Reviewing USDC stablecoin; is it a better alternative to Tether (USDT)?
Cryptocurrency is a popular decentralized monetary technology that requires peer-to-peer trading with no restrictive interference from the third party be it government or any financial authority. However, there is one major risk that exists is market volatility. Most of the cryptocurrencies from BTC to SHIB are prone to it causing uncertain overnight changes in their price. But there is a new breed of cryptocurrencies that can withstand volatility. These are popularly called stablecoins. USDC stablecoin and Tether are two big examples of it.
Because of this feature stablecoins have become a new choice for investors other than usual ones. And it is indeed justifiable since these cryptocurrencies can withstand price swings movement. These are pegged to fiat currency providing resistance against price fluctuations to which other coins are vulnerable to it.
USDC stablecoin: a top-rated stable cryptocurrency
Being pegged to the United States Dollar, both USDC stablecoin and its close competitor USDT have shown their prominence as top stablecoins with their consistency in the market and listing in most cryptocurrency exchanges, wallets, and apps. While discussing USDC you might find it important to know about the best app to buy USDC, which is Phemex mobile App.
If you have been searching for more options for the top USDC crypto wallet, then you can go for Coinbase. To consider a better USDC coin wallet, you have MetaMask. You need to know the functions of a USDC wallet app so that it becomes convincing in being preferred to store your USDC coins.
Why do crypto traders prefer stablecoins?
Most crypto traders prefer the use of stablecoins to be in the ecosystem by holding an asset at a constant price. Stablecoins are less prone to volatility and you can exchange them any time of day without the need of cashing out to one’s bank. These tokens usually hold their current value till the time the backing ratio remains still.
More about USDC stablecoin
The creation of the USDC stablecoin took place in 2018 by Circle and Coinbase. Like Tether or USDT, the price of these stablecoins also remains unchangeable at $1. The Centre Consortium is behind the governing of the coin that looks after the financial and technical side of the stablecoin and ensuring about its transparency around 1-to-1 backing. This indicates that for each creation of USDC, a $1 USD is kept in reserve as US Dollars equivalent to other cash.
You can find USDC on most of the exchanges. Like Tether, you can send and receive USDC via any wallet or an exchange that is compatible with ERC-20 with other blockchains like Binance Smart Chain, Algorand, Solana, Stellar, Hedera, and Tron.
Comparison with USDT
Even though there have been frequent use of Tether or USDT for trading and payments, USDC stablecoin is usually considered more appealing in terms of safety as the Centre has made a greater attempt in complying with audits and governmental regulation, and is now more transparent.
Both USDC stablecoin and Tether are considered top among the stable cryptocurrencies. Both have the potential to withstand uncertain market volatility. Moreover, they have been popularly referred to by most crypto traders due to their stable features. Even though Tether holds much importance in being frequently used for trading and payments, still, when it comes to safety, then USDC takes over. Both are good for investment.