USD Coin Achieves Market Capitalization of $44.04 Billion (USDC)

USD Coin (USDC) traded 0% lower against the U.S. dollar during the 24 hour period ending at 22:00 PM Eastern on November 24th. One USD Coin token can now be bought for approximately $1.00 or 0.00006061 BTC on cryptocurrency exchanges. USD Coin has a market capitalization of $44.04 billion and $3.08 billion worth of USD Coin was traded on exchanges in the last 24 hours. In the last week, USD Coin has traded 0% lower against the U.S. dollar.

Here’s how similar cryptocurrencies have performed in the last 24 hours:

  • KILT Protocol (KILT) traded 12.4% lower against the dollar and now trades at $0.37 or 0.00002242 BTC.
  • Aidi Finance (BSC) (AIDI) traded up 7.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded up 1.6% against the dollar and now trades at $0.0456 or 0.00000275 BTC.
  • CareCoin (CARES) traded up 1.6% against the dollar and now trades at $0.0566 or 0.00000341 BTC.
  • OmniaVerse (OMNIA) traded 0.6% higher against the dollar and now trades at $0.0012 or 0.00000007 BTC.
  • 2G Carbon Coin (2GCC) traded 3% higher against the dollar and now trades at $1,436.69 or 0.08662447 BTC.
  • Kitty Inu (KITTY) traded 1.6% higher against the dollar and now trades at $80.13 or 0.00483120 BTC.
  • Lunar (LNR) traded up 3.1% against the dollar and now trades at $0.0602 or 0.00000363 BTC.
  • Hokkaidu Inu (HOKK) traded 15.4% lower against the dollar and now trades at $0.0004 or 0.00000002 BTC.
  • QANplatform (QANX) traded up 1.6% against the dollar and now trades at $4,916.09 or 0.29641368 BTC.

USD Coin Profile

USD Coin was first traded on October 31st, 2018. USD Coin’s total supply is 44,039,932,061 tokens. The official message board for USD Coin is medium.com/centre-blog. USD Coin’s official Twitter account is @centre_io and its Facebook page is accessible here. The official website for USD Coin is www.centre.io/usdc.

According to CryptoCompare, “Who Created USDC?The cryptocurrency is an open-source project that anyone can view and contribute to and is managed by the Centre consortium, which was co-founded by fintech firm Circle and Nasdaq-listed cryptocurrency exchange Coinbase.Accounting firm Grant Thornton oversees the segregated accounts with regulated U.S. financial institutions that hold the cryptocurrency’s reserves, held in dollars and dollar-denominated assets. In USDC’s case, these dollar-denominated assets are short-term U.S. Treasury securities.How Does USDC Remain at $1!?Because USDC is a fully collateralized stablecoin backed by dollar-denominated assets and allows token holders to redeem USDC tokens for dollars, it can almost be seen as a digital version of the U.S. dollar.Investors can initiate a transaction to buy USDC using fiat currency, with the fiat currency they send over being deposited at a U.S. financial institution while USDC tokens in the same nominal value are minted. If the USDC is redeemed for the fiat currency, the tokens are burned and the dollars are transferred to investors’ bank accounts, according to USDC’s whitepaper. What is USDC Used For?USDC is a widely used stablecoin being adopted throughout the cryptocurrency market as it competes with the leading stablecoin USDT. Some of the cryptocurrency’s use cases include:Hedging against volatilityStable price-peggingRemittancesCrowdfundingPayments for products and servicesLending, borrowing, and other financial servicesBecause USDC is a blockchain-based digital currency, it doesn’t require a bank account, users don’t need to be in a specific location or have an account with a specific institution to use it. Moreover, it isn’t restricted by banking hours or borders.The cryptocurrency is available on a number of blockchains, including Ethereum, Algorand, BNB Chain, Polygon Avalanche, Cronos, Solana, Stellar, and TRON. It’s widely used in the decentralized finance (DeFi) space.Where Can You Buy USDC?The cryptocurrency is currently being traded on most Top-Tier cryptocurrency exchanges, including Coinbase, Kraken, Bitfinex, Binance, and FTX. You can find out where to buy BTC on the cryptocurrency’s analysis page on CryptoCompare.”

USD Coin Token Trading

It is usually not presently possible to purchase alternative cryptocurrencies such as USD Coin directly using US dollars. Investors seeking to acquire USD Coin should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase USD Coin using one of the exchanges listed above.

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