Blog: Cryptocurrencies
by DerekLewis

What is USDC and how is it different from USDT stablecoin

What is USDC and how is it different from USDT stablecoin

Date:   8/2/2022 3:16:26 PM   ( 3 mon ) ... viewed 43 times

What is USDC and how is it different from USDT stablecoin

To date, USDC occupies the 5th place in the coinmarketcap rating, and the total capitalization of the project has reached an impressive 50 billion US dollars.

How did the USDC project come about?

The developer of the project is the Center consortium, which includes the Coinbase exchange and Circle, which is the main developer.

In addition to Center, the project was supported by well-known investors and venture capital funds in the industry, including Goldman Sachs, Breyer Capital, General Catalyst Partners and others. The stablecoin was launched in the fall of 2018 and has become one of the leaders in terms of capitalization growth among all projects. One of the factors behind this rapid growth was the widespread adoption of its use on the most popular cryptocurrency exchange in the US, Coinbase.com.

How USDC is issued

The only issuer of the USDC token is Circle, each token is backed by the US dollar 1 to 1. When the currency arrives, the company issues new tokens, and burns them when paying off its obligations.

The USDC token is first issued only on the Ethereum blockchain in the ERC20 standard, but later several more networks were added: Algorand, Solana, Stellar, Tron, Hedera, Avalanche and Flow. At the same time, USDC is also available on other networks in the form of a “wrapped” token, for example, wanUSDC.

Where is the best place to store USDC

Since the native token exists only in the ERC20 standard on the Ethereum network, you can only store USDC in wallets that support this network, my personal TOP:

 - Metamask - a cryptocurrency wallet that is available as a browser extension and smartphone application, more details can be found here;

 - Trust Wallet is a Binance exchange-owned smartphone wallet that supports multiple blockchains, learn more here;

 - Ledger is a popular hardware wallet with a handy Ledger live app.

 - Also, you can consider the option with the Trastra crypto wallet https://trastra.com/coins/usdc-wallet/

How safe is USDC

Security in cryptocurrencies is a multi-level issue and can usually be divided into several components:

 - blockchain security, in our case Ethereum - there are no problems with this point and they are unlikely;

 - storage security (exchanges and wallets) - the least secure option is exchanges, the most secure is a hardware wallet;

 - digital user hygiene is the weakest point in the industry.

In the case of an external issuer, namely the Circle company, one more risk is added - the blocking of funds by the company. Moreover, such blocking can be caused both by legal requirements and the risks of hacking or insufficient provision of tokens with fiat currencies.

In any case, the best protection is diversification, using different stablecoins on different networks.

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