Buy USD Coin in Australia

USD Coin

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Overview

#05Popularity
StablecoinAsset type
2018Active since
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What is USD Coin?

USD Coin (USDC) is a type of cryptocurrency that is backed by the U.S. dollar. Unlike other cryptocurrencies that have volatile prices, USDC is designed to maintain a stable value of one USDC equal to one U.S. dollar.

This makes USDC a stablecoin, a digital currency that aims to provide a reliable and convenient way to store and transfer value using blockchain technology.

How does USD Coin work?

USDC is issued by a private company called Circle.

Circle claims that every USDC in circulation is backed by a corresponding U.S. dollar or other approved assets held in segregated accounts with regulated U.S. financial institutions. These accounts are regularly audited by an independent accounting firm to ensure that the USDC supply matches the reserve assets.

You can buy USDC with fiat currency (such as Australian dollars, Pound Sterling, USD or EUR) or other cryptocurrencies (such as Bitcoin or Ethereum) on various platforms, including CoinJar. You can also sell USDC for fiat currency or other cryptocurrencies on CoinJar.

What are the benefits and risks of USD Coin?

One of the main benefits of USDC is that it seemingly offers low price volatility, meaning that its value does not fluctuate significantly over time. This makes USDC suitable for storing and transferring value without worrying about losing purchasing power due to market fluctuations.

USDC can also be used as a hedge against inflation, as it is pegged to the U.S. dollar, which is considered a relatively stable currency.

This however means that the value won’t rise, it will stay stable. Customers may expect that these coins will always maintain their value with the US Dollar. However, you must always keep in mind that unforeseen events or operational issues could lead to a particular stablecoin failing to maintain its pegged value to its designated asset or currency. Such an occurrence could cause the stablecoin to rapidly fall in value and never recover.

USDC is backed by U.S.-regulated reserve assets. Unlike some other stablecoins that have faced controversies over their reserve management and compliance, USDC provides regular and verifiable reports on its reserves and operations.

However, after successful audits in 2019, 2020 and 2021, there was a failed audit in 2022.

Circle hired Deloitte for the 2023 audit, and the results are here.

Risks

USDC risks include no guarantee of price stability (stablecoins have “unpegged” before).

Value-referenced crypto assets such as USDC present risks distinct from other crypto assets. The mechanism by which a stablecoin seeks to maintain its value is not guaranteed and can present systemic market risk, capital risk, and security risk.

USDC’s reserve assets are held at insured financial institutions but USDC accounts themselves are not insured and thus USDC holders do not have an insured claim to their USDC.

A value-referenced crypto assets such as USDC is not the same as and is riskier than a deposit in a bank or holding cash with a crypto trading platform.

There might be “encumbrances” or things that can affect the smooth transfer or use of the tokens. There is irreversibility of on-chain transactions, which means that, like most transactions, if you send it to the wrong address you won’t get it back.

Also the laws could change in the future around its use. And there are third-party platforms that people use with the coin that Circle has no control over. You can see the risks here.

A lot of these risks are the same for most cryptocurrencies, however. Be sure to do your research on any digital asset that you want to buy.

Why own USD Coin?

A benefit of USDC is that it can be used as a medium of exchange for various purposes, such as buying and selling other cryptocurrencies, paying for goods and services, sending remittances, and accessing decentralised applications (DApps).

USDC can be transferred 24/7 and is faster and cheaper than traditional payment methods, such as bank transfers or credit cards.

USDC can also be integrated with various platforms and protocols that support blockchain technology, such as Visa, which announced that it would allow USDC to settle transactions on its network.

Who started USD Coin and why?

USDC was launched in September 2018 by Centre. The main goal of Centre was to create a global and open standard for fiat-backed stablecoins that could enable interoperability and innovation across the cryptocurrency ecosystem.

Centre aimed to change the global financial landscape by connecting every person, merchant, financial service, and currency worldwide.

Is USD Coin popular and what is it used for?

USD Coin is currently the second-largest stablecoin in the world, after Tether (USDT) in terms of market capitalisation.

Uses of USD Coin

While USDC isn’t ideal as a speculative investment, as its value is stable, it has some uses that make it worth having.

-USD Coin can be used as a bridge currency to trade other cryptocurrencies on various platforms, including CoinJar.

-USD Coin can be used as a payment method for goods and services that accept cryptocurrencies, such as online shopping, gaming, travel, and entertainment. USD Coin can also be used to pay for fees and subscriptions on various platforms and services that support cryptocurrencies.

-USD Coin can be used as a remittance tool to send money across borders and regions, especially to countries with limited access to banking and financial services. All users need is a phone. USD Coin can be faster, cheaper, and more convenient than traditional methods, such as wire transfers, or using banks.

-USD Coin can be used as a gateway to access various DApps that run on blockchain technology, such as gaming platforms.

USD Coin in popular culture

In September 2021, Twitter announced that it would enable users to tip each other with cryptocurrencies, including USD Coin, through a partnership with Stripe, a payment platform.

This made Twitter the first major social media platform to support cryptocurrency tipping, allowing users to reward each other for their content and engagement.

Buy USD Coin: Conclusion

USD Coin is a stablecoin. It is backed by the U.S. dollar and runs on blockchain technology. USD Coin offers low price volatility, high transparency, and wide usability, making it a popular and convenient choice for cryptocurrency users and enthusiasts.

USD Coin is one of the most influential stablecoins in the world, and is experiencing growing adoption and integration in the global financial landscape.

How to buy USD Coin (USDC) on CoinJar?

Want to buy USDC? To buy USD Coin on CoinJar, you need to follow these steps:

-Download the CoinJar app on iOS or Android. You can also use the web version of CoinJar.

-Create an account with CoinJar and verify your ID. This is required to comply with the regulations and laws in your country. You must provide some personal information, such as your name, email, phone number, and address. You must also upload a photo of your ID document, such as a passport or driver’s license.

-The verification process may take a few minutes or hours, depending on the volume of requests.

-Transfer money into your CoinJar account. You can do this in several different ways, so choose the payment method that suits you best. You can use bank transfers, or pay with card.

-Buy USD Coin at the market price or place a custom order.

-CoinJar provides a secure and convenient wallet for storing your USDC and other cryptocurrencies. You can access your wallet from the app or the web.

You can also send and receive USD Coin from other wallets using your CoinJar address or QR code. If you prefer to use a different wallet, you can transfer your USD Coin from CoinJar to any other compatible wallet.

-Welcome to the USD Coin club!

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Buy USD Coin instantly using Visa or Mastercard. Get cash in your account fast with bank transfer, PayID or Osko. Convert crypto-to-crypto with a single click.

How to buy USD Coin with CoinJar

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Frequently asked questions

What is USDC?

USDC (USD Coin) is a digital currency that is redeemable 1:1 for US dollars.

It is built for rapid global payments and 24/7 financial markets. USDC uses a blockchain infrastructure.

How does USDC maintain its value?

USDC claims to maintain its value by pegging 1:1 to the US dollar. Each USDC token is backed by the equivalent value of US dollar-denominated assets held by Circle Internet Financial, LLC as reserves.

The portfolio of the Circle Reserve Fund is managed by BlackRock and custodied at The Bank of New York Mellon.

How can I buy USDC on CoinJar?

You can buy USDC instantly using your bank account or card on CoinJar. You can also swap it for other cryptocurrencies on CoinJar.

How can I convert USDC back to fiat currency?

To convert USDC back to fiat currency, you can sell it on CoinJar or any other exchange that supports USDC trading.

Is USDC minted or burned? What does that mean?

When new USDC tokens are created, it is referred to as “minting.” When USDC tokens are removed from circulation, it is called “burning.” More information is here.

Is USDC a cryptocurrency?

Yes, USDC falls under the category of cryptocurrencies, specifically stablecoins. Unlike normal cryptocurrencies which can be volatile, USDC is designed to have its value remain stable due to its peg to the US dollar. It has unpegged in the past however.

Is USDC different or similar a CBDC (central bank digital currency)?

USDC is a private digital currency issued by Circle and backed by reserves. CBDCs, on the other hand, are digital currencies issued by central banks (such as the US Federal Reserve) and are part of the official monetary system.

Can I buy USDC with a credit card?

You can buy USD Coin (USDC) on CoinJar using your credit or debit card. CoinJar offers an Instant Buy feature that allows you to purchase cryptocurrency directly with your credit/debit card. You don’t need to make a fiat deposit first. You can also use Apple Pay or Google Pay through the CoinJar mobile app.

Foreign Exchange Fees: Be aware that you may be charged a foreign exchange fee by your card provider if you select a currency other than your home currency.

How to buy USDC / buy USD crypto?

To buy USD Coin (USDC) on CoinJar, download the CoinJar App on iOS or Android. Sign up and verify your ID. Then buy Bitcoin and almost 50 other cryptocurrencies using cash or credit cards.

Where to buy USDC?

You can buy USD Coin (USDC) on CoinJar. It is the second-most popular stablecoin, so most exchanges will list it.

Is USDC coin worth buying?

USDC (USD Coin) is a stablecoin that is pegged to the value of the US dollar. Here are some points to consider when deciding whether it’s worth buying.

-USDC is designed to maintain a 1:1 value with the US dollar, for preserving value during market volatility.

-USDC is commonly used for trading, remittances, and as a store of value. If you need a stable cryptocurrency for these purposes, USDC could be suitable.

-USDC is widely accepted on cryptocurrency exchanges, so you can easily convert it to other cryptocurrencies or fiat currencies.

-While USDC is considered low-risk due to its stable value, it’s essential to understand that it’s not an investment in the traditional sense. It won’t generate returns like other cryptocurrencies might.

Do your research and you could even ask a financial advisor.

Is USDC owned by Coinbase?

USDC was created through a collaboration between Coinbase and Circle when they co-founded the CENTRE Consortium. However, recent developments have led to changes in ownership and governance.

Coinbase is acquiring a minority stake in Circle Internet Financial, and the companies are dissolving their Centre Consortium partnership that had issued USD Coin (USDC). As part of this move, Circle will bring issuance and governance of USDC fully in-house. This means that Circle will now manage USDC independently.

In summary, while Coinbase played a significant role in the creation of USDC, it is no longer directly involved in its governance. The stablecoin is now primarily managed by Circle.

How much is USDC to buy?

1 USDC is worth 1 USD, however you need to add fees of the platform to that amount. And if you used your credit card to buy it, you will have to add further fees on top of that.

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