, it is the first service from CENTRE, an open-source technology project launched with the help of founding members Circle and Coinbase.
The tokens are designed to help investors hold and compete with USDT, a controversial stablecoin issued by Tether.
Supported by the United States dollar: The USDC is a stable currency supported by the United States dollar, which is retained in reserves by regulated financial institutions. The tokens themselves are issued by regulated financial institutions and can be exchanged for one dollar each.
Blockchain technology support: Because USDC is an ERC-20 pass that runs over the Ethernet network and doesn't need to go through traditional banking channels, it allows you to move dollars anywhere in the world in a matter of minutes, in a matter of days and at a fraction of the cost.
Despite Bitcoin's promise to upend banks at the time of its launch, it is clear that the token's price is fragile and prone to strong volatility. Cryptocurrency critics point out that Bitcoin and other cryptocurrencies are not backed by any tangible assets, so such stable dollar-backed coins have been created.
Like other stable currencies, USDC is algorithmically pegged to the value of the US dollar, so it is "stable" relative to the currency (the US dollar). This makes it as easy to spend cryptocurrency as it is to cash, and for investors to move in and out of cryptocurrencies. The development team is also working to expand interoperability with other blockchains.
But government regulations on stable currencies and reserve requirements to support them make them difficult to maintain. When Tether's opaque ties to cryptocurrency exchange Bitfinex led to speculation about its involvement in some of the industry's biggest scandals, Tether didn't offer a good explanation.
What's so special about USDC?
USDC is not the first, or even the most popular, dollar stabilizer. The title belonged to Tether. However, Tether has come under intense scrutiny over its finances.
This has led to the rise of other dollar stablecoins, whose financing and auditing processes are more transparent. These include Gemini Dollar, True USD, Paxos and USDC.
USDC may not be entirely unique compared to its competitors, which is why it stands out among other cryptocurrencies:
Regulation: USDC's parent company is a United States-registered currency service company. That means it is regulated by the government's crime-fighting Financial Crimes Enforcement Network (FinCEN).
Audit: USDC is audited by Grant Thornton, one of the world's top 10 accounting firms.
Quick: When it comes to banks, it can take a long time to send dollars to individuals and institutions. USDC provides dollar stability and likeability at the speed of cryptocurrency transactions.
Circle launched USDC to allay investor fears, and Coinbase teamed up to give the concept a second try. Focusing on governance and oversight of stable currencies, they argue, is key to compliance.
Many investors are obstinate and obstinate in their willingness to accept defeat no matter what kind of virtual currency they trade in. They are obstinate and obstinate in their refusal to accept defeat, and do not know how to solve their mistakes in the first place, so that the consequences of the error continue, I just do not believe it will not rise, I just do not believe it will not come down. . . . . . You know, investing is sometimes like a battle, you need to wait, you need to plan, you need to calm down, and when you learn not to be impulsive in the face of the market there are usually two things that happen, you run out of money and you grow up.