What is USD Coin (USDC)?
USD Coin (USDC) is a stablecoin issued by Circle. A stablecoin is a cryptocurrency designed to track a reference asset; USDC is pegged 1:1 to the US dollar.
USDC is used to tokenize US dollars for use over public blockchains. It is backed by reserves, with monthly attestations. Although the term "stablecoin" is commonly used, there is no guarantee that the asset will maintain a stable value in relation to the value of the reference asset when traded on secondary markets or that the reserve of assets, if there is one, will be adequate to satisfy all redemptions.
How do you trade USDC in the Crypto.com App?
In the Crypto.com App, the basic flow is:
- Download the App and complete identity verification.
- Fund your account with US dollars or existing crypto.
- Go to the trading interface, select USD Coin, choose an available trading pair and confirm the transaction.
Trading is subject to account verification and eligibility.
What do you need before trading USDC?
You need a verified account and a funded balance before placing a USDC trade. In the App, you can deposit fiat currency like US dollars or transfer existing crypto into your account.
This gives you funds to use when you select USD Coin and choose a trading pair.
What costs should you check before trading USDC?
Before you place a USDC trade, check the App for the current fee schedule and spread. Other transaction fees and spread may apply, so review the cost information for the specific trade before confirming.
