USD Coin (USDC) FAQ

Sep 02, 2019

Announcement: As of October 25, Coinbase Pro has added USD Coin (USDC) to our supported assets. Coinbase Pro customers in qualifying countries will now be able to buy, sell, send, and receive the USDC stablecoin. For info about which products and regions will support the new asset, please see our Supported Digital Currencies page.

What is USD Coin (USDC)?

USD Coin (USDC) is a stablecoin developed by the Centre Consortium, a collaboration between Coinbase and Circle Internet Financial (Circle). Circle is the issuer of USDC and uses a reserve bank account to hold US Dollars that back USDC in circulation. Each USDC represents a single US dollar (USD), and is meant to not move up and down significantly in terms of its exchange rate. 

USDC, a Digital Dollar

  • It is a 1:1 representation of a single US dollar on the Ethereum blockchain
  • Each USDC is 100% collateralized by a corresponding USD held in one or more bank accounts of the issuer, subject to regular public reporting of USD reserves


How is it used? 

  • USDC follows the ERC20 standard and can thus be used with any app that accepts tokens based on that standard
  • This means a stable digital dollar can now be used to buy any digital item in the crypto ecosystem
  • Programmable dollar that can be utilized by developers and fintech businesses

 

What order books are available? 


USDC/BTC and USDC/ETH currently, with more to come. For a full listing of what’s available, go to our Locations and trading pairs FAQ.
 

Why can’t I trade USD/USDC?

As a stablecoin fully backed by US dollars, USD Coin will always be worth $1 on Coinbase. USDC can be traded for other assets, but can only be converted to or from USD directly through Coinbase.

How do I convert USD to/from USDC?

Coinbase Pro customers can use our new conversion feature to easily exchange USD for USDC directly within the Pro interface. To get started:

  1. Go to My Wallets > Balances
  2. Select Convert to USD or Convert to USDC
  3. Enter the amount to convert to or from USDC
  4. Confirm all information for the transaction is correct before clicking Convert
  5. All fees are waived for conversion between USD and USDC.

How do I deposit or send USDC? 

  1. Click the Deposit or Withdraw button 
  2. Select USDC as the type of cryptocurrency you want to deposit or send
    • You can send USDC to your USDC address or transfer funds from Coinbase to Coinbase Pro
  3. Confirm all information for the transaction is correct

When sending USDC from Coinbase to another address or exchange, please make sure the recipient supports USDC. If you send to an external (non-Coinbase) address or wallet that does not support USDC, you will need to directly contact their support team for assistance.

Do not send USDC to any Coinbase wallet addresses other than your USDC wallet. Coinbase will not be able to recover tokens sent to the wrong address.

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