Steemit Crypto aAcademy | My Home Work Submission Task For Professor @yohan2on - Week 7

Hello friends, welcome to my blog once again. Today, I will be writing in regards to the current homework task of the week. Last week, we studied stable coins, and there I learned more about stable coins. This week, we're still looking at stable coins, so if you are here on this post and I have not gotten a clear knowledge of What Stable coins are all about, then keep reading as I will try to explain briefly.

Stable Coins - What Do You Think?

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Stable coins are cryptocurrency that stays stable in esteem against a fixed outside traditional asset. This kind of coin reduces its value unpredictability by supporting its worth against an ordinary asset. They intend to create steady and dependable ground to build cryptocurrency adoption and nullify advanced assets' theoretical nature. Below are some examples of this coin

• Maker DAI
• TrueUSD
• USDT
• USDC

These are just but a few of them! You can on your own research more about stable coins. Now, let me proceed to the homework task of this lecture. After the class, The prof gave a Homework task for his crypto student to attempt and I happen to be one of his crypto students, and for this cause, I am choosing below out of his questions,

On the above, you can see that I have selected USDC as the task I will be attempting. So let's move on!

What is USD Coin?

USD Coin (USDC) is the second-largest stable coin fixed to the US dollar. It was dispatched on September 26, 2018, in a coordinated effort among Circle and Coinbase. USDC is an option in contrast to other USD upheld digital forms of money like Tether (USDT) or TrueUSD (TUSD).

It is basically a service that helps tokenizes the US dollar and encourages its utilization over the web and public blockchains. The stablecoin(USDC) can be traded, back to USD at any time which is how the term 'stablecoin' about. Issuance of USDC tokens is guaranteed through an ERC-20 savvy contract based on the Ethereum convention

USDC - The Creation

The US Dollar Coin was made in a joint move by Coinbase, the colossally mainstream cryptocurrency Exchange, and Circle, a crypto Finance organization situated in Boston. Circle is sponsored by a few prominent organizations, including Goldman Sachs. See below the history of USDT arranged in Headings:

May 2018:

Circle announced the US Dollar Coin, financed by $110 million in investment subsidizing

September - December 2018:

The Coin was Officially announced and then around December That same year, it ranked #5 by total market cap as reported by CoinMarketCap.

January - May 2019:

Centre consortium distributes Grant Thornton articulation verifying $251 million held by Circle for USDC, and was later opened for trade by 85 countries around May that same year.

March 2020:

DAI stablecoin acknowledges USDC as an insurance, then more than $10 million USDC was minted each day in the midst of the Covid pandemic.

June - September 2020:

Around june 2020, The usage of the coin takes off in the midst of the decentralized Finance(DeFi) blast. Later around September the coin(USDC) decided to partner with Algorand

October 2020:

By October, the market cap of USDC increments to $2.6 billion. USDC accomplices with Stellar and Solana

November 2020 - January 2021:

Bitcoin's bull run begins, carrying another surge of cash to USDC which amounted to $4.7 billion USDC in circulation.

What's So Unique About This USDC

The US Dollar Coin isn't the first or even the most well known US Dollar-upheld coin. That title has a place with Tether. Be that as it may, Tether is under serious investigation over the condition of its funds.

It once professed to have a genuine dollar in the bank for each Tether available for use, however an examination by the New York Attorney General made it move away from that guarantee. The examination is as yet continuous. Below are few subjects that make USDC a unique coin.

Regulation:

USDC's parent organization is an enrolled Money Service Business in the United States. That implies it's directed by the public authority's Financial Crimes Enforcement Network (FinCEN), which battles illegal tax Avoidance

Very Swift!

It can require some time to send US Dollars to individuals and organizations when banks are included. USDC offers the security and attractive quality of the US Dollar with the speed of cryptographic money exchanges.

How is the US Dollar Coin produced?

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The US Dollar Coin isn't mined like a great deal of other cryptocurrency. It is accessible as Ethereum ERC-20, Algorand ASA, and Solana SPL tokens that can be bought utilizing US Dollars on a few significant trades. Circle says there is an all out supply of four billion tokens available for use at this moment. You can refer to the below video to see how the coin works.