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Hello guys, I'm here to participate in this week 7 homework which is stablecoin part 2 which was well lectured by our amiable proffesor@yohan2on
Topic:stablecoin part2.
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Firstly I will like to trow more shade on stable coin before writing on USD coin as one of the stable coins. Stable coin can said to be a type of crypto currency whose worth is been evolved around an outside asset to put the price on a steady sum.
USDC:usd coin can said to be a centralized us dollar backed stable coin that was launched by a company called centre in the year 2018,that is to say that USD coin is up-to 4 years since it was launched.
As of 23 November 2020 because of its potential was ranked second most largest stable coin in the world by market capitalization.
How is USD pegged with dollar: a USD token is been created when one buys a token from a verified vendor and for every us dollar you receive, the issue will apply what we call ERC-20 smart contract to create an equivalent amount of USD,after creating it will be sent back to the original buyer and the US dollar which was sent to the issuer will now be held as a collateral so making every USD token backed by a US dollar and it's prompt to redemption.
Difference between USD and other stable coins: USD differs from other stable coins like tether in the sense that the person issuing it represents that they are regulated financial institution with a high level of government Co-ooerarion,that is to say that after addiction the reserves are held on a 1:1 ratio.
Growth in stable coin market: since the launching of it(USDC) on September 26th,it has been supported by 10 new exchangers and firms amounting it to over 40. The largest crypto currency based payment platform has announced and throw their support and back up on it.
How to buy a USD using coin base:
1: firstly you have to create or sign into your coin base account.
2:convert your USD at a ratio of $1.00 for one USD with no attachable fee.
3:on the hand side of the page enter the amount of USD you wish to purchase.
5:select your payment method and click on preview purchase.
where to get USD coin?
You can get your USD coin by purchasing from one of this exchanges.
1:Binance
2:grex24
3:fcoin
Nb: beside these exchanges,usd can also be turned to USD at coin base or USD turned to USDC.
uses of usdc:
USD can be used on variety of resources but one of the essential reason is it's ability and power to hedge against volatility during higher market movement be it in Crypto currency or your own local currency, USD coin also allows you to store your wealth in a currency that is more dependable.
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Thanks sir at @yohan2on