What Is USD Coin?
(USDC) USD CoinBuy Now
USD Coin belong to the class of stable coins that have its value pegged to the US Dollars. 1 USDC Is backed by 1 US Dollar held in a reserve bank account. USD Coin is built on the ethereum network thereby making it a token that is compactible with any ethereum based wallet used for storage.
Stablecoins make for practical usage of cryptocurrencies by allowing for secure, convenient transactions without the high volatility traditional cryptocurrencies Like Bitcoin (BTC), Etheruem (ETH) and Kemfe Credits (KFC) holds. More information can be found on there website : https://www.centre.io/usdc
There Are Many other stable coins that serves the same purpose for which USD coin was created to do. Some of these stable coins includes;
• Tether USD (USDT)
Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.” According to their site, Tether converts cash into digital currency, to anchor or “tether” the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen.
Tether (USDT) is issued on the Omni, TRON, and ETH blockchains. For details on the issuance across the different chains, please refer to: https://wallet.tether.to/transparency
• True USD (TUSD)
TrueUSD is a USD-pegged stablecoin, that provides its users with regular attestations of escrowed balances, full collateral and legal protection against the misappropriation of the underlying USD. TrueUSD is issued by the TrustToken platform, the platform that has partnered with registered fiduciaries and banks that hold the funds backing the TrueUSD tokens. The USD funds are regularly verified in scheduled attestations, and kept in third party escrow accounts such that TrustToken has no direct access to the funds.
Website: : https://www.trusttoken.com/
• Paxos Standard Token (PAX)
Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to 'transact at the speed of the internet'. It aims to meld the stability of the dollar with blockchain technology. Paxos, the company behind PAX, has a charter from the New York State Department of Financial Services, which allows it to offer regulated services in the cryptoasset space.