You may have heard about USDC, a new digital flat currency gaining popularity. USDC is a fiat-collateralized stable coin that center-created consortium of leading companies, including Circle and Coin base. This means that USDC is backed by actual US dollars, which gives it a degree of stability that other cryptocurrencies lack.
In this guide, we will define USDC, describe its operation, and discuss why it is gaining popularity among cryptocurrency fans. We’ll also show you how to buy and sell USDC on KuCoin, one of the world’s leading digital asset exchanges.
What Is Digital Flat Currency USDC?
Digital flat currency USDC and XLM is a new currency created by the financial technology company Circle. It utilizes the ERC20 token standard and is built on the Ethereum blockchain.
USDC is meant to be a stablecoin, a type of cryptocurrency. In this case, each USDC is backed by one US dollar held in reserve by Circle. This means that for each USDC in circulation, one US dollar should always be held in reserve.
The idea behind a stablecoin is that it can be used to store value or make payments without the volatility that we see with other cryptocurrencies. For example, if you want to send someone $100 worth of Ether (ETH), the value of ETH could go up or down between the times you send the transaction and when it is processed.
With USDC, you can be more confident that $100 will be worth $100 when the transaction is processed.
One of the most well-liked stable coins, USDC has a market worth of over $1 billion. Major exchanges like Coin base and KuCoin, as well as wallets like MetaMask and Trust Wallet, support it.
How Is USDC Different From Other Digital Currencies?
A digital currency called USDC is linked to the US dollar. This means that one USDC is always worth one US dollar. Unlike other digital currencies, which can be very volatile, USDC is stable. This makes it a good choice for people who want to use digital currency for everyday transactions.
Another difference between USDC and other digital currencies is that major financial institutions back USDC. This gives it a lot of credibility and makes it more trusted than some of the other options.
How to Buy and Sell USDC on KuCoin
First, you need to create an account on KuCoin.com and deposit some funds into your account. After completing this step, navigate to the trading website and choose USDC/BTC or USDC/ETH from the list of available markets.
Then, you can place an order to buy or sell USDC. You must adjust the cost you want to sell or buy at and the amount of USDC you want to buy or sell.
Your order will be matched with another order from another user once it has been placed. And that’s it! Now you know how to buy and sell USDC on KuCoin.
Using USDC to Trade on KuCoin
To use USDC on KuCoin, you first need to deposit USDC into your KuCoin account. When you’re ready to trade, you can use USDC to buy or sell supported cryptocurrencies on KuCoin’s trading pairs.
Here’s how it works:
1. After logging in, go to the ‘Assets’ page in your KuCoin account
- Select ‘Deposit’ from the ‘USDC’ row.
- Go to your USDC wallet and send the desired amount of USDC to your KuCoin deposit address.
- Once your deposit is successful, you’ll be able to see your USDC balance on the ‘Assets’ page under the ‘USDC’ row.
- To trade with USDC, go to the trading page of the desired trading pair and select ‘USDC” as your quote currency.
2. Withdrawing USDC from KuCoin
The procedure is simple if you want to withdraw your USDC from KuCoin.
First, you’ll need to log in to your KuCoin account and click on the “Assets” tab. From there, click on the “Withdraw” button next to USDC.
Next, you’ll need to enter the amount of USDC you want to withdraw and the wallet address you want to be sent. Once you’ve done that, click “Submit”, and your withdrawal will be processed!
Digital flat currency USDC has a lot of benefits, but there are also some things to be aware of before investing. Before beginning, make sure you do your homework and are aware of the risks.
Thanks for reading! We hope this guide has been helpful. If you want to or have questions, please learn more about digital currencies; we suggest checking out our other blog posts or contacting our support team.