The cryptocurrency markets are extremely volatile, therefore, many investors enjoy employing stablecoins in their trading strategies. The largest stablecoin on the market is USDT, but there’s another crypto stablecoin called USDC that’s also very popular.
What Is USDC?
USDC is a US Dollar backed stablecoin created by Circle. It’s a fiat-collateralized stablecoin that offers the advantages of transacting with blockchain-based assets while mitigating price risk. USDC is an ERC-20 token on the Ethereum blockchain and is 100% collateralized by corresponding USD assets held in accounts subject to inspection.
Recently, in fact, Circle CEO Jeremy Allaire announced an initiative to increase transparency over their stablecoin, and the most recent findings show that Circle has over $55 billion in USDC reserve assets held – with $42 billion in US Treasury Securities and $13 billion in cash held at US-regulated financial institutions.
The team at Circle is very active in the policy and general crypto communities and is a large voice supporting greater crypto adoption.
USDC Investing Opportunities On Phemex
There are many ways to invest in USDC-based assets such as by utilizing decentralized exchanges on Ethereum that base the trading pair in USDC, or by providing liquidity to stablecoin liquidity pools. However, these methods are for more advanced traders with a greater feel for DeFi.
There’s also another way to invest in USDC, for example, on exchanges like Phemex, investors can invest in USDC by creating an interest-earning savings account through Phemex’s Earn Crypto program. In fact, Phemex is currently running a promotion for USDC savings where for 7 days (July 18-24) we’re offering a rate of 18.8% APY on USDC. So for those interested in exploring different ways to invest in USDC with a high return, this product is worth consideration.