How much is USDC to naira; There are different varieties of cryptocurrency, like altcoins, meme coins, and stablecoins. USDC is a stablecoin like USDT and they’re often compared in the crypto community. Its working mechanism is very different from that of Bitcoin, and you will find out more in this article.
USDC as a Stablecoin
USDC is an acronym for United States Dollar Coin. It is almost similar to USDT, which is the United States Dollar Tether because they are both stablecoins. USDC is a product of a global technology firm called Circle. The company provides a myriad of financial services whose value depends on USDC. These services include payments, institutional investing, and lots more. USDC is the basic building block of Circle’s suite of products. It’s a stablecoin built on the Ethereum blockchain and backed 1:1 with the US dollar – hence the name.
USDC is a stablecoin because, unlike Bitcoin, its value is tied to the dollar, and the exchange market’s volatility hardly affects its value. Investors with low-risk thresholds have often been advised to invest in USDC and other stablecoins because their value is stable and can scarcely record any loss.
USDC is a tokenized digital asset and can be stored on any Ethereum-compatible wallet. Apart from Ethereum, USDC is available on other chains such as Solana, Algorand, and Avalanche. And, of course, tokenization provides all the usual blockchain benefits. View transactions, trade USDC for other tokens on centralized exchanges (CEX), jump into DeFi with a decentralized exchange (DEX), etc.
Price of USDC in naira
The value of USDC in naira depends on the performance of the naira in the exchange market against the dollar since 1 USDC equals 1 USD. Currently, the value of the naira is plummeting, so the value of USDC is higher. The present value of USDC in naira is 1,350 naira.
USDC vs USDT: which is better?
USDC and USDT are the most popular stablecoins in the world; hence, they are constantly being compared. This section will discuss the differences between USDC and USDT under some parameters.
- Market value: Currently, USDT has a higher market cap than USDC. USDT has a market cap of USD 96.12B with 96.24 billion coins in circulation, while USDC has a market cap of USD 27.03B with 27.03 billion coins in circulation.
- Ownership – USDC was launched in 2018 and is issued and managed by a consortium called Centre. Circle Ltd and members from Coinbase founded Centre. USDT was established in 2014 and is issued and managed by Tether Holdings, which Bitfinex controls.
- Supported Blockchains – USDC runs on Ethereum, Algorand, Stellar, Solana, Hedera Hashgraph, and Tron platforms. USDT runs on Ethereum, Solana, and Algorand platforms.
- Regulation and Transparency: USDC is regulated and fully licensed to provide services in its operational jurisdictions. USDC is very transparent about its operations, but USDT is not.
- Trading Stable Coin Backing: USDC backing includes primarily cash and cash equivalents. USDT backing has mostly assets of equivalent value.
Where can I sell cryptocurrency in Nigeria?
There are different platforms to trade crypto in Nigeria; you just have to find one that can cater to your trading needs without scamming you. In choosing an exchange platform for your trades, look for reliability, fast transactions and payments, reasonable rates, responsive customer service and security, and a simple interface.
An exchange platform that has these features is Astro Africa. Astro Africa is the best place to sell your crypto in Nigeria. Astro Africa allows you to trade Bitcoin at the best rates and get paid immediately. The platform is easy to use, with a user-friendly interface that makes navigation seamless. In terms of security, your assets are always safe with Astro Africa as we exploit the best security technologies to ensure that your assets are never prone to hacks by unauthorized third parties. To get started, visit the Astro Africa website or download the app from Google playstore or the App Store.
