What does USDC mean in the context of cryptocurrency?

3 answers

• Nov 24, 2021 · 3 years ago
  USDC stands for USD Coin, which is a type of cryptocurrency known as a stablecoin. It is designed to have a value that is pegged to the US dollar, meaning that 1 USDC should always be worth 1 USD. The purpose of USDC is to provide a stable digital currency that can be used for transactions and store of value in the cryptocurrency ecosystem. It works by being backed by a reserve of US dollars, which are held in a bank account. For every USDC in circulation, there should be an equivalent amount of US dollars held in reserve. This ensures that the value of USDC remains stable and can be redeemed for US dollars at any time.
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• Nov 24, 2021 · 3 years ago
  USDC is a stablecoin in the cryptocurrency world. It is backed by real US dollars, which means that for every USDC in circulation, there is an equivalent amount of US dollars held in reserve. This makes USDC a reliable and stable digital currency that can be used for various purposes, such as making payments or storing value. Unlike other cryptocurrencies, the value of USDC is not subject to the volatility that is often associated with the crypto market. This makes it a popular choice for traders and investors who want to minimize their exposure to price fluctuations.
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• Nov 24, 2021 · 3 years ago
  USDC, also known as USD Coin, is a stablecoin that is pegged to the US dollar. It was created by Circle and Coinbase, two well-known companies in the cryptocurrency industry. The main purpose of USDC is to provide a stable and reliable digital currency that can be used for everyday transactions. It works by being backed by a reserve of US dollars, which are held in bank accounts. This ensures that the value of USDC remains stable and can be easily exchanged for US dollars. USDC can be used on various cryptocurrency exchanges and platforms, including BYDFi, to buy other cryptocurrencies or make payments.
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