Consultant with Bankless Consulting and Tokenomics DAO. Writer and Researcher for Web 3. Crypto Class of 2016
Consultant with Bankless Consulting and Tokenomics DAO. Writer and Researcher for Web 3. Crypto Class of 2016
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Joe_King 2/22/2022
THESE STATEMENTS SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
Twitter: https://twitter.com/CloudBaseCrypto
USDC is a crypto currency that is pegged to the almighty dollar that allows its users to interact with various applications and exchanges. USDC along with others assets such as USDT (Tether) or GUSD (Gemini) are referred to as “Stablecoins” , which are backed by a basket of either real world dollars or cash equivalents (treasuries, bonds, stocks, or other currencies). Stablecoins allow users to trade in and out of more volatile coins with the relative stability that comes from using the US dollar as a trading pair or asset to hold in lieu of an easy way to have a cash position while keeping your money in the crypto sphere.
USDC is a product of ‘Circle”; founded in 2012 as an electronic payments company and pivoted to crypto in 2015. Circle obtained the first BitLicense (https://en.wikipedia.org/wiki/BitLicense) issued by New York State in 2016 and the first “virtual currency” license issued by the British Government. Circle once upon a time offered digital wallets for Bitcoin and a trading platform, but have since trimmed out all non “USDC” business by selling it’s trading platform to “Voyager” and ceasing bitcoin operations.
As of the writing of this Circle has merged with the SPAC “Concord Acquisition Corp” to go public in 2022 with a valuation of 4.5 Billion.
Circle’s public documents state “USDC is fully backed by cash and equivalents and short-duration U.S. Treasuries, so that it is always redeemable 1:1 for U.S. dollars. Each month, we publish attestation reports by Grant Thornton regarding the reserve balances backing USDC”.
Currently Circle has 52.6 Billion in USDC coins in circulation and has processed over 1.8 Trillion in on chain transactions.
Recent Audits by “Grant Thornton” (https://www.centre.io/usdc-transparency) show a mix of USD, Government backed money market accounts, US treasuries, and other cash equivalents.
USDC has the largest stablecoin ecosystem of any US denominated coin in crypto, while USDC can be used on most exchanges it can also be used on the majority of DeFi applications and on most block chains. USDC is available on:
Ethereum
Solana
Avalanche
Algorand
Tron
Hedera
Flow
Most crypto exchanges will allow you to deposit USD to your account and convert it to USDC free of charge. Most common and easy to use exchanges are:
FTX
Coinbase
Kraken
Gemini
BlockFi
Many other places
For new comers it may be shocking to see the crazy APYs we get here in Web3, but many places offer highly attractive yields on your USDC coins if you stake them with certain companies. It is is important to note that the counter party risk is different with each one of these companies and these accounts are NOT FDIC INSURED or backed by anything (while you can buy insurance on these risks via “Cover” from our friends over at “Nexus Mutual” (https://nexusmutual.io/)
Circle: 6.55%
Ledn: 9.5%
YOUHODLER: 12.75%
Celsius: 8.16%-10.2%
HODLNAUT: 12.7%
BlockFi: 8.5%
Any many more
USDC is one of the most well known and respected stable coins in circulation and is accepted almost everywhere on Web3. While risks are always a factor when using any new technology they are a bit more acceptable with USDC than other smaller or less transparent protocols.
Joe_King 2/22/2022
THESE STATEMENTS SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
Twitter: https://twitter.com/CloudBaseCrypto
USDC is a crypto currency that is pegged to the almighty dollar that allows its users to interact with various applications and exchanges. USDC along with others assets such as USDT (Tether) or GUSD (Gemini) are referred to as “Stablecoins” , which are backed by a basket of either real world dollars or cash equivalents (treasuries, bonds, stocks, or other currencies). Stablecoins allow users to trade in and out of more volatile coins with the relative stability that comes from using the US dollar as a trading pair or asset to hold in lieu of an easy way to have a cash position while keeping your money in the crypto sphere.
USDC is a product of ‘Circle”; founded in 2012 as an electronic payments company and pivoted to crypto in 2015. Circle obtained the first BitLicense (https://en.wikipedia.org/wiki/BitLicense) issued by New York State in 2016 and the first “virtual currency” license issued by the British Government. Circle once upon a time offered digital wallets for Bitcoin and a trading platform, but have since trimmed out all non “USDC” business by selling it’s trading platform to “Voyager” and ceasing bitcoin operations.
As of the writing of this Circle has merged with the SPAC “Concord Acquisition Corp” to go public in 2022 with a valuation of 4.5 Billion.
Circle’s public documents state “USDC is fully backed by cash and equivalents and short-duration U.S. Treasuries, so that it is always redeemable 1:1 for U.S. dollars. Each month, we publish attestation reports by Grant Thornton regarding the reserve balances backing USDC”.
Currently Circle has 52.6 Billion in USDC coins in circulation and has processed over 1.8 Trillion in on chain transactions.
Recent Audits by “Grant Thornton” (https://www.centre.io/usdc-transparency) show a mix of USD, Government backed money market accounts, US treasuries, and other cash equivalents.
USDC has the largest stablecoin ecosystem of any US denominated coin in crypto, while USDC can be used on most exchanges it can also be used on the majority of DeFi applications and on most block chains. USDC is available on:
Ethereum
Solana
Avalanche
Algorand
Tron
Hedera
Flow
Most crypto exchanges will allow you to deposit USD to your account and convert it to USDC free of charge. Most common and easy to use exchanges are:
FTX
Coinbase
Kraken
Gemini
BlockFi
Many other places
For new comers it may be shocking to see the crazy APYs we get here in Web3, but many places offer highly attractive yields on your USDC coins if you stake them with certain companies. It is is important to note that the counter party risk is different with each one of these companies and these accounts are NOT FDIC INSURED or backed by anything (while you can buy insurance on these risks via “Cover” from our friends over at “Nexus Mutual” (https://nexusmutual.io/)
Circle: 6.55%
Ledn: 9.5%
YOUHODLER: 12.75%
Celsius: 8.16%-10.2%
HODLNAUT: 12.7%
BlockFi: 8.5%
Any many more
USDC is one of the most well known and respected stable coins in circulation and is accepted almost everywhere on Web3. While risks are always a factor when using any new technology they are a bit more acceptable with USDC than other smaller or less transparent protocols.
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