USDCUSDC to NGN

USDC is a stablecoin that connects to the Dollar on a 1:1 basis. One unit of this cryptocurrency is supported by one dollar that remains in reserve. This dollar is held in a mix of cash and short-term U.S. Treasury bills. The Centre consortium is responsible for this asset. As per their opinion USDC is issued by financial institutions which are very well regulated.

The stablecoin was first released in September 2018 on a limited scale. USDC stands for  "Digital money for the digital age". The stable coins are specially developed for a world that is going towards digitalization and as less use of cash as possible. 

There are multiple applications of USDC. In addition, it also works as a place of refuge for cryptotrader during a period of instability in prices. The creators of this stablecoin emphasize on the fact that it also allows organizations to accept payments in digital assets. This can lead to an evolution of several sectors such as decentralized finance and games. In short, the main objective is the creation of acceptance of USDC and its adoption in as many wide ranges of wallets, platforms and service providers as possible. 

Who Are the Founders of USDC? 

The Centre Consortium has two founding members. One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange. Circle co-founders Jeremy Allaire and Sean Neville launched USDC in September 2018.

What Makes USDC (USDC) Unique?

In the past few years crypto experts have noted that there are a lot of stablecoins in the industry which has made it very competitive. Despite this, USDC has made a special place for itself and carved a niche for itself in the stablecoins’ world. 

One worry that the USDC team had was that of transparency. It was difficult to ensure that the investors got USD 1 when they withdrew 1 USDC. Inorder to combat this issue they recruited a prestigious accounting firm to keep a check of the cash reserve and make sure that it is equal to the amount of tokens that are circulated.

 How is the USDC Network Secured?

You can find all of the USDCs that are currently in circulation on the Ethereum blockchain. One of its main benefits is the fact that it can be easily connected with the other Etherum based apps. As discussed earlier, the stablecoin is comparatively more safe and trustworthy than its competitors because of the fact that U.S. dollars are kept safely in reserve.

World’s Largest Asset Manager Shows Interest in USDC 

USDC has maintained its position as a unique stablecoin because it has strong relationships with many mainstream banks and financial institutions. In fact, they had a $400 million funding round. The noteworthy participants of this funding were BlackRock, Fidelity, Fin Capital, and Marshall Wace LLP. Out of them, Blackrock had said that they will enter into a broader strategic partnership with Circle which includes exploring capital market applications for USDC. 

Conclusion

Traders and investors often look up to USDC because it is a reliable cryptocurrency. However, there are chances that its value may change depending on market trends. And thus it is necessary to consider the risks involved while dealing with USDC.