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 Singapore
In the Crypto.com App, here is the basic flow:
- Sign up and verify your identity.
- Top up your account.
- Select USD Coin on the trading screen and complete the purchase.
You can start from as little as SGD 1 when buying directly with Apple Pay or Google Pay, SGD 20 by card, or SGD 50 by FAST bank transfer. 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, you can pay by FAST bank transfer in SGD, Swift transfer in USD, debit card, Apple Pay, Google Pay or crypto transfer.
A crypto transfer simply means moving crypto from another wallet into the App. Deposits are subject to account verification and eligibility.
What should USDC buyers know about bank deposits?
You can fund your account with a FAST bank transfer in SGD or a Swift transfer in USD. The transfer must be initiated from your own bank account, through your banking app or portal.
Crypto.com does not charge a fee for FAST or Swift deposits, though your bank may charge a separate fee. Third-party transfers are not accepted. For regulatory reasons, you need to make at least one SGD deposit before you can withdraw SGD, and at least one USD Swift deposit before you can withdraw USD.