How to buy and hold USDC with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for USDC (USDC) storage
Ultimate security, only you have access to your USDC tokens
Send, Receive, Store your USDC tokens free and without limitations
Check the real-time value of your crypto tokens
Buy, Sell, Exchange USDC (USDC) directly in the wallet
Stake USDC (USDC) by connecting Wigwam to the popular DeFi dApps
No KYC or personal data collected
UCDC (USD coin) token review
USDC (USD Coin) is a cryptocurrency coin with a value equivalent to the US dollar called a stablecoin. With a twenty-four billion dollar capitalization, this coin was issued on different blockchain platforms, including Ethereum and Solana, and it is the second most popular stablecoin after Tether.
USDC was launched in 2018 by the Centre consortium in collaboration with Circle and Coinbase on the Ethereum blockchain. In a short period of time, this token became a popular medium of transactions, and to make it more popular, it was decided to release USDC on other blockchains: Solana, Algorand, BNB chain, Fantom, etc.
How USDC works
USD Coin value is pegged to the US dollar, meaning that for every USDC on the market, the Centre consortium has collateral in US dollars deposited in the company bank account.
USDC issuance and redemption
Any organization that wants to receive USDC should send US dollars to the Centre consortium; after deposit confirmation, a special smart contract on a chosen blockchain issues an equal amount of USD Coins. And vice versa, if a company wants to exchange USD Coins for US dollars - it should send these tokens to a special blockchain address, where they will be destroyed, and in return, the Centre company will send dollars to the company’s bank account.
All processes have strict compliance with various regulatory requirements, including KYC and AML protocols.
Also, to maintain transparency and trust, all Centre consortium reserves are regularly checked by independent auditors. This action distinguishes the company favorably in relation to Tether, Ltd.
USDC use cases
- Trading and Hedging - USDC is a popular token that traders and investors use to fix the portfolio value or hedge risks in the process of work on the crypto market.
- Remittances - because of the popularity and versatility of tools that allow the exchange of this token on local fiat currencies, USDC is widely used in remittances and payments.
- DeFi applications - many decentralized applications allow users to stake, lend, and borrow USDC in return for rewards.
- E-commerce - some online merchants started accepting this token as a means of payment for their goods.
- Value transfer and storage - because USDC is considered more secure and reliable than USDT, many crypto enthusiasts use this token to transfer their funds from one blockchain to another or store it in the long run.
Challenges and critics
- Regulatory issues -USDC is entirely dependent on regulators, and new laws could make it much more difficult to use this token, including making it non-liquid on the market.
- Centralization - only a few entities are controlling the token issuance (mostly Circle and Coinbase), so all questions about the issuance and circulation of a token, which addresses can accept tokens and which ones should be banned, who has the right to request a withdrawal of money and who does not - depend on a small number of people.
- Technical risks - USDC uses smart contracts that were launched on chosen blockchains, so it is potentially vulnerable to bugs, hacks, or blockchain particularities of work.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
You can buy USDC directly from your crypto wallet by using your credit card. We advise you to install the Wigwam Web3 wallet to have the possibility to buy any token quickly and have full control over your funds without the risk of being blocked. Also, you may use popular centralized exchanges like Binance, Kraken, Crypto.org, Coinbase, etc.
You may stake USDC on various DeFi platforms; the most popular directions are Lending platforms, liquidity pools on DEXes, and yield farming programs. But also, remember that work in DeFi is perceived as a highly risky activity, where you may lose all your savings. Please get enough information about a DeFi project before interacting with it.
To view your USDC transactions on the Ethereum blockchain, you can use a blockchain explorer; the most popular option is Etherscan.io
In many cases, your USDC token should be displayed by default in your wallet, but if you don’t see this information, then follow the next steps:
- Find the “add token” option in your wallet.
- Enter the USDC contract address. For Ethereum, it is 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48. Ensure that the token symbol is USDC.
- Confirm the details and add a token.
There are many risks associated with buying USD Coins. Some of them are regulatory, technical, de-pegging, centralization risks, etc. Please read the article above to know more about each risk.