Thank you professor @yohan2on for another lesson on stable coin. In this my assignment post, I will write on USD Coin.
USD Coin is one of the stable coin that is pegged 1:1 with dollar, this is a digital cryptocurrency stable coin that was launched in the year 2018, September precisely. Just like other stable coin, each coin (USDC) is backed by a dollar in the reserve. This coin is built on Ethereum Blockchain and can be integrated with Ethereum based application and one of the goals during the launching is to see USDC accepted by many dApps, service provider, wallet and cryptocurrency exchange platform which so far they have achieved many of this goals.
The current price of USDC as of today is $0.9997 which is equivalent to $1. The all time high of this stable coin is $1.11 and the all time low of this stable coin is $0.9292 which can forward make us to conclude that the USDC has and still maintain the purpose why it is created which is to help in the volatility issue of cryptocurrency. The total amount of the USDC coin in circulation as of today is 10,034,434,826 and this stable coin is currently rank as 11 position in the CoinMarketCap.
The fact that USDC coin since creation in the year 2018 has maintain a stable and fixed price with dollar give the coin an extra edge over many stable coins. Many of the other stable coins over time where not able to maintain their fixed price but USDC proven and give users assurance that they will be able to withdraw 1USDC anytime they want and receive $1 in return. This really give this coin an edge in stable coin market. One other thing is transparency which is one of the things that USDC have be able to achieve to so extend because of there ability to maintain their 1:1 peg with dollar.
USDC can be trade in many cryptocurrency exchange platform such as Huobi, Binance, Kraken and many others.
Finally USDC is manage by Centre Consortium and this Consortium Constituted of a company called Circle and Coinbase cryptocurrency exchange. They found this coin and are still managing it. The upgrade in Smart Contract and USDC’s protocol in the year 2020 announced by Centre Consortium forward help and make it possible for the coin to still maintain it purpose of creation. I will roundup my post by saying that it has been a huge success since the launching of this stable coin and it's a good stable coin that one can trade with.