Crypto Academy Week 7 Homework Post for [@yohan2on]

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Hello..!!
My Dear Comrades,
This is @eh-shohag from #Bangladesh🇧🇩

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The course outline is by @yohan2on on...

Write about any one of the following Stable coins
USD Coin (USDC)
TrueUSD (TUSD)
Paxos Standard (PAX)
Digix (DGX)

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USD Coin (USDC)

Source

What is USD Coin (USDC)?

The USD coin is a stable currency that is denominated in 1:1, with each unit of circulation cryptocurrency backed by $ 1 in cash and short-term US Treasury bonds. The Center Consortium behind these assets says USDC-regulated financial institutions issue. The stable currency was originally introduced in September 2016 on a limited basis. Simply put, the motto of USD Coin is "Digital Money for the Digital Age" - and Stablecoin is designed for the world in a way that makes cashless transactions more common. Several uses for USD Coin have been revealed. In times of turmoil, cryptocurrencies provide a safe haven for cryptocurrencies as well as accept payments on digital assets, and have implications for various sectors, including decentralized finance and gaming.

Tokenization

Source

Summerily, there are three steps in this process as follows :

• First, a user have to send USD to a token issuer’s account (bank account).
• Then, the issuer have to use a USDC smart contract to generate an equal or same amount of USDC.
• Then, the newly produced USDC are sent to the user. After that the substituted US dollars are occupied in the issuer’s reserves.

In the same way, we can redeem a USDC token for USD. In this case, the three steps must be followed :

• First of all, the user has to send a proposal/request to the USDC issuer for redeeming an equal or same amount of USD for USDC.

• Then, through the USSC smart contract the issuer send the request to swap tokens for USD.

• Then, the issuer has to send the USD from its stock or reserves back to the user’s account. At this time, the user gets the net amount equal to the one in USDC tokens minus any relating fees.

Where can we get USDC coin

Let's see a list at a glance from where we can purchase the token/coin...

• Poloniex [Paired with BTC, ETH, BHC, STR, ZEC, XMR, DOGE].
• Binance [Paired with BTC and BNB].
• Coinbase Pro [Paired with BTC and ETH].
• CoinEx [Paired with USDT].
• OKEx [Paired with BTC and USDT].
• CPDAX [Paired with BTC].
• Coinsuper [Paired with BTC and USD].
• Hotbit [Paired with USDT].
• Korbit [Paired with KRW].
• Kucoin [Paired with BTC, ETH and USDT].
• FCoin [Paired with USDT].

Marketplace

The statistics tells us it's a popular stablecoin. It can be understood by looking at the 24h price change, how much stable is the coin. 24h change rate only $0.00125 (Low/High - $.999/$1.00). Trending volume is mentionable & market cap is 0.1297. Market dominance rate is also remarkable (0.56%). Market rank is 13 now.

The chart shows us the stability of the coin. Since 2019, its stability remains almost same. We can see the curve line considering 1day, 1week, 1month, 3months, 1year & following. By clicking on the curve line, we can see a specific time related overview. Overall, it can be said that after Tether (USDT), USDC is the 2nd largest stablecoin.

★Advantages/Merits of USDC coin★

• Digital money for digital age : Digital dollars act like other digital content. It is notable that it's most secure and reliable than existing payment systems.

• USDC smart Contract : It is available as etherium algorand tokens. That's why it integrates the tokens smart contract with these applications.

• The largest stablecoin ecosystem : USDC has speedily growth considering open standard & smart contract in stablecoin market all over the world. The main thing is that most of companies' products & services supports its standard.

• Transparency : Grant Thornton LLP. publishes a report in every month so that we can be confident that USDC is 100% redeemable for dollars as always.

In gratitude I would like to thank @yohan2on for disclosing the chapter. Thanks a lot.

Cc :
@steemcurator01
@steemcurator02
@steemitblog