Where USD Coin is Accepted Locally and Globally
USDC is the leading (legit) stablecoin pegged to the US Dollar as its name suggests, one USDC is redeemable as one US Dollar. It is the result of a collaboration between Coinbase and the peer-to-peer payment processor Circle (is it really peer-to-peer if some company needs to “process” it?) Being a top 10 coin, it’s accepted by businesses, mostly American, from a swank boutique hotel in Savannah, Georgia to a motorcycle-riding dentist in LA.
Who Accepts USD Coin
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Should you buy USD Coin?
Not as an investment, its utility is in stabilizing gains that you might have made with more volatile cryptos. It serves as an on-ramp/off-ramp to crypto exchanges. There’s a strong case to be made that USD Coin is more credible than Tether, USDC is backed by the audited dollar reserves of Circle, a major (and majorly regulated) US financial services firm. VISA announced in 2021 that they will be using USDC to accept Ethereum transactions.
Personally, I’d stay away from dollar-backed coins for the simple reason that they are, by design, going to be inflationary — I’d rather HODL Bulgarian Levas! And also because they appear to be transforming into Central Bank Digital Currencies (CBDCs), which are seriously bad news — these are privacy-invasion “fed coins” that the technocrats of the world really want us all using so that they can exclude us from the economy if we aren’t sufficiently submissive tax livestock.
The CENTRE Vision
The open internet — a global, distributed network of computers that share common open software protocols — has enabled billions of humans to connect and share information instantly, securely and with zero consumer cost. The implications for the world have been profound, and are still unfolding. The invention of cryptographic assets and blockchainbased computing and data sharing have ushered in the next major era of the open internet.
From the Centre whitepaper
USD Coin is a digital stablecoin that is pegged to the United States dollar and runs on the Ethereum blockchain. Each USDC is backed by a dollar held in reserve. USD Coin is managed by a consortium called Centre, founded by Circle and including cryptocurrency exchange Coinbase and Bitcoin miner company Bitmain, which is an investor in Circle. USDC was first announced 15 May 2018 by Circle, and launched in September 2018. As of June 2019, $343 million USDC was circulating.