Crypto Academy Week 7 Homework Post for @yohan2on: Stablecoin - "USD Coin (USDC)"

ScreenShot from USDC Site

Stable coins will emerge at some stage because they are vital to the entire crypto space, and there are several of them out there: Tether, USDC, Paxos, True USD, and more are appearing every year. But the most important query you might have is what are the major differences and which one should you use as a cryptocurrency trader and investor. As discussed in the last week's lesson/lecture by prof @yohan2on, stable coins is necessary due to the fact that we are avoiding the volatility of cryptos. WIth that I chose USDC or USD coin in this week's homework.

• USD Coin or USDC

The USD Coin, or USDC, is produced by Center and has a number of notable backers, including Goldman Sachs, Silvergate, and the United States Bank Corporation. It was founded in 2018 as a result of a collaboration between Circle and Coinbase, two major players in the crypto space with solid reputations. USDC also has a one-to-one backing with US dollars, and transparency is their most important guarantee, making them more appealing to institutional investors.

• USDC Current Marketcap, Supply and Volume Screenshot from Coinmarketcap.com

• USDC is tradeable to alot of exchanges and pairs.

You can trade this in alot of major exchanges which is why USDC is gradually overtaking other stable coins not just in rank but in a lot of areas as well.

Screenshots are from coinmarketcap.com under the markets section.

• USDC's RELIABILITY

ACCOUNTABILITY	SECURITY	FAST TRANSACTIONS
Every month, Grant Thornton LLP, a top five accounting services firm, audits every single dollar that supposedly backs the USDC.	They used Ethereum, of course, but also Algorand, Solana, and Stellar as networks.	You can cash it out easily not on the open market, but better yet directly to Coinbase's service, which exchanges it one for one. It's been very smooth, and it gives you complete confidence that they're audited and accounted for, unlike Tether.

Grant Thornton LLP is a member firm of Grant Thornton International, the world's seventh largest accounting network by total fee income. Grant Thornton LLP is the sixth largest accounting and consulting firm in the United States.

Photo is from Financial Times

• Considered as the Largest Stable Coin in the market

Screenshot from https://www.circle.com/en/usdc

Conclusion

The USD coin is regarded as reliable because it is backed by well-known companies and is fully funded in US dollars, all of which can be verified through public records and internal audits. USDC has grown rapidly over the last few years, and they've grown even more in early 2021, reaching a total market cap of $10 billion and a daily trading volume of 1.4 billion. This is great for the crypto space because USDC is a lot more legitimate, less shady, and transparent.

Thanks alot for the support here and special regards to the ff; @steemcurator01, @steemcurator02, @steemitblog and specifically to prof @yohan2on for this week's lecture.