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Biratnagar
4 Level
139 Review
-27.5 Karma

Review on USD Coin by Othere Obtentus

Revainrating 3 out of 5

Strong Allegiances

The USD Coin was created by the Centre Alliance, a partnership between Coinbase and Circle, although the USDC would be distributed by Circle. Each USDC released is covered by a fiat US dollar kept in reserve bank accounts.
For every USDC backed by the US dollar, it is not intended to change substantially against the price of US dollar, which ensures that buyers are able to purchase and sell USDC for $1. The USDC was built on the Ethereum network and is compliant with ERC-20. This was done to facilitate the quick transition of USDC on the Ethereum blockchain. It also takes leverage of the security of Ethereum which makes it convenient to hold and exchange. The USDC is notable because it is the first stablecoin backed by the Coinbase. Although Circle first distributed the coin in September, it did not gain momentum until the Coinbase listing, and has since quickly climbed to one of the most popular coins.



Pros
  • Backed by the U.S. Dollar
  • Supported by Coinbase
  • Strong team and community support
  • ERC-20 compatible
  • Security of the Ethereum blockchain
Cons
  • Many other similar and more popular ventures

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