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USD Coin Review: Is it legit, safe and trustworthy for UAE citizens and residents?

Since its inception in 2018, USDC has developed into a robust market infrastructure that is utilized by apps and companies of varying sizes across almost all sectors of the economy. This disruptive internet layer makes extensive use of USDC, which operates in a seamless manner across several of the most prominent blockchains in the world.

The number of wallets, exchanges, platforms, protocols, applications, and service providers that are integrating USDC is now at an all-time high. It is extensively used for making payments, which makes the exchange of value between individuals and companies in different parts of the world easier and less cumbersome.

Projects that have an effect on businesses and communities all around the world are driven by developers that build on top of USDC. By utilizing USDC, you may facilitate an easier way for your users and customers to trade value and transmit it to one another.

Because blockchain-based "smart contracts" eliminate the need for traditional middlemen and seamlessly link buyers, sellers, borrowers, and lenders, more individuals now have access to the financial system thanks to USDC's emergence as a fundamental pillar of the cryptocurrency capital markets.

Businesses may access and use USDC in the quickest and most convenient way possible by signing up for a free Circle Account and utilizing our industry-leading range of Payments, Payouts, and Accounts APIs. This cutting-edge, natively digital payments and treasury infrastructure can power enterprises of any size across numerous blockchains, lowering costs and shortening settlement times while simultaneously increasing access to millions of more consumers.

USDC provides a scalable solution to move value swiftly and cost-effectively, whether you need to send it across the street or across international boundaries. This is true regardless of the quantity you need to send or the location you need to send it to. Anyone with access to the internet can participate in USDC.

To trade on crypto exchanges and DeFi protocols, businesses, especially institutional traders, may simply convert fiat currency to USDC, and they can convert USDC back to fiat currency at any moment on an exchange.

Payouts to third-party vendors and suppliers may be made almost instantly using USDC, and payroll can be sent directly into employees' bank accounts. USDC is used by a variety of businesses, including remittance providers, eCommerce marketplaces, video game studios, and DAOs, to facilitate faster and more efficient payments.

USDC is an essential component of Decentralized Finance (DeFi), a new ecosystem of code-based financial markets that does away with the need for intermediaries and uses smart contracts to bring together buyers, sellers, borrowers, and lenders. Circle Yield is a fixed-term cryptocurrency investment that is built on USDC and overcollateralized with bitcoin. Circle Yield is also open to institutional accredited investors that wish to invest treasury assets in the cryptocurrency.

In order to construct the future of commerce, thousands of developers are currently utilizing the open-source smart contract that the USDC provides. In addition, programmers have the option of integrating their applications with Circle APIs in order to take payments in both fiat currency and USDC, to automate payouts, to include digital asset account infrastructure into their product or service, and to power their online marketplace.

Center Consortium, a group that drives standards for the adoption of trusted stablecoins in addition to identification and payment standards, manages the USDC open-source software. Additional chain integrations are anticipated, despite the fact that USDC is now operational on a number of the world's most advanced and cutting-edge blockchains. The flexibility to switch components throughout the ecosystem in a seamless manner and the widespread availability of native components mean that developers who build using USDC may expand their customer base.

Verite is the second major standards effort that Centre Consortium is working on. It offers decentralized identification for the cryptocurrency finance industry. Verite is a set of standardized protocols that has the potential to make it safer, simpler, and more efficient to do business in the rapidly evolving realm of DeFi and Web3 commerce. Anyone is welcome to utilize Verite and build upon its foundation without cost or restriction.

Because the USDC is entirely backed by cash and short-term debts of the United States government, it may always be redeemed for an equal amount of U.S. dollars. Each month, we provide attestation reports detailing the reserve balances that are supporting USDC that were prepared by Grant Thornton. Circle is a licensed money transmitter in 46 of the 50 states in the United States, as well as the District of Columbia and Puerto Rico.

USDC is the digital stablecoin that is completely regulated and has the quickest growth rate in the world.

Native support for USDC may be found on a number of layer 1 blockchains, including Ethereum (in the form of an ERC-20 token), Algorand (in the form of an ASA token), Solana (in the form of an SPL token), TRON (in the form of a TRC-20 token), and Stellar (in the form of a native asset).

A cryptocurrency that combines the benefits of open, borderless cryptocurrency with the price stability of traditional fiat currencies is known as a stablecoin. This type of cryptocurrency is driven by blockchain technology.

Each USDC is worth $1.00, and they may always be exchanged for US dollars on a one-to-one basis.

As of the 4th of March in the year 2022, there is more over $53.5 billion USDC in circulation.

Built on top of the open-source fiat stablecoin framework created by Centre, USDC is now administered by a consortium of partners including Circle and Coinbase. USDC was developed by Centre and is based on the framework. Circle's application programming interfaces (APIs) allow businesses that want to use USDC in an internet-native manner to complete card payments, wires, ACH transfers, and other types of payments that settle in USDC in a digital or hardware wallet as opposed to fiat currency in a bank account. This enables businesses to use USDC in a manner that is more secure and private than traditional methods.

Explore our API documentation, get a test API key to build in our sandbox environment, click through a sample payments application, and contact our sales team when you're ready for a production API key to get started building with USDC. Developers are encouraged to explore our API documentation before beginning to build with USDC.

A mode of value exchange that is not subject to price fluctuations is necessary for true financial interoperability. The Centre's technology for fiat-backed stablecoins makes the cryptocurrency market more stable. The initial implementation is known as USD Coin (USDC), and it is offered as an Ethereum ERC-20, Algorand ASA, Avalanche ERC-20, Flow FT, Hedera SDK, Solana SPL, Stellar asset, and TRON TRC-20. It opens up opportunities in the areas of payments, lending, investing, trading, and trade finance, and the ecosystem will expand as additional fiat currency tokens are added.

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The number of wallets, exchanges, platforms, app developers, and service providers that are coming on board to support USD Coin is constantly growing. We are affecting a change throughout the whole crypto economy together.

A digital stablecoin known as USD Coin (USDC) is one that is tied to the value of the United States dollar. The cryptocurrency exchange Coinbase and the Bitcoin mining company Bitmain both have representatives serving on the Center, the consortium that manages USD Coin. Centre was established by Circle and was named after its founder.

The United States Digital Currency (USDC) is issued by a private organization, and as such, it should not be mistaken with a digital currency issued by a central bank (CBDC).

Circle asserts that each USDC is backed by a dollar that is kept in reserve or by other "authorized assets," however the details of these investments are not provided. By June 2021, the phrase "supported by US dollars" was changed to "backed by completely reserved assets" on the Circle website. Previously, the phrase read "backed by fully reserved assets."

The method by which the US Dollar is transformed into USD Coin consists of the following three steps:

A user makes a payment in U.S. dollars to the bank account of the coin issuer.
The corresponding quantity of USD Coin is generated by the issuer through the usage of a smart contract for USD Coin.
The freshly produced USD Coins are sent to the user, while the US Dollars that were swapped are stored away in a reserve.
The procedure outlined above, but with the exchange of US Coins for US Dollars, is followed when redeeming US Coins.

Grant Thornton, LLP performs routine attestations (but not audits) of USDC reserves, and such attestations may be accessed on the website of the Centre Consortium. The USDC reserves are not audited.

Circle made the initial announcement on USDC on May 15, 2018, and the cryptocurrency was finally released in September of that same year.

Visa made the announcement on March 29, 2021, that it will begin supporting the usage of USDC as a means of settling transactions on its payment network.

According to Circle's estimates, the total amount of USDC that was in circulation as of December 2021 was 42.5 billion.



Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.