Buy USDC in Australia on CoinJar

USD Coin, now rebranded to USDC (USDC) is a type of cryptocurrency that is backed by the U.S. dollar. Unlike other that have volatile prices, USDC is designed to maintain a stable value of one USDC equal to one U.S. dollar.

This makes USDC a stablecoin, a digital currency that aims to provide a reliable and convenient way to store and transfer value using blockchain technology.

How does USDC work?

USDC is issued by a private company called .

Circle claims that every USDC in circulation is backed by a corresponding U.S. dollar or other approved assets held in segregated accounts with regulated U.S. financial institutions. These accounts are regularly by an independent accounting firm to ensure that the USDC supply matches the reserve assets.

What are the benefits and risks of USDC?

One of the main benefits of USDC is that it seemingly offers low price volatility, meaning that its value does not fluctuate significantly over time. This makes USDC suitable for storing and transferring value without worrying about losing purchasing power due to market fluctuations.

USDC can also be used as a hedge against inflation, as it is pegged to the U.S. dollar, which is considered a relatively stable currency.

This however means that the value won’t rise, it aims to stay stable. However, stablecoins have “” before.

USD audits

USDC provides regular and verifiable reports on its reserves and operations. However, after successful audits in 2019, 2020 and 2021, there was a failed audit in 2022.

Circle hired Deloitte for the 2023 audit, and the results are .

Why own USDC?

USDC can be transferred 24/7 and is than traditional payment methods, such as bank transfers or credit cards.

USDC can also be integrated with various platforms and protocols that support blockchain technology, such as Visa, which that it would allow USDC to settle transactions on its network.

Is USD Coin popular and what is it used for?

While USDC isn’t ideal as a speculative investment, as its value is stable, it has some uses that make it worth having.

-USDC can be used as a bridge currency to trade other cryptocurrencies on various platforms, including CoinJar.

-USDC can be used as a payment method for goods and services that accept cryptocurrencies, such as online shopping, gaming, travel, and entertainment.

-USDC can be used as a remittance tool to send money across borders and regions, especially to countries with limited access to banking and financial services. All users need is a phone.