Cryptocurrencies are highly unpredictable which means the prices fluctuate intermittently in the crypto market. It can skyrocket or plummet in a matter of minutes. Due to this reason, investors started looking for a more stable solution that brought the existence of stable coins. Stablecoins are digital tokens that have the support of real-world assets. It can keep prices stable while simultaneously providing consumers with all of the other advantages of decentralized payment mechanisms. Stablecoins are beneficial to traders who desire a simple way to convert cryptocurrencies into US dollars.
In this article, you will get to know the details of one such stable coin popularly known as USDC or USD Coin. In doing so, you will also learn how to use them to your advantage.
What is a USD Coin or USDC?
The USD Coin is one such stable coin that claims to be worth exactly the same as a US dollar and is a significant advancement in the way we utilize money in today’s digital world. In practice, this implies that one USD Coin (USDC) should equal one genuine US Dollar, providing much-needed market stability. It started off as an ERC-20 token (Ethereum Blockchain), but it’s now available on the Algorand and Solana blockchains as well. Its competitors are Tether (USDT) and TrueUSD (TUSD).