Alan Shaw
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May 18th 2023 at 4:12 PM
Buy USDC
Welcome to Blockchain Briefs, breaking down crypto's top projects in bite-size bullets.
This week, we cover: USD Circle (USDC)
Blockchain Brief: USD Circle (USDC)
USDC is a stablecoin backed by a reserve of cash and short-term U.S. treasury bonds.
Pegged to $1 of value, USDC is redeemable on a 1:1 basis for US dollars.
USDC serves as the backbone of decentralized finance and gaming protocols.
Use cases of USDC
Payments. The creators of USDC envisioned an inclusive, borderless economy where exchanging value could be as easy as sending texts or emails.
Inflation haven. In countries facing hyperinflation such as Argentina or Nigeria, many individuals convert their wealth into USDC and other stablecoins to protect their eroding wealth.
Why is USDC getting attention?
Regulation. Many inside the crypto complex see 2022 as a defining year for crypto legislation, and many believe stablecoin issuers will be in the crosshairs with US President Joe Biden calling the matter one of "national security".
Stability. When markets top or tumble, crypto investors looking to take profit or go "risk off" during volatility will likely choose reputable stablecoins like USDC.
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