What is USD Coin?
USD Coin (USDC) is a type of cryptocurrency that is the world's leading digital dollar stablecoin. A stablecoin is a cryptocurrency that’s pegged to a single underlying asset. In the case of USDC, it’s pegged to a single asset: the US dollar. Digital dollars work like other digital content — they move at the speed of the internet and they are more secure and cheaper than already existing payment systems.
How does USDC work?
Every USDC token is backed with a single US dollar. The process of turning US dollars into USDC tokens is called tokenization.
Tokenizing USD into USDC is a three-step process:
- Send USD to your bank account.
- By using USDC smart contract you create an equivalent amount of USDC.
- The newly minted USDCs are delivered to your account, while US dollars are held in reserve.
How to buy USDC?
- Create an account
- Verify your identity
- Fund your account and start trading USD Coin on X1
What can I do with USDC?
You can hold on to your USDC with the expectation of it increasing in value, you can also store your Tokens safely on your account or in your crypto wallet.
You can trade USDC for other cryptocurrencies.
You can send it to anyone and anywhere with their USDC address.