Financial Dictionary: What is USDC?

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USDC is an acronym for "USD Coin", which in Portuguese means "American Dollar Currency". It is a cryptocurrency, which was created to be a digital alternative to the traditional US dollar. USDC is a Stablecoin, meaning its value is pegged to the US dollar in a 1:1 ratio, which means that 1 USDC is always worth 1 US dollar. In cases of crisis, this factor may change, especially if your issuer, Circle, does not have a reserve to match the values ​​in case of failure.

USDC is issued by the company Circle and is based on blockchain technology, which guarantees security and transparency in transactions carried out with cryptocurrency. Furthermore, as the value of USDC is pegged to the US dollar, it is considered a more stable and predictable option than other volatile cryptocurrencies like Bitcoin, for example.

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USDC can be used to purchase products and services, just like any other currency. It can also be used to send and receive money quickly and easily without the need for intermediaries like banks or other financial institutions.

In short, USDC is a cryptocurrency that offers value stability by being pegged to the US dollar, which can be a more predictable option for those who want to invest in cryptocurrencies or carry out digital financial transactions.

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There are several ways to use USDC depending on the user's goal. Here are some of the most common ways to use USDC:

  1. Purchase of goods and services: USDC can be used to purchase goods and services in stores and establishments that accept cryptocurrency as a form of payment. Some examples include online shopping, bill payments, and in-store transactions.
  2. Investment: USDC can be an interesting option for those who want to invest in cryptocurrencies, but do not want to take risks with the price fluctuations of other more volatile cryptocurrencies, such as Bitcoin. USDC offers value stability by being pegged to the US dollar, which can be a more predictable option for investors.
  3. Money Transfer: USDC can be used to transfer money quickly and easily without the need for intermediaries like banks or other financial institutions. This can be especially useful for international transactions, where fees and processing times can be high.

To use USDC, you must have a digital wallet that supports cryptocurrency, such as Coinbase, Binance, Bitfinex, among others. After creating an account on one of these platforms, it is possible to buy and sell USDC, as well as make transfers to other digital wallets that support the cryptocurrency.

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*The text of this article was partially generated by ChatGPT, an artificial intelligence-based language model developed by OpenAI. Text entries were created by Curto News and responses intentionally reproduced in full. The answers from ChatGPT are automatically generated and do not represent the opinions of OpenAI or people associated with the model. All responsibility for published content rests with Curto News.

What is USDC?
@curtonews With all this “startup bank” stuff, some terms related to #criptomoedas are becoming evident. One of them is #USDC ♬ original sound – Curto News

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