USD Coin (USDC) is a stablecoin launched by the well-known cryptocurrency exchange Coinbase and the US-based company Circle. Although there are various types of stablecoins, it is known that the most common are those pegged to the US Dollar. USDC, having a similar structure, is equivalent to the US Dollar. This means that for every USDC issued, the company must add one Dollar to its reserves.
What is USD Coin?
USD Coin is among the first projects to join the rapidly growing stablecoin trend. The total market value of USDC, which is pegged to the US Dollar, is currently 1.257 billion dollars. This indicates that the company backing USD Coin has exactly this amount in US Dollar reserves, securing the users’ funds.
So why are stablecoins like USDC seeing incredible demand in recent years? This is known to be due to the volatility of the cryptocurrency sector. During moments of sharp declines in Bitcoin and other cryptocurrencies, investors switch to stablecoins like USD Coin to mitigate losses and partially protect themselves from the downturn.
As of the writing of this article, USDC is the second-largest stablecoin after Tether (USDT). This is due to the support of two major companies, Coinbase and Circle. The use of USDC, an Ethereum-based ERC-20 token, in Ethereum’s DeFi applications has also increased incredibly.
USD Coin has gained significant popularity due to its Ethereum-based nature and the increasing interest in stablecoins. But how can you acquire the popular USD Coin, and what needs to be done to purchase it?
How to Buy USD Coin?
USD Coin can be easily and securely purchased through Binance, one of the world’s most liquid cryptocurrency exchanges.
To buy USDC on Binance, you can follow these steps:
- To purchase USDC, first, you need to deposit TRY balance to the exchange or buy a cryptocurrency that can be used instead. For this, first, go to the Binance homepage, click on the “Buy Crypto” option in the top left, and then click on the “Credit/Bank Card” tab.
- In the tab that opens, select how much TRY you want to spend, and choose USDT, i.e., Tether, from the Coin section.
- After acquiring USDT, preview the “Buy-Sell” option on the top left, and click on the “Classic” tab.
- In the section that opens, select the USDT tab at the top right, type USDC in the search button, and choose the USDC/USDT pair that appears below.
- Then, go to the “BUY USDC” tab in the middle, enter the amount you wish to buy.
- Enter the desired amount and confirm the transaction to complete the purchase of USDC.
Purchasing USD Coin
USD Coin is seen as an emergency exit for cryptocurrency investors, especially during sharp downturns. Therefore, it is quite important to be able to purchase stablecoins quickly and reliably from an exchange without any system malfunctions. Binance cryptocurrency exchange offers a service that is both very fast and secure for USDC.
