What is USD coin, is USD coin safe, and what can USD coin be used for?

What is USD coin?

USD coin is a fiat-backed digital currency created by Circle and managed by a consortium called Center. USD coin is pegged to the US dollar and is the second largest stablecoin after Tether. It supports not only the Ether network, but also Stellar, Algorand, Solana, Tron, Hedera Hashgraph and others. In addition to Circle, well-known investors such as popular U.S. cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain also hold interests in USDcoin, which is a payment method for many cryptocurrency investors in the decentralized finance (DeFi) ecosystem and the broader cryptocurrency market.

How do I buy USD coins?

USD coins can be purchased on any exchange that supports USD coins, the most popular exchange being Coinbase, where it is easy to convert other cryptocurrencies into USD coins. Once you create an account, you can buy as many USD coins as you want. Note that since USD coins are pegged closely to the US dollar at a one-to-one ratio, you will not be able to buy more than the number of dollars you paid. Once you have made your purchase, you can exit the trading platform and deposit the purchased USD coins into your private wallet. You can also use a hardware wallet such as the Ledger Nano series or Trezor to secure USD coins.