Review on USD Coin by Temitope Babatunde
USDC A Stable Coin That You Can Trust.
Circle Limited with it's CEO Jeremy D Allaire is the brain behind USDC. This company has it's headquatre in Boston MA USA. It issued this stable coin pegged to US dollars as a way of solving the problem of volatility associated with cryptocurrencies.
It is a stablecoin that is insured by FDIC, and the account where the collateral is kept is being audited monthly by an accounting firm known as Grant Thomton. Circle is regulated and licenced by NYDFS, this give the holders of USDC a kind of assurance that the coin can not become worthless one day without having somewhere to turn to for help.
The token is on ethereum network and the circulating supply is 1,201,076,912. It is available in so many crypto exchange and is number 2 well known stable coin.
Pros
- It is a stablecoin.
- It is FDIC insured.
- For every USDC issued there is a 1 us dollar save for it.
- It serves as save haven for investor if the price of crypto should fall.
- Easy to transfer between exchanges, thereby saves time and cost.
Cons
- It is centralized
- To redeem USDC into fiat dollar you have to carry out KYC.
