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Buy USDC (USDC) in UK With GBP | CoinJar

USDC

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Figures shown refer to the past. Past performance is not a reliable indicator of future results. Pricing data is provided by CoinJar.

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USDC

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Overview

#06

Popularity

Stablecoin

Asset type

2018

Active since

Official site

What is USDC?

USDC (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 USDC 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 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 USDC?

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.

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.

There are risks with stablecoins, however please see below.

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Frequently asked questions

What is USDC?

USDC (formerly 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.

Why would I buy USDC?

USDC (USD Coin) is a stablecoin cryptocurrency that is designed to maintain a 1:1 value with the US dollar. When you buy USDC, you're purchasing a digital asset that USDC says is backed by US dollar reserves. This makes it an interesting entry point for cryptocurrency trading and DeFi activities. USDC aims to offer the stability of traditional currency with the benefits of blockchain technology.

How can I buy USDC in the UK?

You can buy USDC through CoinJar's cryptocurrency exchange. UK customers can purchase USD Coin using their card, bank deposit, or by trading other cryptocurrencies.

What payment methods can I use to buy USD Coin (USDC)?

CoinJar accepts multiple payment methods for buying USDC, including card payments, bank deposits, and cryptocurrency swaps. You can also trade Bitcoin and other cryptocurrencies for USDC on our exchange. Each payment method offers different processing times and fees to suit your trading preferences.

Is USDC a safe stablecoin to buy?

USDC is one of the most established stablecoins in the cryptocurrency market. Circle, the issuer of USD Coin, says they back each USDC token with US dollar reserves.

What are the risks involved with buying USDC?

While Stablecoins like USDC aim to retain parity with the US Dollar, there is a risk that USDC could “lose its peg” that is, no longer be worth $1USD. USDC aims to prevent this by holding physical US Dollar currency to back each USDC; however notable stablecoins (including USDC) have lost their peg in the past due to many different factors, including misuse, poor governance, and in USDC’s case, the collapse of a bank that held some of its reserves.

How do I store USDC after buying it?

After you buy USDC, you can store it in your CoinJar wallet or transfer it to an external crypto wallet. CoinJar provides storage for your USD Coin holdings. For enhanced security, consider using a hardware wallet for long-term USDC storage.

Can I use USDC for trading other cryptocurrencies?

Absolutely! USDC serves as an excellent trading pair for buying and selling other cryptocurrencies. Many traders use USD Coin as a base currency to trade Bitcoin, Ethereum, and other crypto assets. USDC's theoretical stability makes it convenient for timing market entries and exits with less exposure to volatility.

What are the fees for buying USDC on CoinJar?

CoinJar offers competitive fees for buying USDC, with rates varying based on your payment method and account level. Card purchases typically have higher fees than bank deposits. Check our current fee structure on the CoinJar platform for the most up-to-date pricing information.

How is USDC different from other stablecoins like Tether?

While both USDC and Tether are USD-pegged stablecoins, USDC claims to offer greater transparency through regular audits and regulatory compliance. Circle publishes regular attestations of USDC reserves, helping to provide users with confidence in the coin's backing. This transparency makes USDC a good choice for institutional and retail investors.

Can I sell USDC back to GBP on CoinJar?

Yes, you can easily sell USDC back to GBP on CoinJar. The platform supports conversion between USD Coin and GBP, allowing you to withdraw funds to your bank account. This flexibility makes USDC an excellent bridge between traditional finance and cryptocurrency markets.

What is DeFi and how can I use USDC for DeFi activities?

DeFi (Decentralised Finance) refers to blockchain-based financial services that operate without traditional intermediaries. USDC is widely used in DeFi protocols for lending, borrowing, yield farming, and liquidity provision.

Its theoretical stability and widespread acceptance make USD Coin a convenient asset for participating in the growing DeFi ecosystem. To find out how to use USDC in DeFi, click here.

Is buying USDC suitable for beginners to cryptocurrency?

Buying USDC is often recommended for cryptocurrency beginners due to its perceived stability and ease of use. Unlike volatile cryptocurrencies like Bitcoin, USDC aims to match the value of the US Dollar. It's an excellent way to familiarise yourself with crypto wallets, exchanges, and blockchain technology.

Like all cryptocurrency, you should ensure you do your own research before investing to make sure it will help you achieve your financial goals.

How long does it take to buy USDC on CoinJar?

The time to buy USDC depends on your chosen payment method. Credit card purchases are typically instant, while bank deposits may take 0-3 business days to process. Once your payment is confirmed, USDC will be credited to your CoinJar account immediately, allowing you to start trading or using your USD Coin right away.

Standard Risk Warning: The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar's digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767). In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. Remember: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://www.coinjar.com/uk/risk-summary. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour "cooling off" period, before their account is active, due to local regulations. If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.

Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens. Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets. Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens. Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

Specific risks associated with meme coins: 'Meme coins' (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: • Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid and unpredictable price fluctuations within short periods. The value of meme coins can be influenced by social media trends, celebrity endorsements, and other factors unrelated to traditional investment fundamentals. • Lack of utility: Meme coins often lack intrinsic value or utility, being primarily driven by community interest, online trends, and speculative trading. • Market manipulation: Meme coins may be susceptible to increased risk of market manipulation including 'pump-and-dump' schemes, where the price is artificially inflated followed by a sudden crash. • Lack of transparency: Meme coins may have limited available information about their development teams, goals, and financials. This lack of transparency can make it challenging to assess the credibility and potential of a meme coin accurately. • Emotional investing: Meme coins often garner strong emotional reactions from investors, leading to impulsive decisions. Emotional trading activity can amplify losses.

Specific risks associated with stablecoins: There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: · Depegging events: Depegging events may occur with stablecoins that fail to maintain adequate controls and risk mitigants. A depegging event is when the value of the stablecoin no longer matches the value of the underlying asset. This could result in a loss of some or all of your investment. • Counterparty risk: Counterparty risk arises when an asset is backed by collateral, involving a third party maintaining the collateral, which introduces risk if the party becomes insolvent or fails to maintain it. • Redemption risk: Redemption risk refers to the possibility that an asset's ability to be redeemed for underlying collateral may not be as anticipated during market fluctuations or operational issues. • Collateral risk: Collateral risk refers to the possibility of the collateral's value declining or becoming volatile, potentially impacting the asset's stability, particularly when it is another crypto-asset. • Exchange rate fluctuations: Stablecoins, often denominated in US Dollars, expose investors to fluctuations in the USD:GBP exchange rate. • Algorithmic risk: Algorithm risk refers to the possibility of an asset's stability being compromised due to unexpected failure or behaviour of the underlying algorithm, potentially leading to loss of value.

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Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service.

We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.

CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).

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