How does USDC on Coinbase ERC20 work?

3 answers

• Jan 12, 2022 · 3 years ago
  USDC on Coinbase ERC20 is a stablecoin that is pegged to the US dollar. It works by being backed by actual US dollars held in reserve. This means that for every USDC token in circulation, there is an equivalent amount of US dollars held in a bank account. The ERC20 standard refers to the technical standard used for creating and managing tokens on the Ethereum blockchain. By using the ERC20 standard, USDC can be easily stored, transferred, and traded on the Ethereum network.
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• Jan 12, 2022 · 3 years ago
  USDC on Coinbase ERC20 is a digital asset that represents US dollars on the Ethereum blockchain. It allows users to hold and transfer US dollars digitally, without the need for a traditional bank account. The ERC20 standard ensures compatibility with various wallets and exchanges, making it easy to integrate USDC into existing cryptocurrency infrastructure. The transparency and auditability of the Ethereum blockchain provide additional security and trust for USDC users.
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• Jan 12, 2022 · 3 years ago
  USDC on Coinbase ERC20 is a stablecoin that is issued by Circle and Coinbase. It is backed by a reserve of US dollars held in segregated bank accounts. The ERC20 standard ensures that USDC can be easily integrated into decentralized applications and smart contracts on the Ethereum blockchain. USDC can be used for various purposes, such as remittances, payments, and trading on decentralized exchanges. By using USDC, users can benefit from the stability of the US dollar while taking advantage of the speed and efficiency of blockchain technology.
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