Circle has announced the launch of USD Coin (USDC), a new cryptocurrency that will be used on Avalanche. Circle’s latest move has the potential to disrupt the entire cryptocurrency market, as they hope USD Coin will be a more mainstream choice than bitcoin. Ending speculation that the firm would be launching its own exchange, Circle is instead making a play for market dominance by creating a new stable coin that is backed by the US dollar. If successful, Circle’s USD Coin could become the dominant coin in the cryptocurrency market, as it is backed by the world’s reserve currency. However, Circle will have to get a lot of other companies on board before it can successfully gain a foothold with businesses and consumers.
Circle has had a meteoric rise in cryptocurrency. The startup is a digital payments company founded by Jeremy Allaire, who previously founded Brightcove, a video hosting service that was purchased by Akamai Technologies in 2006. Circle ended up selling its hardware wallet, which was integrated into the hardware of select smartphones that were manufactured by BlackBerry. Circle’s USD Coin could take a large bite out of the market share that bitcoin has long held. The primary reason why Circle is launching its newest stable coin is that it wants to get other businesses involved. The firm believes that it can gain widespread acceptance if it can use USD Coin as a payment method for major companies like Starbucks and Amazon, which are currently accepting bitcoin payments but do not yet accept any form of stable cryptocurrency.
What is the difference between USDC and USDC.e?
The USDC is a new cryptocurrency that will be used to conduct transactions on the Circle platform. The coin is designed as an ERC-20 token that will run on the Ethereum network. It is designed as a stablecoin, meaning that it won’t be subject to wild fluctuations in value. However, the coin will have some stability. The USDC has a fixed quantity, and each unit of USD Coin will be backed by one US Dollar. In order to prevent volatility, anyone purchasing coins with U.S. Dollars will have 10% of the tokens they purchase frozen. The coins created in exchange for U.S. Dollars will be held in a reserve account and are available immediately to investors after purchase.
Now USDC.e is a “stable” coin that is backed by the US Dollar. So, users who use it to make transactions on the platform will be subject to the same terms as interacting with USDC. Purchasing of USDC.e will require real dollars, but coins used for transactions on the platform will be locked in a reserve account and released with a 1:2 backing ratio to real U.S. dollars, as described above. So, USDC.e is a new stable coin that is based on Ethereum, as opposed to bitcoin. It was created in order to be non-correlated with bitcoin, and it’s backed by the US dollar instead of the gold standard like most other cryptocurrencies. This can certainly be a good thing for consumers because it ensures that the stability will not go out of control at any time (as tends to happen when Bitcoin crashes and everyone runs into the nearest bank).
What is USDC.e and why do Gamers need to know about it?
USDC.e, which stands for “United States Dollar Coin”, is a new cryptocurrency based on Ethereum that has been created to allow for transactions on the platform. It has been developed as an ERC-20 token, which means it can be actively used on a blockchain like bitcoin or Ethereum. This allows USDC.e to interact with Ethereum’s transaction system, but also means that it is not subject to the same volatility that comes with bitcoin. USDC.e is designed as a stablecoin, meaning that it will not be subject to wild fluctuations in value.
Users purchasing USDC.e need to be aware of how the coins are distributed to ensure they fully understand how their coins will work. In order to purchase USDC.e, users need to deposit real U.S. dollars into the platform’s USD wallet and 10% of these accounts will be frozen in reserves until 30 days after the purchase of the coin. After the transaction is complete, users who deposit U.S. dollars will receive USDC.e coins with a 1:2 backing ratio to real U.S. dollars in reserves, as described above.
Why USDC.e on Avalanche is a great choice for Gamers?
The main reason to use usdc and usdc.e on Avalanche is that it provides gamers with full disabilities to buy games, apps, or in-game items using just their mobile devices. This means that gamers don’t have to worry about carrying a bunch of different wallets around, which is never a good idea, especially when your phone can be stolen at any moment. The use of USDC.e on Avalanche will allow gamers to perform transactions with their mobile devices, something that could be an extremely useful feature for many gamers out there.
If Avalanche can convince other businesses to get on board with its new cryptocurrency, then it has the potential to become a very popular platform for gamers. The fact that it can be used on a mobile device could make it a very viable option for those looking for a new way to buy games, apps, or in-game items.
All of these developments are really exciting and could potentially transform the gaming industry. However, we should always be cautious about the use of new currencies, especially when it is still relatively early and there is still a lot more work to do before businesses, consumers, and governments can all be on board with any new cryptocurrency. I think it’s important for users to remember that USDC.e is still a very new product and that there are still a lot of things to be worked out. Because of this, it is safe to say that USDC.e is not quite ready for a massive market adoption yet, and users should probably not use USDC.e to buy any games or in-game items yet either.