Today the most common use case for USDC is to hedge against volatility in the crypto market without leaving the crypto ecosystem. Stablecoins can also interact with decentralized finance (DeFi) programs and earn interest. Since USDC uses Ethereum’s network, the stablecoin can be used on decentralized exchanges (DEXes) like Uniswap, yearn.finance and SushiSwap – something fiat cannot do. With the likely approval of a spot Ethereum exchange-traded fund (ETF) on July 23, the cryptocurrency world is buzzing about the potential for a Solana spot ETF. When you own cryptocurrencies, what you really own is a private key, a critical piece of information used to authorize outgoing transactions on the blockchain network.
Best Wallets for USD Coin
BitPay supports payments from 100 of the most popular wallets like Trezor, Trust, Electrum, Coinbase and many others. Consult BitPay’s Merchant Directory for a complete list of companies that accept crypto payments. Solana (SOL) is a fast, scalable, and user-friendly how to buy usdc layer-1 blockchain platform that handles more transactions per second with significantly lower fees than other blockchains like Ethereum. Trading and converting your USDC is much easier than onboarding actual U.S dollars into the cryptocurrency market.
Who Accepts USDC? A Guide on How to Spend USD Coin.
Visa recently announced its plans to settle transactions in USDC on Ethereum’s blockchain, which is huge news for Ethereum’s network becoming more practical. Our team is diligently working to keep up with trends in the crypto markets. Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Accredited investors and businesses can get USDC directly from Circle by signing up for a Circle Account.
Circle Mints $250M USDC on Solana: A Promising Sign?
- You can store Bitcoin, Ethereum, USDC and several other assets on the wallet’s mobile app.
- It’s much easier to transfer to decentralized finance protocols, as it’s tokenized on the same blockchain as Ethereum.
- It allows you to spend on everyday purchases while using your crypto as collateral, instead of selling it.
- A spot ETF allows investors to buy shares that represent actual ownership of the underlying asset, in this case, Solana.
- The potential approval of a spot ETF for Solana holds broader implications for the crypto market.
Since USDC operates on Ethereum, you can swap between USDC and any Ethereum-based token on decentralized exchanges like Uniswap or Sushiswap. If you use a DEX, beware of high gas fees –– due to high demand for network space, it may cost over $100 to transact on Ethereum. USDC exchanges and partners are obligated to report their U.S. dollar holdings regularly.
USD Coin (USDC): Definition, How It Works in Currency, and Value
