With the volatility of the crypto market, stablecoins, cryptocurrencies backed by assets such as fiat currencies or precious metals, have been gaining in popularity in recent months. For investors that want to include some stablecoin in their digital portfolios, there is a new kid on the block. Called the USD Coin stablecoin (USDC), the crypto is backed by San Francisco based digital currency exchange Coinbase and Boston-based peer-to-peer global payment company Circle.
USDC Now Available on Coinbase
In a recent company blog, Coinbase announced the availability of the USDC stablecoin on its platform, which started on Oct. 23. According to the exchange, the coin is available for US users outside New York state for both Android and iOS versions of the exchange’s app. The coin’s availability for Coinbase customers in other locations will be later announced.
USDC is valued at 1 USD to 1 coin. This means that every USDC coin issued has a corresponding US dollar backing, which makes its price very stable with respect to the greenback. Investors are assured that every USDC token they purchase today will be valued exactly one dollar tomorrow.
The Programmable Dollar
Aside from the stability of an asset-based stablecoin, the USDC also carries with it the benefits of blockchain. For instance, investors will have access to their coins 24/7. Transfers are also very fast and efficient — it is very easy to send or receive any amount of USDC between two Ethereum wallets.
There is an ever-increasing ecosystem of blockchain-based games, decentralized applications, and digital exchanges that use cryptos for transactions. Since the USDC follow the ERC20 standard, it can be used with any app that requires ERC20-based tokens. But the advantage of USDC is that its price will always remain stable, and users will never have to worry again about fluctuating prices.
The USDC is the perfect marriage of the dollar’s stability and the versatility of blockchain-based cryptos; hence, the stablecoin is dubbed as the programmable dollar. Developers and fintech firms will find it very easy to integrate USDC into their apps since, with the right private keys, any program can send or receive the coins on the Ethereum blockchain.
Investors Can Now Purchase USDC – The Digital Programmable Dollar Backed by Coinbase and Circle was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.