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 UK
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 £1. Check 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 are free on Crypto.com, though your bank may apply its own charges.
What should USDC buyers know about bank deposits?
For bank transfers, use the account details provided in the App to pay in via the Faster Payment Service. You must initiate the transfer from your own bank account in your banking app or portal.
Bank transfers are free on Crypto.com, but your bank may charge a separate fee. Third-party transfers are not accepted. If you later withdraw funds to your bank, you must first have deposited through the same method, in line with regulatory requirements, with a minimum fiat withdrawal of £70 and a £1.90 fee.