After the success of Bitcoin came many new alternatives popularly known as altcoins. Well, a new category of cryptocurrencies also came into being, called stablecoins. This new brigade of digital currencies lives up to its name in being stable at the time of market volatility. Other than Tether known to be the most popular stablecoin, there is USD Coin (USDC). You can choose Binance.US, Bitstamp, and KuCoin are the 3 top options for the best app to buy USDC. To download the USDC wallet app you can do it from Bitcoin.com.
Apart from Tether (USDT), you can make a smart choice with USDC. Now it might make you think as to why to go for USDC when USDT seems to be the top stablecoins. Well, there is a big reason why we are recommending this substitute of USDT or Tether and other stablecoins. To know all about it, you must join us in this article.
At the time of the conceptualization of the USD Coin, there was much buzz around Tether (USDT). There were rumors about minimum liquidity, manipulation in prices, and false facts that spread panic widely. To resolve this issue permanently, a team of two companies got joined the creation of a new and reliable USD stablecoin.
Facts about USD Coin
And then USD Coin got launched as an ERC-20 token on the Ethereum blockchain. After its launch, it got ported very soon onto other blockchains following its popular rise. When someone buys more USD coins they get minted every time. Hence, one cannot expect a maximum supply of USDC. And when USDC is sold by someone back to the center, the company under which USDC is managed, the USD Coins are burnt and removed from the circulating process.
Contrary to other usual cryptocurrencies, stablecoins like USD Coin have a uniqueness in their functioning by operating as tokens on top of the other blockchains. When they are purchased by more people, the tokens are minted. And at the time of selling, they get burnt. This keeps the ratio of USD Coin pegged to fiat currency (United States Dollar) with a ratio of 1:1. A $1 is stored securely in a bank account for each 1 USDC in circulation.
Some of the funds are also invested into US Treasury Bonds by USDC, which leads to income generation. Any wallet that is supportive of ERC-20 tokens will accept the USDC owing to its growing popularity. The transactions of USDC function similarly to Ethereum transactions, getting settled in a few minutes.
Make sure you choose the right blockchain platform for withdrawal when it comes to buying USDC from an exchange. Some of the top suggested options for blockchain platforms include Solana, Ethereum, Stellar, Algorand, and Tron. Some of the few applicants that accept USDC as a payment method are AAVE, Celsius Network, Compound, Nitrogen, Bitwage, OpenSea, Travala, BlockMyTalent, Dharma, BlockFi, Salt, CoinLoan, and Dizpay.
Top 2 crypto wallets for storing USDC
Some of the best crypto wallets to store USDC include:
When it comes to searching for the top USDC crypto wallet, the MetaMask wallet is the right choice to go with. The accounts of the users are secured via user-generated passwords and biometric solutions. To aid the wallet in the process of recovery, there is a provision of a 12-word seed phrase.
Ledger Nano S
The next best option is Ledger Nano S. This is an advanced hardware wallet that provides security to digital assets and is one of the top cryptocurrency wallets for storing USDC.