US Dollar Backed Coin USDC Hits the Market
Coinbase is continuing its path in cryptocurrency dominance with its newest collaboration with Circle releasing the United States Dollar Coin. With the new release, Coinbase Pro users are now able to convert large amounts of the US Dollar to USDC instantly with no fees. This completely removes the risk of exchange rates. Users can now also send and receive USDC to their Coinbase Pro wallet as well as trading some of the most popular coins Bitcoin and Ethereum for USDC. The USDC conversion tool will also be available through Circle as well.
Coinbase went through four modes to reach the full trading status of USDC. The first step was conversion-and-transfer-only mode. After 1 pm EST October 25, customers were able to convert USD to USDC and back, and to transfer USDC into and out of their Coinbase Pro accounts. This mode had to last at least a minimum of 12 hours. The second mode Post-only, customers could post limit orders, but none were going to be matched. The third mode Limit-only, limit orders started to match but customers were unable to submit market orders, lasting about 10 minutes or so. Finally, in the last mode Full trading, services became available for an order book, including limit, market, and stop orders.
Coinbase is not the only exchange where USDC can be used. Poloniex, OKEX, KuCoin, CoinEx, DigiFinex are some of the other exchanges that USDC can be traded. Those looking for a wallet not attached to an exchange can use BitUN, CoolWallet S, Elph, imToken, Ledger, TrustWallet, and Cobo to house their tokens.
USDC is the second stablecoin to hit the market after USD Tether. USDC is the only US dollar backed coin that Coinbase offers. This stablecoin was built on the framework of the Circle and Coinbase founded CENTRE.
According to the CENTRE whitepaper, the technology behind CENTRE makes it possible to exchange value between people, businesses and financial institutions just like email between mail services and texts between SMS providers. We believe by removing artificial economic borders, we can create a more inclusive global economy.
With today's culture speed is everything and with crypto, speed will be gained in monetary transfers. With the emerging blockchain technology and crypto assets transferring money around the world could be instant instead of taking days to reach where it is going. The benefits can be massive. Think about natural disasters and tragedies, with the help of crypto getting money to those in need would be a much faster and efficient process.
For the mid-level crypto traders who are interested in USDC, sign up for Coinbase Pro here to start trading.
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Article Posted: 07/31/2021 12:48:31 PM
