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USD Coin Price Today USDC Price Chart & Market Cap

usdc price

Traders can take advantage of USDC’s practically instantaneous settlement to quickly move into and out of various crypto assets and fiat currencies. Not to mention, it also offers a safe harbor in bearish market conditions. The tokenization of US dollars into USDC allows rapid movement of the currency tokens and extremely fast settlement. This is vital in the world of DeFi, where traditional financial instruments and institutions can be avoided. However, the issuance and redemption of USDC are carried out via smart contract and the US dollar peg is secured by its reserve. The Centre Consortium, which backs USDC, was founded by the Coinbase cryptocurrency exchange and peer-to-peer payment services company Circle.

usdc price

MakerDAO Votes to Custody $1.6 Billion in USDC With Coinbase

That said, there have been factors that have helped USDC enjoy an explosion in popularity over the years — especially in 2020. One of them is the sudden, sharp rise in the popularity of decentralized finance. USDC is a common sight on many DeFi protocols given how it serves as an onramp to the wider ecosystem. The stablecoin market has become exceedingly crowded over recent years — but USDC has aimed to stand head and shoulders over competitors in several ways. In 2020, Circle and Coinbase collectively announced a major upgrade to USDC’s protocol and smart contract. The goal of these enhancements is to make it easier for USDC to be used for everyday payments, commerce and peer-to-peer transactions.

usdc price

Popular Tokens on the Ethereum Chain

  • The idea being that if an investor decided to redeem their USDT…
  • This means that Circle can always ensure that the total supply of the USDC remains pegged to the USD.
  • Get a full overview of the USD Coin price history with our historical price data page.
  • In theory, for every 1 USDC token in circulation, there is USD $1 held in collateral.

USDC is commonly bought with Bitcoin — and if it’s your first time how to buy usdc buying Bitcoin, be sure to check out our comprehensive guide here.

What Terra’s Meltdown Means for Centralized Stablecoins Tether and USDC

In addition, the more transparent business practices also make USD Coin more reliable than Tether. On the other hand, Tether has lower transparency levels, making it more vulnerable to regulatory scrutiny. USDT has been at the receiving end of multiple investigations as its backer is not as transparent about its dollar reserves backing its peg to the US dollar. Each member of the Centre consortium has to abide by stringent rules surrounding the licensing, compliance, accounting, and custody of fiat reserves.

usdc price

Transaction costs are low cost, making it cost- and time-efficient to use. As of June 2022, USDC’s circulating supply of 54 billion USDC was backed by cash ($12.9B) and short-duration US Treasuries ($41.2B), according to Circle. Given that USDC exists on-chain, integration with blockchain-based applications is fast and easy. It also takes advantage of their safety as well as the community’s confidence in the backing of its reserves. A measure of how much of a cryptocurrency was traded in the last 24 hours.

The Across protocol emerges as a dominant bridge within the Ethereum and L2 ecosystem, settling notable volumes with low latency, low fees, and no slippage. Across seeks to expand beyond just bridging as an application, to ultimately become modular, optimistic middleware for settling generalizable cross-chain intents. Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. 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. The collapse of FTX and automatic conversions of USD Coin on Binance will cause Circle’s performance to be “materially lower” than the projections it made in February, the company said in a new regulatory filing. Since USDC doesn’t run its own blockchain and doesn’t need any sort of consensus mechanism, it requires no computing power or network of computers to be connected in order to support it.

Dogecoin Price Prediction as DOGE Approaches USDC Market Cap – $1 Incoming? – Cryptonews

Dogecoin Price Prediction as DOGE Approaches USDC Market Cap – $1 Incoming?.

Posted: Wed, 10 Apr 2024 07:00:00 GMT [source]

USD Coin(USDC) Profile

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