What is USD Coin (USDC)?
USD Coin is a stablecoin pegged to the value of the US Dollar. It uses reserves of US Dollars and US Treasury bonds as collateral for each unit of USDC issued. USD Coin is the 2nd largest stablecoin by market cap. You can buy and sell USDC for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade USDC for BTC the same way you trade CAD for USD. You can also trade USDC to CAD based on the USDC price. To learn how to buy USDC, scroll down to see how to buy USD Coin.
How to buy USD Coin (USDC)?
Here's how to buy USD Coin on Coinsquare
To buy USD Coin, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying USDC. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select USDC from the list on the trade section
Coinsquare lets you trade USDC without leaving the app. You can also check the USD Coin price and convert USDC to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the USDC price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy USD Coin (USDC)
Congratulations! You’re now the proud owner of USDC. You can either HODL or use it to exchange USDC to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my USD Coin (USDC)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add USD Coin (USDC) to your portfolio?
Create your account, fund it with spare change and get a little bit of USDC.
