Buy USDC

USDC is a stablecoin, a type of cryptocurrency designed to hold a steady value of one US dollar. For every USDC token in circulation, one US dollar of reserves is held to back it. Formerly known as USD Coin, it is now referred to simply as USDC.

Unlike Bitcoin or Ethereum, whose prices can move sharply, USDC is built to stay stable. This makes it useful for people who want the speed and flexibility of crypto without the price swings. USDC is issued by Circle, a regulated financial technology company, and runs on several major blockchains including Ethereum and Solana.

What is USDC used for?

USDC is mainly used as a stable way to hold and move value within the crypto ecosystem. Its steady price makes it a common bridge between cryptocurrencies and traditional money.

People use USDC to trade in and out of other cryptocurrencies without converting back to euro each time, to make payments and send money across borders quickly, and to park funds in a stable asset during periods of market volatility. It is also widely used in decentralised finance (DeFi) applications.

USDC does not have a fixed supply. New tokens are created when people deposit US dollars with the issuer, and tokens are removed from circulation when they are redeemed. This means the total supply of USDC rises and falls with demand, while each token remains backed one-to-one.

Buying USDC on CoinJar in Ireland

There is one important thing to know about USDC on CoinJar in Ireland. You can buy, receive, hold, sell and convert USDC within your CoinJar account, but USDC cannot currently be sent or withdrawn to an external wallet. This is due to current regulatory requirements under the EU's Markets in Crypto-Assets Regulation (MiCAR), and you will see a notice explaining it during the purchase process. You can still deposit USDC into CoinJar from an external wallet, and you can convert it to another cryptocurrency or sell it for euro at any time.

The history of USDC

USDC was launched in September 2018 by Centre, a consortium originally founded by Circle and the crypto exchange Coinbase. Today, USDC is issued and managed by Circle.

The core idea behind USDC is full reserve backing. Each token is intended to be backed by US dollar reserves held in cash and short-term US government securities. Circle publishes regular information on these reserves, which you can review on its reserve transparency page.

Since launching, USDC has grown into one of the largest and most widely used stablecoins in the world. People buy USDC for many reasons, including trading, holding a stable digital asset, or moving between cryptocurrencies. You can read more in our guide to what USDC is and how it works.