USD Coin (Cronos)
USDC on Cronos chain is a bridged asset with USDC reserves custodied by Crypto.com exchange. USDC is a centralized stablecoin backed by USD reserves held by a licensed custodian (Circle).
Ready to earn 15% yield or more with Exponential?
Invest- Cronos
- Source Code
- Community
- Website
- Asset Type: ERC-20
- Market Cap: $61.8B
- Fully Diluted Valluation: $61.8B
- FDV / MC: 1
- Ranking inside Exponential (among stables): #2
- Circulating Supply: 61,787,689,513
- Total Supply: 61,810,938,186
- Volume (24H): $6.7B
- ATH: $1.17 (05/08/2019)
- ATL: $0.88 (03/11/2023)
USDC is a large-cap, fully collateralized asset. This asset depends on two centralized entities for custody services.
USDC is a stablecoin that usually trades within 20bps of its peg to USD, which makes it a solid store of value.
USD Coin (Cronos) has no dependencies.
USDC has an uncapped supply but has inflation control or burn mechanisms in place. USDC on Ethereum is backed 1:1 by USD reserves held with a licensed custodian (Circle). USDC on Cronos is then backed by USDC custodied by Crypto.com. USDC is fully redeemable for its USD reserves, providing an effective mechanism to retain the peg to $1.
USDC is a stablecoin that usually trades within 20bps of its peg to USD, which makes it a solid store of value. USDC is fully redeemable for its USD reserves, providing an effective mechanism to retain the peg to $1.
What is USDC?
USDC launched on the Ethereum mainnet in September 2018 as a partnership between Circle and Coinbase through the co-founding of the CENTRE Consortium. Customers on Coinbase with USD accounts can exchange 1 USDC for 1 USD and vice versa. USDC are issued by financial institutions and established fintech firms who have met its membership criteria.
How does USDC work?
USDC are backed 1:1 by USD reserves held with a licensed custodian (Circle). The process of minting USDC tokens involves interacting with CENTRE contracts which manage the minting and burning of USDC. First, a user sends USD to a licensed token issuer's bank account. Second, the issuer uses the USDC smart contract to mint an equivalent amount of USDC. Third, the newly created USDC are sent to the user's on-chain address, while the deposited USD are held in reserve. The process for redeeming USDC for USD is just the reverse process.
How secure is USDC?
USDC is a centralized stablecoin that is perceived as safer and more transparent than USDT as its reserve composition only consists of cash and short-term U.S. government bonds. USDC regularly undergoes audits and publishes monthly reserve reports and attestations that prove the amount of USD reserves are greater than the amount of USDC in circulation. Nonetheless, USDC has the ability to "blacklist" any of its associated addresses at will. When a USDC address is blacklisted, it can no longer receive USDC and all of the USDC controlled by the address can no longer be transferred on-chain.
How to buy USDC?
You can buy USDC on a reputable cryptocurrency exchange that lists the asset. Platforms like Binance, Coinbase, and Kraken are popular choices offering ease of use and robust security features. Sign up for an account on your chosen exchange. You'll need to provide some personal information and, in most cases, verify your identity to comply with regulatory requirements. Fund your exchange account using a bank transfer, credit card, or other cryptocurrencies, depending on the options provided by the exchange. Navigate to the trading section of the exchange, search for the USDC pair you want to trade (for example, USDC/USD or USDC/BTC), and enter the amount of USDC you wish to purchase. Review and confirm the transaction details. After purchasing, you can choose to keep your USDC in your exchange account, which is convenient for quick trading. Alternatively, for added security, especially for larger amounts or long-term holding, transfer your USDC to a personal cryptocurrency wallet.
