USD Coin (USDC) Stablecoin Review
Best For
- Traders
- Financial Institutions
- Exchanges
- Investors
USD Coin (USDC) is a stablecoin pegged to the US Dollar. Issued by Circle, USDC is backed 1:1 to the US Dollar with customer funds held in segregated FDIC insured bank accounts. USDC is the second largest stablecoin by market cap and is exclusively issued as an ERC-20 on the Ethereum blockchain.
USD Coin Stablecoin - 2020 Comprehensive Review
USD Coin Stablecoin Overview
| Ticker | USDC |
|---|---|
| Current Price | $1.02 |
| 24H Volume | $1,511,499,204.50 |
| Market Cap | $2,812,483,750.00 |
| Circulating Supply | 2,769,760,800 |
| Market Rank | 46 |
| Collateral Type | Fiat-Backed |
| Base Currency | USD |
| Exchanges | Coinbase Pro, Binance, Poloniex, Kucoin, Bitfinex, OKEx, Bitmax, Huobi Global, Gate.io, KyberSwap, IDEX, Uniswap, HitBTC, Oasis Trade, Kraken |
| Blockchains | Ethereum |
| Hardware Wallets | Ledger, Trezor |
| Deposit Insurance |  |
| Audit Frequency | Monthly |
| Minimum Purchase | 100 |
| Minimum Redemption | 100 |
USD Coin (USDC) Exchanges
| Exchange | Rating | Price | Pairs | 24hr Volume |
|---|---|---|---|---|
| Binance | 8.5/10 | $1.03 | 18 | $609,748,155.64 |
| Coinbase Pro | 8/10 | $1.01 | 10 | $163,872,204.82 |
| HitBTC | 3.5/10 | $1.02 | 5 | $64,118,556.54 |
| Kraken | 7.5/10 | $1.01 | 6 | $46,594,458.17 |
| Kucoin | 7.5/10 | $1.02 | 11 | $25,077,234.77 |
| Poloniex | 6/10 | $1.04 | 15 | $17,022,701.05 |
| Huobi Global | 8/10 | $1.02 | 2 | $6,731,275.91 |
| Bitfinex | 7/10 | $1.01 | 2 | $6,204,022.43 |
| OKEx | 7.5/10 | $1.01 | 2 | $3,187,751.25 |
| Bitmax | 5/10 | $1.02 | 1 | $1,775,220.27 |
| Gate.io | 6.5/10 | $1.01 | 2 | $955,448.37 |
| Uniswap | 7/10 | $0.99 | 1 | $94,681.40 |
| KyberSwap | 7.5/10 | $1.02 | 1 | $669.84 |
| IDEX | 6/10 | $0.00 | 0 | $0.00 |
| Oasis Trade | 7/10 | $0.00 | 0 | $0.00 |
USD Coin (USDC) Wallets
| Wallet | Rating | Type | Price |
|---|---|---|---|
| Ledger | 10/10 | Hardware | $69.99 |
| MetaMask | 8/10 | Browser Extension | $0.00 |
| Ledger Nano M | 7/10 | Mobile Application | $96.00 |
| Trezor | 9/10 | Hardware | $149.99 |
| MyEtherWallet | 9/10 | Web | $0.00 |
| MyCrypto | 9/10 | Web | $0.00 |
| TrustWallet | 9/10 | Mobile Application | $0.00 |
USD Coin Borrow Rates
| Platform | APR Rate | Collateral LTV | Loan Amounts |
|---|---|---|---|
| Compound | 0% | 50% - 75% | $1 - $100,000 |
| Celsius Network | 3.46% - 6.26% | 25% - 50% | $1,500 - $1,000,000 |
| Nuo Network | 2.28% | 50% - 70% | $25 - $1,000,000 |
| BlockFi | 6.5% - 15.25% | 20% - 50% | $5,000 - $1,000,000 |
USD Coin Interest Rates
| Platform | APY Rate | Lockup Terms | Deposit Amounts |
|---|---|---|---|
| Compound | #NAME?% | Flexible | $1 - $100,000 |
| Nuo Network | 0.03% | Flexible | $1 - $100,000 |
| Celsius Network | 11.55% | Flexible | $1 - $100,000 |
| Nexo | 10% | Flexible | $1 - $2,000,000 |
| Crypto.com | 6% - 10% | 3 Months | $25 - $1,000,000 |
| BlockFi | 8.6% | Flexible | $1 - $1,000,000 |
| Coinbase Rewards | 0.15% | Flexible | $1 - $1,000,000 |
USD Coin Stablecoin Alternatives
Pros and Cons
Pros
- Native ERC20 - USDC is exclusively minted and used on the Ethereum blockchain. As a result, anyone can verify the circulating supply and monitor transactions. USDC can also easily be stored in a variety of personal crypto wallets.
- Coinbase Featured Stablecoin - Coinbase has selected USDC as it’s featured stablecoin guaranteeing an exchange rate of 1:1 (USDC:USD). USDC can easily be withdrawn for USD to user bank accounts.
- Liquidity - USDC is the second most most liquid stablecoin behind USDT and is traded on a majority of the biggest cryptocurrency exchanges.
- Monthly Audits - Audits are performed regularly by accounting firm Grant Thornton to ensure that USDC is backed 1:1 by US Dollars in segregated bank accounts. Circle, Ltd. frequently publishes these reports.
- Regulated & Compliant - Circle, Ltd. is fully regulated and licensed by the NYDFS (New York State Department of Financial Services) to do business in the US. The NYDFS is the nation’s toughest financial regulator.
- Strong Institutional Backing - Circle, Ltd. has received multiple rounds of venture capital and is extremely well funded for operations.
Cons
- Centralized - USDC is minted, maintained, and operated by Circle, Ltd. Centralized stablecoins can be frozen or confiscated in cases where a user is deemed to have broken regulatory laws or acted in an illegal capacity with the asset.
- Purchase & Redemption KYC - In order to redeem USDC for fiat, users must undergo KYC and provide identity documentation to Circle, Ltd. This is very standard procedure, and only a negative for privacy focused users.
Frequently Asked Questions
What is USDC?
Is USDC safe?
Where can I buy USDC?
Where can I sell USDC for USD?
Can I earn interest on USDC?
Summary
USDC is a highly transparent stablecoin with above average liquidity. The circulating issued supply has seen consistent growth with a current market cap of over $400M USD. Monthly audits released publicly in addition to strong institutional backing have instilled investor confidence in the stablecoin.
Coinbase has recently expanded USDC availability to over 100 countries worldwide. Beyond trading utility, the efforts of both Coinbase and USDC have enabled unbanked citizens in any country to access a US dollar based asset through just a mobile phone.
USDC is our highest rated stablecoin. Circle, Ltd. has done an excellent job creating a secure, liquid, transparent, and easy to use stablecoin with several deposit and redemption options.
As Coinbase’s preferred stablecoin, USDC is here to stay and is an excellent choice for both retail and institutional investors.
| Learn More | Best Features |
|---|---|
|
Legal & Regulation - Facts & Figures
| Legal Name | Circle Internet Financial Limited |
|---|---|
| Incorporated Country | United States |
| Headquarters | Boston, MA United States |
| Year Founded | 2013 |
| CEO | Jeremy D Allaire |
| Total Employees | 251-500 |
| Regulators | Money Services Business with FinCEN |
| Links | Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn |
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About The Author
Delton has been writing about blockchain finance & technology, decentralized applications, and crypto assets since 2017. His work has been published and featured by several independent news publications and blockchain projects.
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