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What is USDC (USD Coin)?

What is USDC (USD Coin)?

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Kanalcoin.com – Knowing what USDC (USD Coin) is gives you alternative options to determine the best crypto asset choice. This type of crypto resource has certain specifications that have several advantages.

Here we present information about what USDC (USD Coin) is and how the transaction system works. We hope you have a better understanding of USDC and may be interested in investing with it.

The stable system and its value with international currencies make USDC one of the cryptoassets you should consider. Especially for those of you who still doubt the good and bad effects of digital finance.

What is USDC (USD Coin)?

USDC Coin is an asset created by Circle (an American financial services company) built on the Ethereum system. Ethereum is a decentralized blockchain system that has many advantages in terms of security and transaction speed.

If you have previously owned Ethereum-based crypto assets, you can integrate USDC with other assets in your Ethereum wallet.

USDC Coin is one type of digital stable coin in the cryptocurrency system. Stablecoins are called a type of crypto-asset whose coin value is stable.

The name USDC or USD Coin refers to the US dollar currency. USDC Coin is a crypto-asset whose value is in US dollars. Therefore, the value of these coins is usually stable.

Basically, USDC (USD Coin) focuses on efforts to convert US dollars into tokens in the world of blockchain and cryptocurrencies. Its main objective is to simplify, speed up and expand the spread of US dollar transactions.

Each 1 dollar coin can be exchanged for 1 US dollar. The value of these cryptocurrencies is usually stable and there is no risk of price fluctuations. This is because each property has a specific value (reserved).

In other words, the value of USDC assets is held in an account at a US-regulated financial institution. Administration is therefore safer.

USDC Transaction System

This stability opens the door for USDC to move globally from a crypto wallet to business transactions, currency exchange and other financial needs.

This stability opens the door for USDC to move globally from a crypto wallet to business transactions, currency exchange and other financial needs.

You can easily convert USDC to US Dollars. Finally, you can also exchange the USDC coin for Rupees or other currencies.

3 steps to converting USD to USDC assets

After listening to the description of what USDC (USD Coin) is, you may be interested in trying to invest in this asset. USDC investments can be made easily, especially if you have funds in US dollars. You just need to go through the following 3 steps to convert US Dollars to USDC, namely:

  1. Transfer of US dollar deposits to a bank account issuing USDC coins.
  2. The issuer uses the USD coins smart contract to convert the amount into USD coins.
  3. Newly minted USD coins are sent to the user’s account and the USD is held in reserve.

You can convert USDC back to US dollars in the same way, namely by sending USDC coins to another US dollar-based account. You don’t have to worry because there is no charge for converting USDC to US dollars.

Meanwhile, you can convert USD coin to Rupee by using above method first. Send USDC to your bank account. Your assets are instantly converted into US dollars.

After that, exchange the money to rupees through your bank’s money exchange service. The amount of funds received in rupees depends on the conversion of rupee value per one US dollar.

USDC is different from other stablecoins. Unlike Theter’s stablecoins, USDC offers a guaranteed relationship with its counterpart currency. So you don’t have to worry about falling asset values ​​when you try USDC (USD Coin).

Hopefully the above article can teach you what USDC (USD Coin) is and how it works. Good luck investing and trading USDC and other cryptocurrencies!

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