SimpleFX now accepts USDC (USD Coin) deposit

SimpleFX now accepts USDC (USD Coin) deposit.

USDC is a stable coin developed by Circle, a crypto finance business.

Its development was announced in May 2018, and publication began in September of the same year.

Circle is a company acquired by Poloniex, a major cryptocurrency exchange, and famous for being invested by that Goldman Sachs.

With USDC on board, you can now deposit money and trade with an account using 10 different cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Tether
  • Litecoin
  • Bitcoin cash
  • Chainlink
  • Ethereum classic
  • Monero
  • Dash
  • USD Coin

USDC is a virtual currency issued based on Ethereum is unified by the standard called ERC20.

Tokens that comply with this standard do not need to change wallets depending on their type, and all can be managed in one and the same wallet.

USDC is also ERC20 compliant, so anyone with Ethereum tokens can manage it in the same wallet.

Ethereum blockchain has the advantage of being faster than Bitcoin-based ones and superior in payment speed.

There are no limits to SimpleFX trading.

Get access to global stock markets, forex, commodities, and cryptocurrencies from anywhere in the world.

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Are USDC and USDT the same?

The most distinctive feature of USDC is that it is a stable coin with a fixed rate of “1 US dollar = 1 USDC”.

Because it correlates with the US dollar, its price fluctuates as the US dollar fluctuates.

Cryptocurrencies are not regulated by any country, so they are characterized by high volatility due to temporary circumstances and speculative reasons.

Also, if you use stable coins such as USDC instead of fiat and cryptocurrency pairs, you can complete transactions in digital currencies only.

USDT is a well-known stable coin backed by the US dollar, but Tether, which issues it, has various problems.

On the other hand, USDC is backed by financial giant Goldman Sachs, and the issuance of USDC is done by Center, an organization jointly launched with Coinbase, a major cryptocurrency exchange.

Circle is registered with the FinCEN (Financial Crimes Enforcement Network), which controls financial crime under the jurisdiction of the US Treasury, and Circle and Coinbase are Bit Licensed.

Bit License is a license issued by NYDFS (New York State Department of Financial Services) to permit the virtual currency business, and by acquiring this, you can operate the virtual currency business in New York State.

As you can see, registration with regulators and backup from major financial companies will be a great relief.

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