USD Coin Price Down 0.1% This Week (USDC)

USD Coin (USDC) traded down 0% against the US dollar during the twenty-four hour period ending at 7:00 AM Eastern on April 23rd. One USD Coin token can currently be purchased for about $1.00 or 0.00001067 BTC on major cryptocurrency exchanges. Over the last week, USD Coin has traded 0.1% lower against the US dollar. USD Coin has a market cap of $61.72 billion and $16.09 billion worth of USD Coin was traded on exchanges in the last day.

Here is how related cryptocurrencies have performed over the last day:

• Aidi Finance (BSC) (AIDI) traded down 2.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded down 2.2% against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded 2.2% lower against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded 1.2% higher against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded 5.9% higher against the dollar and now trades at $93,519.22 or 0.99851521 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded up 5.7% against the dollar and now trades at $92,910.64 or 0.99201732 BTC.
• Lumi Credits (LUMI) traded 8.9% higher against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• AXIA Coin (AXC) traded down 0.1% against the dollar and now trades at $13.43 or 0.00048094 BTC.

USD Coin Profile

USD Coin’s launch date was October 31st, 2018. USD Coin’s total supply is 61,743,600,363 tokens. USD Coin’s official Twitter account is @circle and its Facebook page is accessible here. USD Coin’s official website is www.usdc.com. The official message board for USD Coin is medium.com/centre-blog.

According to CryptoCompare, “Who Created USDC?The cryptocurrency is an open-source project that anyone can view and contribute to and is managed by the Centre consortium, which was co-founded by fintech firm Circle and Nasdaq-listed cryptocurrency exchange Coinbase.Accounting firm Grant Thornton oversees the segregated accounts with regulated U.S. financial institutions that hold the cryptocurrency’s reserves, held in dollars and dollar-denominated assets. In USDC’s case, these dollar-denominated assets are short-term U.S. Treasury securities.How Does USDC Remain at $1!?Because USDC is a fully collateralized stablecoin backed by dollar-denominated assets and allows token holders to redeem USDC tokens for dollars, it can almost be seen as a digital version of the U.S. dollar.Investors can initiate a transaction to buy USDC using fiat currency, with the fiat currency they send over being deposited at a U.S. financial institution while USDC tokens in the same nominal value are minted. If the USDC is redeemed for the fiat currency, the tokens are burned and the dollars are transferred to investors’ bank accounts, according to USDC’s whitepaper. What is USDC Used For?USDC is a widely used stablecoin being adopted throughout the cryptocurrency market as it competes with the leading stablecoin USDT. Some of the cryptocurrency’s use cases include:Hedging against volatilityStable price-peggingRemittancesCrowdfundingPayments for products and servicesLending, borrowing, and other financial servicesBecause USDC is a blockchain-based digital currency, it doesn’t require a bank account, users don’t need to be in a specific location or have an account with a specific institution to use it. Moreover, it isn’t restricted by banking hours or borders.The cryptocurrency is available on a number of blockchains, including Ethereum, Algorand, BNB Chain, Polygon Avalanche, Cronos, Solana, Stellar, and TRON. It’s widely used in the decentralized finance (DeFi) space.”

Buying and Selling USD Coin

It is usually not possible to buy alternative cryptocurrencies such as USD Coin directly using U.S. dollars. Investors seeking to trade USD Coin should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to buy USD Coin using one of the exchanges listed above.

USDC/USD price chart by TradingView