Stripe to Allow Merchant Payments in USDC Stablecoin This Summer
Stripe said that it would facilitate all of the USDC transactions through Ethereum, Solana, and the Polygon blockchain networks and immediately convert them into fiat.
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0.01%$0.0001
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-0.08%$0.0008
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0.02%$0.0002
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0.18%$0.0018
USD Coin (USDC) is a stablecoin pegged against the US dollar at a 1:1 ratio. With USDC, you can move dollars anywhere in the world in minutes instead of days, cheaply and securely.
USDC was launched in September 2018 by cryptocurrency exchange Coinbase and Boston-based crypto finance company Circle with the aim to tokenize US dollars and expand their use over the internet and public blockchains.
Notably, USDC is regulated by financial institutions. Besides, it is governed by Centre, a membership-based consortium that sets technical, policy, and financial standards for stablecoins.
Users have several options regarding the use of the coin. They can tokenize USD, redeem USDC, transfer USDC out to ERC20 compatible Ethereum addresses, as well as deposit USDC from external Ethereum wallet addresses. Notably, there are no fees for tokenizing and redeeming services on Circle. However, there is a $50 commission for incorrect and rejected bank transfers. As for Coinbase USDC operations, all the standard fees apply.
USDC has grown into the most popular stablecoin, having attracted numerous companies. The ERC-20 compatible wallets that accept USDC include BitGo, Coinbase Wallet, Tokenary, Fireblocks, Dexwallet, and more.
The USD Coin brings stability to crypto, opening up possibilities for trading, hedging risk, lending, and beyond. It is widely used to avoid hyperinflation in countries like Venezuela or Turkey, to send money instantly, globally, securely and at low costs, and to serve as a hedge for traders.
Stripe said that it would facilitate all of the USDC transactions through Ethereum, Solana, and the Polygon blockchain networks and immediately convert them into fiat.
Arkham Intelligence taps into several big whale wallets, funds of which are trapped into DeFi bridges such as Arbitrum and Optimism. Crypto exchange Coinbase also has $75,000 worth of funds stuck for nearly six months.
To further enhance trading flexibility, Binance has also incorporated the Multi-Assets Mode for these new additions.
This shift of USDC stablecoin to Base will provide faster settlement times and reduced transaction fees for Coinbase.com users.
Beyond stablecoins, the report also touches upon the sentiment within the crypto market, noting that the fear and greed index entered the “extreme greed” territory in late February.