What Are USDC Coins, And How Can USDC Use Them? A guide By KuCoin

Some people find it difficult from which crypto exchange to buy and sell coins as so many exchanges exist. So without fear, the users can opt for the KuCoin crypto exchange. The grounds on which KuCoin is the best are the outstanding features such as a vast range of registered coins, excellent customer service, the number of projects it supports, and the number of people registered on the KuCoin exchange makes it the best option to select. But one thing to remember is that with the industry being unpredictable, it is only natural that crypto users need something to protect their cryptocurrencies against price swings. So here come stablecoins for the rescue. 

Stable Coins Definition

Stablecoin can be attached to assets such as certain fiat currencies that can be traded on exchanges, including the U.S. dollar or the Euro. Examples include Ethereum, Tether, Terra Luna, USD Coin (USDC), ALGO, and many more.

Types Of Stablecoins

Stablecoins can be categorized into the following types. The first type of stablecoins is Fiat-backed Stablecoins. These stablecoins are backed 11 by fiat currency assets as guarantees, such as the U.S. Dollar, Euro, or Canadian Dollar. USDT, TUSD, GUSD, and PAX are some of the common fiat-support stablecoins. Another type is called Crypto-backed Stablecoins. These stablecoins are supported by on-chain crypto security. The third type of stablecoin is Algorithm-backed Stablecoins. These stablecoins are supported by specialized algorithms and smart contracts that govern and manage the price by increasing or decreasing the total supply of tokens in circulation. The last type is called Commodity-backed Stablecoins. These stablecoins are supported by physical assets like gold, silver, oil, and real estate. 

Let’s Get To Know About USDC Coins

USD Coin (USDC) is proud of being the most well-known stablecoin secured to the U.S. dollar. Thus the fluctuation of the prices will not worry the user of USDC. It is and is issued by regulated financial institutions. The Circle consortium created USDC, and some of the leading blockchains that work with Circle and support the USDC coin include Ethereum, Solana, Algorand, Stellar XLM, and Avalanche. 

How Can You Purchase USDC On KuCoin?

To purchase USDC is hassle-free. The initial step is to open an account on KuCoin and, with the existing cryptos, buy USDC/USDT. Transfer the crypto from the digital wallet into the KuCoin ledger before starting trades. Now the user can trade USDC on KuCoin Spot Trading. After trade verification, the user will receive Stellar Lumens tokens into their KuCoin account.

Conclusion

Thus by converting the cryptocurrencies like BTC, ETH, and other altcoins to USDC, the users can limit the risk of volatility in the crypto market. Additionally, USDC can be used to buy various products across decentralized applications, exchanges, and blockchain-based games. And with such a remarkable reputation, USDC has bright chances in the future. Thus as mentioned above, USDC can be bought from the Ku Coin exchange, which with dedication grew with time.