As a stablecoin that is very much in demand, most CeFi and DeFi platforms provide high returns if you lend liquidity in USDC. “But I’m gonna do my best to get this to the president’s desk.”Stablecoins are digital assets pegged to the price of a sovereign currency like the U.S. dollar…. Users should also be aware of the regulatory landscape surrounding digital currencies and stablecoins.
Pros and Cons of USD Coin
- Together they formed Centre Consortium, LLC, to establish governance and standards for the future of the digital financial ecosystem.
- Each member of the Centre consortium has to abide by stringent rules surrounding the licensing, compliance, accounting, and custody of fiat reserves.
- One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange.
- To redeem US dollars, the user sends the issuer a redemption request with the relevant amount.
- We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.
As the market panics over the implications of Terra’s UST losing its dollar peg, questions have been raised about its asset-backed stablecoin competitors, Tether and USD Coin. The idea being that if an investor https://www.tokenexus.com/ decided to redeem their USDT… For crypto investors, USDC is one of the most reliable digital assets to invest in as it can offer high yields on lending, especially in the DeFi space powered by smart contracts.
Stablecoin Markets Shift as Binance Begins USDC Conversions
- USDC (USDC) currently ranks 6 among all known cryptocurrency assets.
- Deputy Finance Minister Alexey Moiseyev today said the country is exploring stablecoins to make payments with “friendly countries,” according to Russian state news agency Tass.
- Circle and CYBAVO have collaborated to offer customers Circle Web3 Services, a suite of development tools designed to simplify the creation and management of blockchain applications.
- As a stablecoin, it provides all the benefits of cryptocurrencies––faster, cheaper, permissionless transactions––without the price volatility.
- As a result, most cryptocurrency pairs are listed for trading against the USDT instead of the USDC.
- USDC can also be purchased and traded on Poloniex, Binance, OKEx and Bitfinex, as well as decentralized exchanges such as Uniswap.
In addition, they focused on ensuring transparency by providing a governing framework for better regulation of their product, the USD Coin. The Circle consortium continues to add to their dollar reserves as the amount of USDC in circulation how to buy usdc goes up to maintain USD Coin price stability and keep it pegged to the USD. Due to this move, the USDC value remains relatively constant irrespective of the volatility and unpredictability of the broader crypto market.
Payments Giant Stripe Reenters Crypto With USDC on Ethereum, Solana and Polygon
USDC is the second-most popular dollar-backed stablecoin behind Tether (USDT), which on Tuesday had a market capitalization of $85 billion, according to CoinGecko.“Circle is phasing out support… USDC is also meant to allow businesses to accept payments in digital assets and provide more value to users of decentralized finance applications. The issuance and redemption of USDC are natively supported by several blockchains, including an ERC-20 smart contract on Ethereum. The live USDC price today is $1.00 USD with a 24-hour trading volume of $6,174,605,035 USD. The current CoinMarketCap ranking is #6, with a live market cap of $33,311,452,667 USD.
Earning Yield on USDC: Best Interest Rates – Bitcoin Market Journal
Earning Yield on USDC: Best Interest Rates.
Posted: Mon, 13 May 2024 12:00:19 GMT [source]
