Mobile financial application Crypterium now supports the USD Coin (USD), according to the official announcement. The project’s team decided to add a stablecoin into the list of supported tokens “after processing thousands of replies”.
Reasons for choosing USDC
USDC is an ERC-20 cryptocurrency pegged to the U.S. dollar at a 1:1 ratio. Reserves are kept in a special bank account, ensuring the funds are backed and always redeemable.
The team went on the explain the reasons for making USDC a first stablecoin in the Crypterium wallet.
“USDC is the first stablecoin of the CENTRE Consortium, an open-source tech project co-founded by Circle and Coinbase. Circle is a peer-to-peer payment platform backed by $140 million in venture capital from major investors, including Goldman Sachs. And Coinbase is among the top cryptocurrency exchanges worldwide.”
In addition to that, the USDC shows a high level of transparency as its bank account containing reserves is audited by the top 5 accounting firms monthly, with all reports available to the public. The coin is widely presented in the market, covering all major exchanges, wallets, payment and lending platforms.
The USDC is available in the latest update of the Crypterium mobile app, on the main dashboard.
Stablecoin: either store of value or payment
Crypterium team has highlighted some major advantages of the stablecoin like USDC as both good investment asset, and currency for everyday use.
While USDC is faster and safer to operate when compared to fiat currencies, it is also a safe haven in the volatile cryptocurrency market. So, Crypterium suggests users keep some amount of coins on a balance, because “by including them into your portfolio, you can easily and rapidly lower downside risks:
“As stablecoins are uncorrelated to the cryptocurrency market, they serve as a perfect shelter for crypto holders. No need to withdraw, but simply move funds from one balance to another.”
It is also a good asset for regular purchases and payments, allowing to eliminate cases like “Bitcoin Pizza”, when pizza bought for Bitcoins in 2010 has later become the most expensive one due to the drastic rise of Bitcoin’s price.
Stablecoins are also convenient for remittances, due to its “digital nature and underlying blockchain technology” that makes them easy and cheap to transfer.