What is USD Coin (USDC)?
USD Coin (USDC) is a fiat stablecoin issued by Circle. It is designed to represent US dollars on public blockchains and is pegged 1:1 to the US dollar, with cash reserves backing the tokens.
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 to buy USD Coin in the UAE
In the Crypto.com App, the basic steps are:
- Sign up and verify your identity.
- Top up your account.
- Select USD Coin on the trading screen and complete the purchase.
You can start with as little as 10 AED. Do review the amount and purchase details before you confirm.
Which payment methods can you use for USD Coin?
To buy USD Coin in the App, your payment options include bank transfer, debit or credit card (Visa or Mastercard), Apple Pay, Google Pay or crypto transfer.
A crypto transfer simply means moving crypto from another wallet into the App. Bank transfers in AED are free on Crypto.com, while USD can be funded by Swift transfer.
What should USDC buyers know about bank deposits in the UAE?
You can fund your account with an AED bank transfer or a USD Swift transfer. The transfer must be initiated from your own bank account, through your banking app or portal.
Crypto.com does not charge a fee for AED bank transfers or USD Swift transfers, though your bank may charge a separate fee. For regulatory reasons, you must make at least one AED deposit before you can withdraw in AED, and at least one USD Swift deposit before you can withdraw in USD.