USDC Stablecoin — Now Available on BuyCoins!
Disclaimer: USDC and other cryptocurrencies are neither classified as legal tender nor regulated securities in Nigeria.
We’re introducing support for USDC as one of our listed cryptocurrencies on BuyCoins. This is in addition to Bitcoin, Ethereum, and Litecoin which you can already trade. USDC is a very important one for us and a number of our users who have been requesting a US Dollar backed stablecoin for a while.
What’s USDC?
USDC is a stablecoin pegged to the US dollar. This means that each USDC is backed by one US dollar, which is held in a bank account.
USDC was launched in September 2018 by Circle and Coinbase. It is minted by a consortium called Center which holds US$1.00 in a special bank account for every single USDC. This bank account is constantly monitored and audited. The amount of USDC currently in circulation is 745,935,739 USDC and it is publicly visible on the Ethereum blockchain.
Why is USDC important?
Unlike US dollars, USDC does not require its holders to have a US bank account or live in a particular geographical region. Because it’s a digital currency, you can hold, send, and receive USDC anywhere in the world.
A stablecoin like USDC bridges the relative stability of USD with the borderless nature of cryptocurrency. As such, it gives people all over the world the ability to transact with USD on the blockchain. This makes it a good hedge for volatility and inflation. As a result, cryptocurrency traders sometimes convert their Bitcoin holdings to USDC during times where they are not actively trading.
This launch of USDC is particularly important because it’s coming at a time where the Naira has fallen significantly against the dollar over the last 2 months while the inflation rate remains high. USDC presents a hedging tool against the Naira devaluation and high inflation rates.
Get Started
You can buy and sell USDC on the BuyCoins app within minutes! Download the app from the Play Store or App Store; or update your version of the app if you already have it.
If you have any additional questions, check out our help docs or send an email to support@buycoins.africa.
