Review on USD Coin by Olugbenga Ajayi
USD coin: Another transparent stablecoin
USD coin is a flat collateralized stablecoin that is pegged 1:1 with USD. It is in the rank of USDT, TUSD and others. It came into crypto currency world in September 2018 hence it to s a relatively new project brought about by Centre consortium, Circle and coinbase.
Coin USD is an erc-20 token on ethereum network and so can be held on all ethereum based wallet like myeherwallet and metamask. The coin can also be exchanged directly for USD on coinbase. What a simple way to store the value of ones USD without the fair of inflation. Once in USD coin the value of the USD will remain balance for life.
Another good spot about this project is that it is transparent unlike some stablecoin that has what I will refer to as relaxed regulations, USD coin is fully regulated and transparent. As a matter of fact, it must work with regulated financial institution in other to maintain full reserve of the equivalent flat currency.
Pros
- The coin can be held on metamask, myetherwallet and other apps that support ethereum based token
- The coin provide an easy and convenient way to purchase dapps anytime, anywhere
- it is a transparent project that can not be used for illegal transaction
- The software is open source and can be verified
- Tokenization or redemption of the coin in a free
Cons
- Strong KYC is required
