Crypto Academy week 7 Post for [ @yohan2on] // Stable coin // USD Coin

Hello prof @yohan2on. I’m glad today again participating in the week 7 cryptoacademy lessons , in fact I appreciate your efforts in impacting in us more knowledge in crypto.
This week I will consider USD COIN in my Stable coin task .

STABLE COIN

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Basically everything that is stable stay at one position in relation to what it is compared to.
In cryptocurrency some coins are created to be pegged to the USD to creat an opportunity for traders to rest their coins when they take out profit or take breaks , this coins move with the USD in ratio of 1:1 , so instead of taken off your coin to buy a FIAT currency you are offered a Stable coin to keep your money still digital.

One of the Stable coin I will be talking about today is USDC (USD COIN ).

USD-COIN ( USDC)

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This is a coin that was launched on the 26th September, 2018 , by the circle , coinbase And Birman, about $10billion value of USDC was minted from genesis , the Stable Token run on the Ethereum Blockchain , it cake into the crypto market to tokenize the USD amidst that it easy to change it back to USD .

HOW DOES USDC WORK
USDC was created to make traders and investors have an in volatile ground to take their profit or token they don’t want to invest .
this stable token makes that simple .

First of all how do you Get UDSC when you have USD

• Send the USD to the person you are buying from (Token Issuer ) Through a bank account.

• The Bank or the Token issuer will use the Ethereum Blockchain smart contract to send you an equivalent amount of USD in USDC.

• USDC will be minted and sent to the address provided , the payment you made in USD will be reserved by the bank .

USING USDC TO BUY USD

• The holder of the USDC have to send a request to the USDC buyer to redeem an equivalent amount of USD and take the Token equal to it

• The Buyer will send a request to the Ethereum blockchain smart contract to exchange the UDSC for USD and take an equivalent amount

• the Buyer will send the USD to the users (the holders) account

The USDC team make a report of attestation for transparency sake so each holder of USDC is expected to report their holdings to the team .
USDC can be used in any wallet that support ERC-20 currency , to use the main circle account which is one the team of this token the user need to pass the KYC test and link his/her legitimate ban I account .

With circle users can tokenize, redeem , transfer and Deposit USDC form external Ethereum wallets .

With an exchange like coinbase which is also among the team to USDC fees are charge for USDC transaction unlike Circle which doesn’t change fees unless there is an incorrect bank transaction

UDSC can be found in most exchange platform , and you can store them in any wallet that support ERC-20 Tokens.

USDC is a FIAT collateralized coin and centralized backed by the USD .
In conclusion USDC is a stable coin created to to avoid traders and investors cashing out every day but they can save in it , send money anywhere with low cost .

Thanks 🙏