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In the cryptocurrency markets, where prices change drastically in a matter of minutes, a safe haven is needed to preserve the value of your assets. That’s why stablecoins are here to save you. USDC particularly stands out—a product of collaboration between Circle and Coinbase. It has become the foundation of DeFi on every chain.
What is USDC?
USDC is a type of cryptocurrency known as a stablecoin. Its purpose? To maintain a 1:1 ratio with the US dollar. It's different from many cryptocurrencies you may know, such as Bitcoin or Ethereum. Its value doesn’t change, which makes it ideal for savings and also as a hedge against market volatility.
What makes it different? It's the strong emphasis on regulatory compliance. USDC is perceived as the most regulated stablecoin, thus making it a preferable choice for whales and institutions. USDC is fully backed by US dollars and their equivalents, such as Treasury bills. This means that for every unit of stablecoin, there’s a dollar bill held in custody.
Why use USDC?
The primary advantage of USDC is its stability. Compared to other currencies, it doesn’t fluctuate and offers a safe harbor during market crashes.
USDC is available on multiple chains, either as an official or a bridged version, which offers easy accessibility no matter the chain. Depending on the network, USDC transactions may be cheap and fast or expensive and slow, so make a wise choice. USDC is heavily integrated into nearly every DeFi protocol you can name, which makes it perfect for any type of interaction—from lending and borrowing to trading. Due to its stability, payments and everyday transactions are where USDC can also be used.
How USDC works
USDC leverages blockchain technology for transparency while at the same time modernizing the US dollar and creating a better, digital version of it. The use of blockchain allows for the integration of USDC into different dApps.
The issuance and redemption process is very straightforward. A party deposits a portion of its cash reserves with a regulated financial institution, and once the deposit is verified, a corresponding amount is issued to the user’s wallet address. Similarly, the redemption follows similar steps, during which USDC tokens are burned and a bank transfer is made.
Thanks to being a regulated entity, regular third-party audits take place to verify the reserves of USDC. Additionally, information regarding the reserves is available to the public with a variety of reports. You can also find the value of Circle’s government bonds held with BlackRock on the web.
USDC's timeline
USDC was launched by Circle and Coinbase in 2018. In 2019 it first appeared on Ethereum and then expanded to multiple networks. In 2020 it was integrated with multiple crypto exchanges and DeFi platforms for easier access and increased liquidity. In 2021, USDC became available on Solana and partnered with Visa. Since then it’s been integrated into multiple payment processors, significantly growing in market cap, and cooperating with regulators to obtain licenses and make it as compliant as possible.
The risks of USDC
USDC is reliant on Circle and Coinbase to maintain an appropriate ratio of reserves. Although these are heavily regulated institutions, any mismanagement or security breach could paralyze the token and potentially collapse it. There’s obviously regulatory risk, to which USDC is also subject but to a lesser extent because of its ties with the banking system.
Blockchain technology is not entirely researched, and vulnerabilities in smart contracts may occur. USDC, however, is prepared for this possibility with the range of networks it supports, thus diversifying the risk.
Competitors never sleep and will do anything to increase their market share. If USDC wants to stay in the lead, it needs to be viewed as the best by the general public and stay ahead of the competition by offering better deals, utilizing marketing strategies, or closely working with financial institutions.
Why USDC matters
USDC has opened the door to increased liquidity in the crypto market as well as its transparency. By working closely with regulatory authorities, it started to be perceived as the safest and most reliable. As the crypto market continues to mature, we will observe whether USDC remains or another, perhaps new, stablecoin takes its place.
