USDC: What is it and what is it used for?
USDC is a stablecoin pegged to the US dollar. It was launched in September 2018 by the CENTRE consortium, a collaboration between Circle and Coinbase.
The main objective of USDC is to provide a stable digital value that allows users to perform fast and secure transactions without the volatility associated with other cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
USDC: Issuance and Backing Mechanism 🔒
USDC maintains a stable value by being backed by US dollars at a 1:1 ratio. For every USDC in circulation, there is one US dollar held in reserve.
This dollar "collateral" is deposited in bank accounts controlled by the CENTRE consortium.
To issue USDC, individuals can deposit US dollars into a bank account held by the CENTRE consortium. Similarly, to exchange USDC for US dollars, they can send their USDC to the consortium, which then destroys the tokens and releases the dollar equivalent into the operator's bank account.
The US dollar reserves backing USDC are subject to periodic assessments by auditing firms, providing transparency and trust to the system.
👉 Buy USDC quickly and easily with belo
In the belo app, we offer the possibility to buy, sell, exchange, and store USDC simply and securely, 24/7. You will also find other popular stablecoins available, such as USDT.
For more details on how to buy USDC with belo, we recommend visiting this article in our Help Center 🔗
What to do with your USDC balance in belo? 🤔
With the belo app, you can use crypto in your daily life without complications. Payments, transfers, withdrawals, exchanges, and more... everything is possible!
If you live in Argentina, for example, you can use your USDC balance to:
Pay at physical or virtual stores: Access the belo Mastercard and use your crypto balance directly to pay at any merchant.
Pay for more than 9,000 services: Credit cards, electricity, gas, taxes, university fees, and more.
Exchange for Pesos: Instantly and whenever you want via the "Exchange" button.
Withdraw to your account: This can be a local account (in Pesos or Dollars) or an international bank account.
For more information on what you can do in your specific country, visit this link 🔗