Crypto Academy Week 7 Homework Post for @yohan2on || Stable Coins - Part 2

Hello everyone, hope you are all doing great. I welcome you all to my seventh homework task provided by @yohan2on. Thanks to @steemitblog for this awesome initiative.


What is Stablecoin?

Basically, a stablecoin is an asset or cryptocurrency whose value doesn't fluctuate. They will always remain stable in price and the underlying asset they are issued for. Stablecoins can be issued against three assets. They are Fiat Currencies, Commodities, or any other underlying assets. The example of stablecoins is USDT, USDC, etc. Today I will discuss on USDC only.

What is USD Coin (USDC)?

USD Coin is a cryptocurrency that is pegged to US Dollar. That means that it aims to keep the price stable at one dollar. USDC works like a bridge between traditional and new crypto-based financial systems. 1 USDC always equivalent to 1 dollar. USDC is very much trustful and hackproof. USDC always guarantees that users can exchange 1 USDC with 1 USD at any time, at any moment, at any exchange. The probability of its price becoming '0' is almost zero.

Foundation and Creation


USDC is an Ethereum based stable coin launched in 2018 by a consortium called Center and founded by Circle and Coinbase. Two years later, in 2020, a major update of USDC was announced by Center. The main purpose of this upgradation is to make it easier for USD coin for everyday use. To get USDC token, you need to send liquid USD to the token issues bank/exchange, then the issuer uses an ERC-20 based smart contract to create an equivalent amount of USDC which is sent back to you. The substituted US Dollar are kept in reserve. This means that every USDC token is backed by US Dollar. That means The ratio of backed USDC is always 1:1.


Advantages of USDC

  • Stable Price.(1 USDc = 1 U.S Dollar)
  • Transparent.
  • Low transaction cost.
  • High security.
  • 24*7 customer support.
  • Strong exchange support.
  • Well funded due to Circle and Coinbase.

Disadvantages of USDC

  • Centralized.
  • Heavily reliant on the banks.
  • Hide important information.
  • KYC is needed for Fiat.

Supported Wallet

  • Infinity wallet.
  • Coinbase.
  • Eidoo.
  • Ledger Nano S
  • Trust wallet.

Supported Exchange

USDC is supported in wide range of exchanges. That makes this coin more universal. The most amazing fact USDC is exchanged with a lot of coins as pairs in various exchanges. Lets take a look on USDC market from coinmarketcap.



The main controversy usually a stablecoin face is the ratio of USD reserve in response of USDC. The most popular stable coin, USDT, has already experienced this allegation. They are still paying for it. But the best thing about USDC is , It has not faced any types of allegation yet. Thats a pretty good move for a stablecoin.

Total Supply, All Time High, All Time Low


If we look at total supply the amount is 10,310,148,891 USDC and the circulating supply is increasing now 10,102,627,178 USDC. That means circulating supply and total supply is almost same. That means that USDC has a very positive growth and people are trading and doing investment on this coin. If we look on its all time high, the coin touched its all time high on October 15, 2018 (2 years ago) and its value becomes $1.11. This is a pretty good move for this stablecoin. Again if we look at all time low, its value almost touched $0.9292 on Mar 13, 2020 (1 years ago). If we look at the gap between all time high and all time low, we can say that this coin is showing a very good positive growth.



The amount of USDC that can exist in the market is limitless due to its policy. USDC is constantly gaining popularity in the DeFi. Some studies show that USDC can rise up to $2-$3 by the end of 2028. I am predicting that by 2021, Its price can reach $1.51-1.61. Whats your prediction??





I am @boss75

Comments 2

Hi @boss75

Thanks for attending the 7th -Crypto course on stable coins and for your effort in doing the given homework task.


This is good work. Well done with your research on USDC

Homework task

25.03.2021 23:46


Thanks a lot for your valuable feedback.

29.03.2021 04:31