What is USD Coin (USDC)?
USD Coin (USDC) is a stable cryptocurrency pegged to 1 USD. USDC was developed by Centre — an open source technology project co-founded by US-based companies Circle and Coinbase. Centre manages USDC and ensures that for every USDC it releases, an additional 1 USD is held in a constantly audited private bank account. In this way, it aims to fix the price of 1 USDC to 1 USD.
How does USD Coin (USDC) work?
Centre’s open source and transparent stable cryptocurrency infrastructure enables fiat money to work harmoniously with smart contracts and provides software developers with a convenient way to use fiat currencies on the blockchain.
The Centre Consortium is managed by fully licensed and regulated companies. Thanks to this, USD Coin is compliant with the Know Your Customer/Anti-Money Laundering requirements of many businesses and trading platforms that want to use it.
USD Coin (USDC) was built on the Ethereum blockchain as an ERC-20 smart contract and therefore runs on Ethereum network.
How to buy USD Coin (USDC)?
You can purchase USD Coin (USDC) with Turkish Lira or Tether (USD) if you’re a BtcTurk | PRO user. You can also trade Bitcoin and Ethereum (ETH) using USD Coin (USDC).
How to store USD Coin (USDC)?
USD Coin (USDC) uses the Ethereum network. It can be stored in Ethereum-compatible wallets and supports ERC-20 smart contracts. You can use desktop, mobile, hardware or online wallets to manage your USDC funds. If you want to download and sync the entire Ethereum blockchain, you can use the Mist browser desktop application. Do be aware that downloading the entire blockchain will take time and consume your internet data and bandwidth, however. Moreover, when you want to make a transaction, you should wait for the entire chain to be in sync.
If you do not want to synchronise the entire blockchain, there are browser extensions to help you. With the Metamask browser extension or built-in web 3.0 wallet on Brave browser, you can store Ethereum, USD Coin (USDC) and other ERC-20 based cryptocurrencies.
If you want to carry your Ethereum wallet on your smartphone, you can use mobile wallets. You should choose the wallet that works best for you — Exodus, AtomicWallet, TrustWallet, Blockchain, Coinomi are just some of the available options. You can download mobile wallets for free from your smartphone’s app store.
If you want to use online wallets (websites), Myetherwallet.com is the most well-known online Ethereum wallet. Private keys are one of the most important issues to consider when choosing a wallet.
You should make sure that the wallet you choose gives you a 12–24 word set of custom keywords (also known as seeds). These keywords are the only method of saving your wallet.
You can also store USD Coin in hardware wallets that are not constantly connected to the internet.