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Buy USDC (USDC) in UK With GBP | CoinJar
USDC
USDC
Overview
What is USDC?
USDC (USDC) is a type of that is backed by the U.S. dollar. Unlike other cryptocurrencies that have volatile prices, USDC is designed to maintain a stable value of one USDC equal to one U.S. dollar. This makes USDC a stablecoin, a digital currency that aims to provide a reliable and convenient way to store and transfer value using blockchain technology.
How does USDC work?
USDC is issued by a private company called .
Circle claims that every USDC in circulation is backed by a corresponding U.S. dollar or other approved assets held in segregated accounts with regulated U.S. financial institutions. These accounts are regularly by an independent accounting firm to ensure that the USDC supply matches the reserve assets.
You can buy USDC with fiat currency (such as Pound Sterling, USD or EUR) or other cryptocurrencies (such as Bitcoin or Ethereum) on various platforms, including CoinJar. You can also sell USDC for fiat currency or other cryptocurrencies on CoinJar.
What are the benefits and risks of USDC?
One of the main benefits of USDC is that it seemingly offers low price volatility, meaning that its value does not fluctuate significantly over time. This makes USDC suitable for storing and transferring value without worrying about losing purchasing power due to market fluctuations.
USDC can also be used as a hedge against inflation, as it is pegged to the U.S. dollar, which is considered a relatively stable currency.
This however means that the value won’t rise, it will stay stable. Customers may expect that these coins will always maintain their value with the US Dollar.
USDC is backed by U.S.-regulated reserve assets. Unlike some other stablecoins that have faced controversies over their reserve management and compliance, USDC provides regular and verifiable reports on its reserves and operations.
However, after successful audits in 2019, 2020 and 2021, there was a failed audit in 2022.
Circle hired Deloitte for the 2023 audit, and the results are .
There are risks with stablecoins, however please see below.
Cash, credit or crypto?
Buy USDC using Visa or Mastercard. Get cash in your account with Faster Payments Service (FPS). Convert crypto-to-crypto with a single click.How to buy USDC with CoinJar
Start your cryptocurrency portfolio with CoinJar by following these steps.
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Frequently asked questions
What is USDC?
USDC (formerly USD Coin) is a digital currency that is redeemable 1:1 for US dollars.
It is built for rapid global payments and 24/7 financial markets. USDC uses a blockchain infrastructure.
Why would I buy USDC?
USDC (USD Coin) is a stablecoin cryptocurrency that is designed to maintain a 1:1 value with the US dollar. When you buy USDC, you're purchasing a digital asset that USDC says is backed by US dollar reserves. This makes it an interesting entry point for cryptocurrency trading and DeFi activities. USDC aims to offer the stability of traditional currency with the benefits of blockchain technology.
How can I buy USDC in the UK?
You can buy USDC through CoinJar's cryptocurrency exchange. UK customers can purchase USD Coin using their card, bank deposit, or by trading other cryptocurrencies.
What payment methods can I use to buy USD Coin (USDC)?
CoinJar accepts multiple payment methods for buying USDC, including card payments, bank deposits, and cryptocurrency swaps. You can also trade Bitcoin and other cryptocurrencies for USDC on our exchange. Each payment method offers different processing times and fees to suit your trading preferences.
Is USDC a safe stablecoin to buy?
USDC is one of the most established stablecoins in the cryptocurrency market. Circle, the issuer of USD Coin, says they back each USDC token with US dollar reserves.
What are the risks involved with buying USDC?
While Stablecoins like USDC aim to retain parity with the US Dollar, there is a risk that USDC could “lose its peg” that is, no longer be worth $1USD. USDC aims to prevent this by holding physical US Dollar currency to back each USDC; however notable stablecoins (including USDC) have lost their peg in the past due to many different factors, including misuse, poor governance, and in USDC’s case, the collapse of a bank that held some of its reserves.
How do I store USDC after buying it?
After you buy USDC, you can store it in your CoinJar wallet or transfer it to an external crypto wallet. CoinJar provides storage for your USD Coin holdings. For enhanced security, consider using a hardware wallet for long-term USDC storage.
Can I use USDC for trading other cryptocurrencies?
Absolutely! USDC serves as an excellent trading pair for buying and selling other cryptocurrencies. Many traders use USD Coin as a base currency to trade Bitcoin, Ethereum, and other crypto assets. USDC's theoretical stability makes it convenient for timing market entries and exits with less exposure to volatility.
What are the fees for buying USDC on CoinJar?
CoinJar offers competitive fees for buying USDC, with rates varying based on your payment method and account level. Card purchases typically have higher fees than bank deposits. Check our current on the CoinJar platform for the most up-to-date pricing information.
How is USDC different from other stablecoins like Tether?
While both USDC and Tether are USD-pegged stablecoins, USDC to offer greater transparency through regular audits and regulatory compliance. Circle publishes regular attestations of USDC reserves, helping to provide users with confidence in the coin's backing. This transparency makes USDC a good choice for institutional and retail investors.
Can I sell USDC back to GBP on CoinJar?
Yes, you can easily sell USDC back to GBP on CoinJar. The platform supports conversion between USD Coin and GBP, allowing you to withdraw funds to your bank account. This flexibility makes USDC an excellent bridge between traditional finance and cryptocurrency markets.
What is DeFi and how can I use USDC for DeFi activities?
DeFi (Decentralised Finance) refers to blockchain-based financial services that operate without traditional intermediaries. USDC is widely used in DeFi protocols for lending, borrowing, yield farming, and liquidity provision.
Its theoretical stability and widespread acceptance make USD Coin a convenient asset for participating in the growing DeFi ecosystem. To find out how to use USDC in DeFi, click .
Is buying USDC suitable for beginners to cryptocurrency?
Buying USDC is often recommended for cryptocurrency beginners due to its perceived stability and ease of use. Unlike volatile cryptocurrencies like Bitcoin, USDC aims to match the value of the US Dollar. It's an excellent way to familiarise yourself with crypto wallets, exchanges, and blockchain technology.
Like all cryptocurrency, you should ensure you do your own research before investing to make sure it will help you achieve your financial goals.
How long does it take to buy USDC on CoinJar?
The time to buy USDC depends on your chosen payment method. Credit card purchases are typically instant, while bank deposits may take 0-3 business days to process. Once your payment is confirmed, USDC will be credited to your CoinJar account immediately, allowing you to start trading or using your USD Coin right away.
Your information is handled in accordance with CoinJar’s .
Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service.
We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.
CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
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