Crypto Academy Course 7: Stable Coins 2 – by @yohan2on

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Hi everyone, welcome to this week’s course 7. In this homework post, I will be solving this week’s task that still involves writing about one of the top stable coins. In this week’s homework task and I will also be giving my opinion and knowledge about a certain stable coin and what it is all about. I have to say, this week 6 course by the Steemit crypto professor @yohan2on is a very interesting and popular topic as far as cryptocurrency is concerned. Stable coins are one of the most used cryptocurrencies – we all know the importance of having good and sound knowledge of stable coins, especially when it involves trading and investing on crytocurrency assets, so in my opinion, this was a very important topic to introduce for this week’s crypto academy course.

What Stable Coins are all About

Stable coins are up there as one of the most important and talked about cryptocurrency assets because of their use and benefits. Based on the main tasks for this post, I will be discussing about USD Coin.
Before continuing writing about USD Coin, I think it is important to first of all know what stable coins are and what they are all about. A stable coin is simply a type of cryptocurrency asset created to minimize volatility hence the name “stable” coin and runs on a blockchain network. They are pegged to a stable asset like USD or any other stable asset, USD Coin being a very good example of a stable coin.

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What is USD Coin?

USD Coin or USDC is a stable coin that runs on the ethereum blockchain with the main aim to tokenize the US dollar. It is regarded by many as the king of stable coins because of the team behind it and the features and benefits of it. It is backed by the US dollar and is pegged to the US dollar. The USDC stable coin is a decentralized cryptocurrency asset that is meant to represent 1 USD Coin to 1 US Dollar. The USD Coin was launched in 2018 and a collaboration of Circle and Coinbase. USD Coin is a stable coin that runs on ethereum and is executed through smart contract. Based on the data from coinmarketcap, USDC has a marketcap of $10,119,333,149, fully diluted marketcap of $10,323,226,718, 24hr volume of $1,697,891,522, circulating supply of 10,104,217,063 USDC and a total supply of 10,308,013,080 USDC.

Features and Benefits of USD Coin

USD Coin has some really amazing features and benefits that makes it one of the most popular and most used stable coins in the cryprocurrency market.

• Some key features of USD Coin
  Some of the key features of the USD Coin are;
  It is powered by the ethereum blockchain and is decentralized, 1USDC will always be 1US Dollar, Utilizes smart contracts, it is backed and pegged to the US Dollar.

• Some key benefits of USD Coin
  USD Coin is one of the top stable coins and is used by many with a lot of use cases which proves that it offers key benefits;
  One of the benefits of USD Coin is that it also possess the amazing benefits of the ethereum blockchain since it runs on ethereum blockchain and also supported on multiple wallets with ERC-20 compatibility. Another benefit of the USD Coin is that of its full compliance with the legislation which gives users trust and assurance. USD Coin is decentralized which is key in blockchain and cryptocurrency. Being powered by the ethereum blockchain gives USD Coin security and wider adoption. USD Coin is a top stable coin for traders and also a great way to bridge the gap between the US Dollar and cryptocurrency. It is backed by a reserve which provides security to the USD Coin.

The Team Behind USD Coin

There are a big names in the cryptocurrency sphere that is involved in the USD Coin development. It developed by the Centre consortium, a collaboration between two giants Circle and Coinbase. Center develops the framework for governing and the tech behind the project while Circle and Coinbase are the first commercial issuers of the USD Coin or USDC.

Where to Buy or Trade USD Coin

Based on the information on coinmarketcap, and like every other top stable coins, USDC is also traded on many top exchanges; Binance, Coinbase Pro, Kucoin, Huobi, Poloniex, Hotbit, and other very good exchanges…

screenshot of USDC/USDT trading pair on huobi

Where to Store USD Coin

One of the key benefits and advantages of the USD Coin is its compatibly with a lot of ethereum-based wallets. USDC can be stored securely on any wallet that supports the ERC-20 since USDC is powered by the ethereum blockchain. There are a lot of popular and secure ethereum wallet which can either be web wallet, mobile wallet, desktop wallet or hardware wallet can be a great option to store the USD Coin, as far as the wallet provides the keys or seed phrases, to give you full control of your asset.

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