USDC digital dollars are a major breakthrough in how we use money. Built for the digital age, they move at the speed of the internet, can be exchanged in the same way we share content, and are much cheaper and more secure than existing payment systems.
USDC Coin (USDC)
USDC is a stablecoin, a new type of crypto-currency that was created to make transactions faster, extremely cost-effective and more secure than traditional payment systems, while reducing the volatility associated with crypto assets like Bitcoin.
A powerful new way of storing and moving money, USDC offers the best of both worlds. It can be traded as easily as other crypto-currencies on global, public blockchains and at the same time is linked to the price of the US dollar so it is always redeemable 1:1 for U.S. dollars.
An open standard, USDC has rapidly grown to become the largest stablecoin ecosystem in the world. Hundreds of companies, products and services support the USDC standard, including digital wallets, exchanges, DeFi protocols, savings, lending and payment services.
The Blockchain
The technology that powers USDC is known as the blockchain. Created in 2009 by Satoshi Nakamoto to power the Bitcoin network, it enables the creation of digital assets that are digitally secure and can be traded electronically. The blockchain is not controlled by any single entity; transactions are filed in digital ledgers and are distributed among all parties involved in a transaction.
Given the evolutionary nature of blockchain technology, and its ability to transform the financial landscape, it has been adopted by a large number of financial institutions. From payment services like Paypal & Cash App, and credit card providers like VISA & Mastercard to global banking powerhouses like BNP Paribas, Societe Generale, Citi Bank, UBS, Barclays, Goldman Sachs, Banco Santander and Standard Chartered.
What are Stablecoins
Stablecoins are one of the most popular and versatile types of cryptocurrencies to emerge in the last few years. They run on public blockchains, however unlike traditional digital assets such as Bitcoin and Ethereum, whose prices change on a daily basis, stablecoins are pegged to digital assets like the US dollar. This eliminates volatility and price fluctuations and allows them to combine the benefits of open, borderless cryptocurrencies with the stability of traditional fiat currencies.
The USDC Ecosystem
USDC has rapidly grown to become the world’s leading regulated stablecoin, and the trust the market has placed in it can be traced directly to the way in which it was created and how it operates today. USDC was developed to be an open-source project that works within US money transmission laws and regulations, uses established banks and auditors, and runs on blockchain technology via smart contracts. The goal is true financial and operational transparency.
USDC Key Components
Wallets A user’s bank account in the USDC world, it allows users to create an account that they can use to manage their digital funds, send payments and request funds, all from their mobile phone or computer. Wallets also provide users with a digital payment address, so they can be used as an instant ecommerce solution for merchants.
Exchanges The digital equivalent of the banking infrastructure that ties digital wallets into the real world. They allow users to move funds from fiat currency in and out of USDC by connecting to the local banking system. In order to get an account on an exchange users need to comply with industry banking rules and meet local KYC and AML regulations.
“As the world continues to see the advantages of cryptocurrencies more and more users are choosing USDC for their digital dollars, giving them a safe way to make payments, transact online, and even save for a rainy day.” – Karsten Becker, CEO Senit App Ltd
Fast Easy Payments
Most of the praise awarded to USDC revolves around the ease of which it can be used for transactions. Wire transfers are notoriously hard to send and can take days to weeks to clear, and processing a credit card can take up to 3 days. Traditional payment systems also have high fees, anywhere from 3% for basic transactions and up to 10% for international ones.
USDC payments take seconds to be registered and are “P2P” so they go directly from sender to receiver, with no middlemen involved to take a cut. They can be used for transactions of any size and incur little to no fees depending on the blockchain that’s used to send them.
Financial Inclusion
Bitcoin gave birth to true financial inclusion in 2009 by allowing anyone, anywhere to create a wallet and move funds around the world. USDC has the ability to encourage true financial inclusion on a global scale by delivering an ecosystem based on a single currency that can easily be used by anyone and that integrates with traditional banking networks.
Due to the privacy and security that come with using USDC, and the ease with which anyone can create a USDC wallet, it is rapidly eliminating the stumbling blocks that prevent access to traditional banking services. This makes it an ideal platform for the world’s unbanked as it provides them with an easy path into the global digital economy.
No cost Money Transfer
With full banking integration in over 200 countries and cities around the world and direct integration in leading exchanges, anyone can acquire USDC. This makes it easy for family and friends living or working overseas to use USDC to send funds back home without the limits, delays and fees they usually encounter.
USDC global transfers can be verified, settled, and signed off on for free in a few minutes, making transfers fast and efficient. By removing the middleman from the money transfer pipeline, and their fees, USDC can save the world hundreds of millions of dollars that can be reinvested in poor countries and communities.
There are many reasons people around the world are adopting USDC, thanks to its ability to enable low cost transactions and provide easy and safe online payments.
USDC was launched in 2018 under the mantra of being “digital money for the digital age” designed for a world where cashless transactions are becoming more common. As of January 2022, more than $40 billion USDC in in circulation, powering over $10 billion transactions a day. Here are some of the top reasons to use USDC today!
- PEER TO PEER TRANSACTIONS
When you send someone USDC the transaction is direct just like cash. There is no middleman watching or taking a cut! - REDUCED RISK
USDC wallets use cryptography making them highly secure, and since all transactions settle on the blockchain they can’t be faked. - EASY ONLINE PAYMENTS
USDC is the easiest and safest way to make a payment on the internet since transactions doesn’t require personal information. - A GLOBAL ECOSYSTEM
By using USDC you tap into a global ecosystem of merchants that are making the world a better place. - CONTROL OVER YOUR MONEY
USDC wallets give you freedom to manage your money they way you want to! Say goodbye to restricitons, penalties and fees. - SAFE HARBOUR
USDC is the leading financial safe harbour for people around the world, giving them a safe place to store their funds.
About Senit
Senit is building a mobile crypto-bank that uses stablecoin technology to deliver on the promise of global borderless payments. By eliminating the complexity of using crypto today, we empower our users with a safe, trustworthy, and user-friendly way to access financial services in the new digital age and help to usher in a new era of financial inclusion.
