This is a type of cryptocurrency with a stable price, so users can always redeem 1 such coin for $1 or any other currency that they are pegged to. Stablecoins can also be an instrument for traders when cryptocurrencies markets are volatile, as a means of switching to a more stable asset.With the maintenance of a stable rate regardless of the market fluctuations, this financial tool is useful for the protection of capital and profits at periods of intense drawdowns.
Stablecoins are faster and more cost-effective in comparison with fiat money. The payments are settled within a minute, as a rule, depending upon the underlying blockchain. Most stablecoins reside on the Ethereum platform. All these changes are actively supported by tech-savvy users throughout the world who have become active participants of the cryptocurrency ecosystem. However, there is still much to do for the widespread adoption of this technology. Common people who are interested in cryptocurrencies may still prefer traditional money due to security concerns.
USDC became the first stablecoin that was listed on the biggest trading platform Coinbase. The Circle platform developed the underlying technology of the USDCoin in cooperation with the Coinbase team.
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