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How to buy USD Coin in Australia with BTC Markets

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Why buy USD Coin (USDC)?

USDC is an Ethereum token used for blockchain payments and value transfers in smart contracts. It enables users to store cryptocurrencies safely in a wallet for easy sending, interacting with decentralised finance applications and minimising price fluctuations before transacting.

  • Stable value: USDC claims to maintain a 1:1 peg with USD, to provide stability in the crypto market.

  • Transparent & audited: Monthly attestations confirm that USDC reserves exceed or match the circulating supply each month.

  • Fast & low-cost: USDC enables quick, affordable transfers for remittances, payments, and digital commerce.

  • Global accessibility: Widely accepted, USDC facilitates cross-border transactions with ease.

  • Regulated: USDC is a licensed money transmitter under US state law.

  • DeFi & dApps: USDC is a stablecoin that can be used in DeFi, enabling lending, borrowing, and yield generation.

What is USDC?

USD Coin, also known as USDC, is a form of stablecoin. It is a cryptocurrency that works similarly to other crypto structures such as Bitcoin and Ether/Ethereum. However, it is designed to be less volatile than other forms of crypto, as it is tied to a fiat currency.

The coin was initially developed by the company behind Circle, a peer-to-peer payment solution, back in 2018. Circle itself had only been around for five years before the launch of USDC and had already achieved significant successes in the digital payments sphere. They decided to create a currency that provided an antidote to the uncertainty and volatility of the more traditional crypto market. This was achieved by attaching the currency's value to the United States Dollar — hence, USD Coin.

Many traders like the volatility offered by cryptocurrency and try to use this to their advantage as they buy and sell crypto on exchanges. However, this does not fulfil the original aim of cryptocurrency: to create a decentralised alternative monetary system that would rival already established forms of currency. Stablecoins can still be traded on exchanges, but they are also more suitable as an alternative form of currency.

What is USDC used for?

USDC can be traded and speculated on, just like other forms of cryptocurrency. For example, users can buy USDC and hold it with the expectation that it will increase in value in the future — but this is never guaranteed, even with a stablecoin.

Due to the relative stability of the USD Coin, users are more likely to adopt this coin as an alternative form of payment. The Visa network now supports the USD Coin, demonstrating the currency's increasing viability as a payment method and its growing reputation in the market.

Traders can also exchange USDC for other forms of currency. They might decide to change USDC to AUD, for instance, to receive the equivalent amount in Australian Dollars. USDC can also be used to exchange for other forms of cryptocurrency, a popular strategy for traders seeking to diversify their crypto portfolio and other investments.

How is the price of a USD Coin determined?

The price of the USDC Coin is tied to the value of the United States Dollar. If the USD goes up or down in value, the USD Coin should follow suit, moving in the same direction and at the same magnitude. As the United States Dollar is one of the world's most commonly accepted and traded currencies, this is intended to add an element of trust and reliability to the USD Coin.

Get started trading USDC with BTC Markets

Many Australians are interested in diversifying their crypto assets and connecting with viable alternative payment methods. This is why stablecoins like USDC are becoming increasingly popular in today's market. Here at BTC Markets, we provide a convenient and reliable platform, making it easy to buy USDC, whether you are an experienced investor or still honing your skills. Sign up for a BTC account today on our website or get in touch with our team to learn more.

Frequently asked questions

How much does USD Coin cost to buy?

The cost of the USDC fluctuates with the United States Dollar. In practice, however, there may be some lag between the value movements of the USD and those of the USDC. For example, in early September 2022, the cost to buy one USD Coin was AUD$1.45, while the cost to buy one United States Dollar was AUD$1.46. These small discrepancies result from a slight delay while the value of the USDC follows that of the USD.

How much USD Coin (USDC) can I buy?

BTC Markets does not place a cap on the amount of USD Coin (USDC) you can buy. You may start from $15 and go onwards to buy up to $150,000 or more per day.

Can I buy USD Coin (USDC) with a debit card?

You can buy USD Coin (USDC) with instant OSKO payments and individual BSB and account number.

Where is the best place to buy USD Coin (USDC)?

Australians looking to buy USD Coin (USDC) should consider BTC Markets as their primary exchange. With our user-friendly interface, competitive fees, and proven track record, we offer an excellent platform for USDC purchases and cryptocurrency trading.

Find out the latest USD Coin news

This Week in Crypto: 16th February 2023
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This Week in Crypto: 16th February 2023

Read more - This Week in Crypto: 16th February 2023
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