UsD coin as a stablecoin

Hello creative thinker, today we are discussing about stable coin for the week 7 homework posted by professor @ayohan2on, we will be Discussing about usdc as a stable coin.

USD coin (usdc) is a digital stability
https://swissborg.com/blog/what-is-usd-coin-usdc

Usdc is a digital stable coin which it's currency value is matched to the United State dollar, which is can also currently running on ethereum and the algorand blockchain.

Origin

The usd coin is managed by a financial institution known as the centre , which is a joint venture between circle and coinbase.

Usdc was first announced on the 15th of May 2018 by circle and launched in September 2018, as at March this year over 10 billion dollars usdc were circulatd worldwide.

Why you have to buy usdc.

Usdc is used by regulated financial institutions, it can be bought using a coinbase account, usdc is backed by the us dollar and gold this keep the price stable and makes it more valuable for investors to invest.

Owning a usdc is one of the best investment you can ever think of because the world is shifting from a centralized financial system to a decentralized financial system.

Stable coin hit it's peak in 2020 and usdc is one of them which has sufficient liquidity in the market to counter the price of other currencies in the market, usdc as a stable coin is a key to build a strong tool in the blockchain technology as many companies would want to transact with a currency that is recognized globally.

Usdc can also be bought or sold using a luno account.

https://www.luno.com/blog/en/post/usd-coin-becomes-the-first-stablecoin-on-luno.

Minting of usdc
An organization Known as center consortium which is co-founded by circle and coinbase like I mentioned earlier, they provide a network for global and mainstream adoption of stable coin like usdc , they build a certain set of digital currency that can be transacted from one wallet to another, and only potential members of the center consortium are eligible to mint usdc, the minters uses a specific asset Known as cashallow to buy usdc through a stellar distributed exchange, when ever usdc is bought by the minters through the stellar distributed exchange there is an increase in the supply of usdc and a new set of usdc are mint into existence, the distributed exchange is the only eligible medium to mint usdc into existence.

Thanks for reading!!

Source: image use here are gotten from the internet, information are gotten from website and FAQ pages

Thanking and tagging professor @ayohan2on, @steemitblog, steemcurator01, steemcurator02