TerraClassicUSD (USTC) is a cryptocurrency on the Terra Classic (LUNC) blockchain. Originally designed as a algorithmic stablecoin, USTC’s peg maintenance mechanism was disabled after the UST crash in May 2022..

May 2022 witnessed one of the major catastrophes in the history of cryptocurrency. The Terra blockchain’s main cryptocurrencies, 

 and the UST stablecoin, crashed and became virtually worthless in just a few days. The obliteration of UST was particularly notable, as this crypto stablecoin had been pegged to the U.S. dollar with a functional mechanism designed to ensure rate stability. When UST lost its peg to the dollar in early May, most investors lost confidence in it and its sister token, LUNA, almost instantly.

After the Terra ecosystem crashed, the blockchain was rebranded to Terra Classic, and new iterations of the LUNA and UST tokens — called 

 and USTC, respectively — were launched. While USTC was still envisioned to achieve parity with the greenback, it was worth less than a cent at the time of the rebranding. In fact, until recently, USTC rarely rose in value above a couple of cents. 

However, a combination of factors has taken the stablecoin from $0.013 on Nov 25, 2023 to over $0.06 a week later. With this recent impressive rally, USTC has been catapulted into the spotlight — and the possibility of it once again achieving parity with USD is being actively discussed.

 (USTC) is a cryptocurrency on the Terra Classic (LUNC) blockchain. Its purpose and working mechanism were originally designed so it would maintain a 1:1 peg to the U.S. dollar. However, following the May 2022 crash of its predecessor, UST, USTC has largely traded for just a few cents, and has lost most of the properties associated with a 

, whose dollar peg is maintained not via fiat reserves, as is the case with assets like 

 mechanism to adjust the token’s price.

USTC's predecessor — UST — had successfully maintained its dollar peg for over one and a half years until May 2022, using a burn and mint system in tandem with Terra's native 

, LUNA. To mint UST, you needed to buy it with LUNA, which was burned in the process. Likewise, to get more LUNA, you would mint it by paying with UST, which would also be burned. Terra employed an automatic swap mechanism to keep the UST peg by minting and burning LUNA and UST when the stablecoin rate deviated from $1.

Following the UST crash and the relaunch under the USTC name in May 2022, the token's price-stabilizing mechanism via mint and burn processes 

. Despite this, many online publications, including from major sources, continue to imprecisely describe USTC as an algorithmic stablecoin.

How TerraUSD (UST) Became TerraClassicUSD (USTC)

In 2018, two young South Korean entrepreneurs, Do Kwon and Daniel Shin, introduced the concept of a blockchain called Terra that would offer stablecoins with algorithmically maintained peg rates. In 2019, Terra’s 

 was launched to much fanfare, and in September 2020, the platform introduced its first algorithmic stablecoin, the U.S. dollar–pegged TerraUSD (UST). As described above, the UST/LUNA swap mechanism maintained the stablecoin's rate.

However, as early as 2018, before Terra’s mainnet launch, some industry analysts questioned the viability of the Terra model. 

, a fundamental weakness in UST’s peg maintenance system wasthat the stablecoin depended upon the LUNA token to correct any large, panic-driven deviations from the $1 peg. However, if UST investors panicked, that was going to quickly hit LUNA as well, and vice versa.

In May 2022, these dire predictions were realized when both UST and LUNA plunged virtually to nothingness. At the start of the month, UST, as any respectable greenback-pegged stablecoin, was worth $1, while LUNA traded at over $80. By mid-May, both tokens were trading for tiny fractions of a cent, essentially becoming worthless.

Following the disaster, the original Terra blockchain was rebranded to Terra Classic, with UST and LUNA changing their tickers to USTC and LUNC, respectively. However, the stablecoin rate maintenance function based on mint/burn swaps was disabled. Effectively, this left USTC an algorithmic stablecoin in name only. The token now has a variable, and at times volatile, rate dependent upon direct market forces. However, this does not mean at all that USTC is an asset without potential.

After UST’s relaunch as USTC, the token's supply levels stabilized somewhat, due to the abandonment of the constant mint and burn processes. In September 2023, the Terra community 

 new USTC altogether in order to boost the token's chances of achieving parity with the U.S. dollar. Additionally, the community has 

As of Dec 4, 2023, USTC's total supply is close to 9.8 billion, while its circulating supply is nearly 9 billion.

In late November 2023, the former stablecoin's price was around $0.01, a price at which USTC had typically stabilized after the turmoil of May 2022. However, the coin has experienced a head-spinning price rally in the last few days, jumping to $0.065 as of Dec 4, 2023.

The chart below shows USTC prices for the fortnight leading to Dec 4, 2023, with the large spike initiated on Nov 26, 2023 clearly observable.

Since USTC is nominally a stablecoin, even if only for historical reasons, many major crypto price prediction portals do not publish long-term forecasts for it. Those who do post its predictions don't see the token ever reaching parity with the dollar. For instance, DigitalCoinPrice expects USTC to 

 at around $0.064 even until 2030. However, CoinCodex holds a rather favorable stance in the long run, 

 USTC to rise as high as $ 0.1198 in 2030. 

The ongoing USTC price rally and the recent supply-limiting measures taken by the Terra Classic governance community have raised hopes that the token might return to parity with USD at some point in the future. For the first time since the original Terra blockchain catastrophe, the possibility of USTC trading for anything close to $1 is being seriously discussed.

In our view, these discussions are driven more by emotive enthusiasm than by any fundamental reasoning. The decisions to stop minting USTC and burn some of its supply are driving the fervor and current price rally. However, in order for USTC to reach the $1 mark, something extraordinary must happen. This might be in the form of a massive (multibillion-dollar) injection of capital. However, few investors would risk such a daring move, given the current state of the Terra Classic network and its tokens, USTC and LUNC.

Although USTC’s parity with the dollar is highly unlikely, that doesn’t mean that the token has no investment potential. Many crypto analysts and investors have excessively focused on the parity issue while disregarding USTC's general growth potential. Between Nov 25 and Dec 4, 2023, USTC experienced a 400% growth rate.

While much of that growth is driven by zealous hype, USTC isn’t just a purely speculative asset. Some factors that might support the token's further price gains:

In general, USTC is likely a good asset for short-term (or at most, mid-term) oriented crypto investors who don’t mind 

. At the moment, with all the hype and solid growth surrounding it, USTC carries both significant risk and great return potential.

You can buy USTC on Bybit as a Spot pair (

 Perpetual contract. If you don’t yet have an account on Bybit, you can easily 

 and trade hundreds of cryptocurrencies in both the Spot and Derivatives markets.

As of early December, USTC's impressive rally is an ongoing event. The current growth spurt offers tremendous profit opportunities for short-term traders with a penchant for risk. For those with a longer-term perspective, things are less clear. The current price spike might go on for a while, perhaps weeks or months, or it might fizzle out just as fast as it started.

USTC's chances of ever reaching parity with the greenback look slim at the moment, but significant positive returns in the future are definitely in the cards. One highly positive factor for the Terra Classic project is that for the first time since the May 2022 calamity, the crypto market is taking USTC and the Terra Classic blockchain seriously.

Intermediate

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What Is TerraClassicUSD (USTC) and Will It Ever Repeg to $1?

A multi-chain stablecoin with highly transparent reserves, TrueUSD (TUSD) is a great holding for those seeking liquidity and stability.

In recent years, the world of digital currencies has experienced phenomenal growth. With over 25,000 cryptocurrencies, global market capitalization is around $1.45 trillion. As of Nov 10, 2023, the total daily crypto trading volume is $137.59 billion, with stablecoins contributing significantly, making up 72.22% of the entire crypto market 24-hour volume at $99.37 billion. From this data, it’s clear that stablecoins are vital in the crypto market. They are fundamental to maintaining the sanity of the crypto trading market, as they’re pegged to less volatile assets such as fiat currencies or commodities, ensuring a steady value amidst market fluctuations. 

 stablecoins, one can’t help but question if TUSD will live up to its expectation as the first regulated stablecoin fully backed by the U.S. dollar that employs real-time attestations from independent third-party institutions to verify its underlying reserves.

In this article, we zoom in on TUSD: What it is, how it works, steps for buying the stablecoin and more.

) is a fully collateralized/legalized stablecoin that’s pegged to the U.S. dollar at a 1:1 ratio. Built on the TrustToken platform, it was introduced to the market in early 2018. 

TrustToken (since rebranded as Archblock) is a decentralized finance (

) platform with two products: a “basket” consisting of five stablecoins, including TUSD, and an uncollateralized DeFi lending protocol, TrueFi, which supports the borrowing of TUSD and two other major stablecoins, USDT and USDC.

In December 2020, Techteryx, an Asia-based consortium, obtained the intellectual property rights to TUSD, effectively dissociating the stablecoin from TrueFi. 

TUSD recently burgeoned in popularity, as Binance turned to it as an alternative to 

 when Paxos was ordered in February 2023 by the New York State Department of Financial Services (NYDFS) to halt the minting of BUSD tokens.

Initially, TrueUSD's dollar holdings were distributed across various bank accounts belonging to different trust companies. All involved parties signed a binding agreement to conduct monthly audits and publish collateralized holdings. The TrueUSD token used multiple escrow accounts to reduce counterparty risk and ensure that token holders are legally protected against theft. The publicly audited smart contracts of TrueUSD then mint TUSD tokens when USD clears the escrow accounts and burn TUSD when USD is redeemed, maintaining a 1:1 parity between circulating TUSD and the USD in the escrow accounts.

While it offered a trustworthy fund management as you could exchange USD directly with third-party escrow accounts instead of going through the network, the TrueUSD team decided to further enhance its transparency through technology.

TrueUSD leads the way as the first stablecoin to utilize real-time attestations for its reserve holdings, independently verified by third-party institutions. Additionally, TUSD is pioneering the transparent on-chain availability of collateralization data and minting control through 

 service offers greater transparency, reliability and protection. If the fiat reserves in Chainlink’s PoR are discovered to be lower than the TUSD circulating supply, decentralized apps (

) can immediately activate measures to secure user funds.

 to enable a tokenized version of the U.S. dollar to be issued and redeemed. Its four token standards are ERC-20 (

When a user buys TUSD with U.S. dollars (USD) via the TrustToken platform, the smart contract underlying the platform automatically generates and issues the equivalent amount of TUSD, which becomes a part of the token's circulating supply.

If a user redeems TUSD through TrustToken, a smart contract automatically burns the tokens being redeemed or removes them permanently from the TUSD circulating supply. Simultaneously, the platform credits the user with a USD amount equal to the amount of TUSD redeemed.

TrustToken doesn’t charge purchase or redemption fees on TUSD transactions. Instead, the company generates revenue by collecting interest on U.S. dollars held in its accounts.

With TrustToken, traders are aware of their ability to buy and sell TUSD at a 1:1 ratio, creating a natural opportunity for 

 in the market and keeping the token at its peg to the dollar.

Every TUSD token has an equivalent U.S. dollar value stored in reserves to back it.

Using Chainlink's PoR, TUSD offers independent real-time attestations and on-chain availability of collateralization data and minting control. 

The TrustToken platform never discourages or prevents legitimate redemptions from verified customers. If an individual or organization passes the anti-money laundering (

) checks on the TrustToken platform, they can redeem TUSD for USD. At any time, the minimum amount of TUSD for withdrawal is $1,000.

TrueUSD is compatible with several blockchain networks, including Ethereum, Tron, 

. This enables the stablecoin to be used seamlessly across all of these blockchains.

At the time of this writing, the price of TUSD is $0.998, with a 24-hour trading volume of roughly $

 on CoinGecko, with a market cap of approximately $3.34 billion and a current circulating supply of about 3.35 billion TUSD coins. TUSD's price is designed to stay as close as possible to that of the U.S. dollar, but slight fluctuations do occur. 

TUSD is natively deployed on five chains: Ethereum, TRON, Avalanche, BNB Smart Chain and BNB Beacon Chain. In addition, it’s supported by seven bridged networks, including 

 is the most popular stablecoin in the crypto sphere. With a market cap of $

the largest stablecoin by market cap — it’s the third biggest cryptocurrency after Bitcoin and Ether. As the dominant player among stablecoins, USDT is the most liquid and has many use cases. 

Both TUSD and USDT are pegged 1:1 to the U.S. dollar, and are backed by real-world assets (RWA) such as cash reserves and cash equivalents, but their similarities end there. TUSD is licensed and regulated, unlike USDT, which is 

incorporated in the British Virgin Islands and not regulated in any way despite its 

Additionally, TUSD is by far more transparent than USDT, and its recent embracement of Chainlink's PoR serves to enhance this transparency. Meanwhile, USDT has been plagued with heavy-handed criticisms about the lack of proper auditing of its reserves. 

Furthermore, it’s been revealed that only a tiny portion of USDT's reserves are in actual cash, 2.9% to be exact. Over 50% of its reserves are in commercial papers, which are unsecured, short-term promissory notes. USDT promptly swapped the commercial papers for U.S. Treasury Notes to assuage users’ worries, but its reluctance to undergo a complete audit casts doubt on the accuracy of its financial information.

, trails behind USDT with a market cap of $24,35 billion. However, it’s often described as a safer alternative because of its adherence to regulation and transparency. USDC’s parent company, Circle, has been releasing regular monthly audits conducted by third-party firms since 2018. 

TUSD is fully backed by cash reserves. On the other hand, USDC (similar to USDT) is backed by a mix of cash and cash equivalents. Nevertheless, its cash equivalent is an SEC-registered government money market fund, demonstrating a commitment to regulation. TUSD and USDC’s respective compliance with regulations may be equally matched, but USDC’s larger market cap has given it more liquidity and ease of use across crypto platforms.

Based on its highly regulated nature and transparency, TUSD can be considered a low-risk investment. Its rapid climb to reach the fourth largest position in terms of market cap among stablecoins following BUSD’s fall also highlights its potential to expand its uses across more DeFi channels. 

Since TUSD is a stablecoin, it won’t gain value/appreciation by itself. However, investors can use TUSD as a 

 against volatility, or vault TUSD (i.e., 

 TUSD on DeFi platforms on Ethereum, TRON or BNB Chain) to obtain rewards.

That said, the analysis and insights provided here or on any other site shouldn’t be considered investment advice, as cryptocurrencies are

 before making any investment. When you do invest, the best practice is to invest no more than you can afford to lose.

On the Bybit exchange, you can choose to purchase and hold TrueUSD directly, or to Spot trade TrueUSD (TUSD/USDT). TUSD can also be traded via the 

. For a limited period, you can also stake TUSD on 

 celebrating its TUSD Spot listing, in which you can win from a 140,000 TUSD prize pool! 

The first event, which runs from Nov 6 through Nov 20, 2023, lets you deposit to earn a share of a 40,000 TUSD prize pool. New users who wish to join must first sign up with Bybit and deposit at least 100 USDT worth of TUSD, or deposit at least 100 USDT to trade TUSD. Existing users can also earn by accumulating at least 100 USDT worth of TUSD in their account, or depositing 100 USDT to buy TUSD.

For the second event, from Nov 7 through Nov 20, 2023, you can stake TUSD with Bybit Savings to win from a 100,000 TUSD prize pool. New users get to earn up to 300% APR by choosing the 7-day Fixed Savings plan, while current users can gain 10% APR with the Flexible Savings plan.

140,000 TUSD prize pool events, you can also win from a 5,000 TUSD prize pool by simply entering a lucky draw from Nov 7 to Nov 14!

As a regulated and transparent stablecoin, TUSD is a safer investment choice than other tokens popular among DeFi apps for 

. Theoretically, TrustToken can issue as much TUSD as demanded by users and supply the exact amount of dollars required, making the token attractive to investors of all portfolio sizes.

Stablecoins like TUSD don’t appreciate in value, since they’re pegged to real-world assets. Having said that, you can still invest in TUSD just as you would in foreign currencies. After all, TUSD is backed by the U.S. dollar, 

 and is likely to keep its top spot for the foreseeable future. TUSD is certainly a stablecoin to keep an eye on.

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What Is TrueUSD (TUSD): TUSD Stablecoin Explained

USD Coin is one of the most popular stablecoins, but what is it and how does it work? Bybit Learn takes a look in this beginner's guide.

Cryptocurrencies are known for their high level of volatility, as their prices may skyrocket or dramatically drop in a matter of a few hours, let alone days and weeks. Under such circumstances, a solution is required to keep a coin’s price stable while providing users with all the other perks of decentralized payment options.

In this guide, we’re going to review such solutions with a special focus on USD Coin (USDC), a stablecoin issued by 

 Consortium, LLC, consisting of Circle and Coinbase.

 as “digital units of value that differ from existing forms of currencies and rely on a set of stabilization tools to minimize fluctuations in their price against a currency or basket thereof.” 

Stablecoins are a digital representation of 

 on blockchains, developed to mimic the price of fiat using a stabilization mechanism. This type of cryptocurrency has a stable price, so users can always redeem a single coin for $1 (or for any other currency to which they’re pegged). Stablecoins can also be an instrument for traders to switch to a more stable digital asset when cryptocurrency markets are volatile. 

With the maintenance of a stable rate, regardless of market fluctuations, stablecoins are a financial tool that’s useful for the protection of capital and profits during periods of intense drawdowns. Also, the capability to transfer funds across exchanges without the need to convert them to fiat helps asset holders stay within the cryptocurrency ecosystem. Thus, they’re protected from negative consequences that can arise in some jurisdictions.

Stablecoins are a good solution for unregulated exchanges that don’t provide conversion to fiat currencies. The scope of their application has also been extended to customers with restricted access to foreign currencies. They’re faster and more cost-effective than fiat money. Payments are settled within a minute, as a rule, depending upon the underlying blockchain. Most stablecoins reside on the Ethereum platform. 

The challenges for the widespread adoption of stablecoins include 

 compliance and regulatory uncertainty. The benefits include features such as reduced cost, improved interoperability and speed. 

USDC is a stablecoin pegged to the U.S. dollar, backed by U.S. dollars held in reserve. The white paper for the USDC stablecoin says that it was developed for beginners who want to enter the world of cryptocurrencies safely and without high costs. 

The governments of different countries often resort to a method called quantitative easing, or QE, which implies the issuance of a new supply of money by central banks globally. Acting in this way, they take politically motivated measures to reach certain goals and save certain beneficiaries from collapse, which would harm the economy. QE can, however, cause a range of undesirable consequences, such as inflation or deflation, as well as create favorable conditions for the crypto revolution that’s currently forming the global financial landscape. 

All these changes are actively supported by tech-savvy users, throughout the world, who have become active participants of the cryptocurrency ecosystem. However, there’s still much to do regarding the widespread adoption of this technology. People who are interested in cryptocurrencies may still prefer using traditional money systems, due to security concerns. Factors keeping them away from cryptocurrencies include: 

1. Sophisticated systems employed by different blockchains

The UI and functionalities offered by cryptocurrencies are usually so complicated that only technically skilled customers know how to operate with them. USDC was designed to facilitate the onboarding process.

2. The volatility of the cryptocurrency market 

Cryptocurrencies exhibit excessive volatility, and sudden changes in the price of an asset may be off-putting. Therefore, stablecoins attract beginners looking for a reliable store of value. This is a way to avoid the inherent price volatility of cryptocurrencies, as the essence of a stablecoin is to be an equivalent of fiat currency. As for USDC, its value is equivalent to one U.S. dollar, and its price is kept stable. 

The Centre Consortium introduced the USDC stablecoin as a means of trying to solve these issues and to remove obstacles on the way to widespread cryptocurrency adoption. 

In September 2018, Circle announced the release of a fiat-backed stablecoin, USDC. Previously, Gemini and 

 had already announced stablecoins developed by their platforms. Circle designed USD Coin in cooperation with BITMAIN, a leading Bitcoin hardware mining manufacturer. It’s worth noting that BITMAIN 

 conducted by Circle in May 2018. The company presented USDC as a more regulated alternative to other cryptocurrencies.

In October 2018, USDC became the first stablecoin that was listed on the then-biggest trading platform, Coinbase. Circle and Coinbase then formed a joint venture known as the Centre Consortium to develop the underlying technology of USDC and to govern it.

USDC was listed on Coinbase in October 2018, and in November 2018 Binance added it to its listing, helping to bootstrap the liquidity of the stablecoin quickly. The popularity of the USD crypto coin increased even more after it became available for trading in over 80 countries. 

This explosive growth followed amidst the reality of the coronavirus pandemic, when people started using USDC as a 

 against fiat currencies. In addition, the development of the decentralized finance (

) sector helped to drive a massive amount of traffic to USDC. Innovative features such as 

 contributed to its growing popularity. This stablecoin has become one of the leading digital assets, with amounts deposited on different DeFi platforms. By 2021, the 

 of USDC exceeded 9 billion after having 

 in 2020, which resulted in its becoming known as the fastest-growing stablecoin in the market. 

In August 2022, Bybit announced its partnership with Circle to promote the use and growth of USDC by providing users with a range of USDC products, such as 

. To make transactions even easier for its customers all over the world, Bybit allows instant auto-conversions between USD & USDC (as well as other Circle-issued stablecoins). 

As of Mar 8, 2023, the circulating supply of USDC is close to 43.5 billion. The future is likely to continue to be positive with the maturity of the infrastructure around 

In August 2020, the Centre Consortium unveiled the 

. USDC 2.0 has advanced functionality for digital wallets and other services that support stablecoins. Previously, USDC holders and holders of other Ethereum-based tokens were forced to pay a commission to process transactions. At the same time, customers must keep ETH in accounts to pay for the 

. According to the developers, this was a barrier to mass adoption. 

To remove this barrier, Centre has integrated a gasless 

 feature into USDC. This allows wallet developers to pay commissions on behalf of a client or charge fees directly in USDC tokens, rather than in ETH. The platform’s team developed a public USDC 

 to integrate the support. Developers can provide this service on their own, or a third-party service can be used to pay the associated fees.

The Centre Consortium team believes that gas-free sends will significantly expand USDC’s capabilities in payments, peer-to-peer transactions and e-commerce. The update is fully compatible with previous versions of the protocol. This means that USDC 2.0 doesn’t affect wallets, exchanges or applications that are already integrated with USDC.

 standard) enable a tokenization process that includes the following steps:

A reverse process is required when the customer wants to convert stablecoins for U.S. dollars. After sending a petition to the issuer of the USDC, the smart contract is used again for the exchange. 

USDC is an ERC-20 token that creates payment, lending, investing and trading possibilities. The ecosystem grows with the addition of other tokens and tokenization of goods and services, while the smart contract facilities become the fundamental building blocks of value exchange. The open-source framework developed by the Centre Consortium team enabled the interaction of fiat money with smart contracts, thus providing the possibility of using real-world currencies in blockchain applications. 

The USDC token is used for quick remittances and payments throughout the globe. Customers only need to have wallets and internet access to take advantage of uncensorable interoperable transactions. It’s possible to send large amounts to any location at a low fee. Since it’s a matter of minutes, this type of cryptocurrency asset is irreplaceable for holders. Apart from almost instant settlement, the benefits include round-the-clock availability, irreversibility and lower counterparty risks. 

In comparison with fiat currencies, USDC offers a wide range of uses, including higher leveraged trading and low-cost and secure transactions. The asset can also be used in the DeFi sector when buying cryptocurrency products in 

With this cryptocurrency asset, banking becomes available for the unbanked. It is often regarded as an alternative to traditional finance that brings the democratization process to the international financial system via blockchain technologies. 

Transparency of USDC is guaranteed due to their regulation and full support by U.S. institutional bodies. The issuers of USDC issuers are obliged to deliver transparency to customers. 

The stablecoins developed by Centre Consortium — USDC and Euro Coin — are issued by regulated, licensed financial institutions that maintain full reserves of the equivalent fiat currency. The USDC reserves are kept in a special bank account that is monitored and regularly audited. You can find 

The combination of cryptocurrency properties and a guarantee of USDC’s value granted by leading cryptocurrency giants (Coinbase, Circle and Bybit) contributes to the adoption of USDC in the world. 

The transparency of USDC is highly assessed by experts, especially after the reputations of Tether and Bitfinex were compromised by the investigation initiated by the New York Attorney General’s office. However, it didn’t blemish the reputation of stablecoins. On the contrary, this case emphasized the need for a legitimate and regulated stablecoin. 

Sign up for a Bybit account, or log in to your existing Bybit account to buy stablecoins via the 

. Select USDC through the drop-down box, choose a preferred fiat currency, then go to your cart and check out with your preferred payment method. Upon any successful purchases, the USDC should reflect in your Spot Account within five minutes. Alternatively, you may also purchase USDT directly using your credit or debit card via the One-Click Buy portal and then convert the purchased USDT to USDC via the 

Select a preferred advertiser with your ideal USDC price listed on the 

, then proceed with the selected payment method. The purchased coins should reflect in the asset wallet once the seller has successfully released the coins.

Enjoy competitive P2P trading prices for purchases, with 0% trading fees and multiple payment methods. Users can buy and sell USDC with local currencies to choose from, such as HKD, IDR, JPY, MYR, PHP, RUB and UAH.

When USDC gained popularity in 2020, users started storing their USDC in personal wallets. Since USDC is powered by Ethereum, there are many ways to store the asset, with the two basic types being either ERC-20–compatible wallets or hardware wallets. 

Any Ethereum wallet can be used for this purpose, for example Atomic Wallet, Coinbase Wallet, MyEtherWallet, Coinomi, AlphaWallet, MetaMask, BitGo and others. As for hardware wallets, the Ledger wallet is the most secure option. 

Bybit has recently introduced its latest 

 campaign with events for you to enjoy additional yields and rewards. 

Looking to trade USDC? This is the best time to do so. Enjoy zero fees on all USDC Spot pairs and stablecoin pairs. This promotion will be available until further notice.

? The USDC Party campaign allows you to earn up to 30% APY when you stake USDC on 

. Simply stake up to 1,200 USDC any time from now till March 14, 2023 at 11:59 UTC, and you’ll be able to start earning yield. By Day 31, you’ll receive your yield and principal in your Bybit Earn Account.

Event 3: Extra Yield for USDC Liquidity Pools

In celebration of the campaign, Bybit has ramped up the yields of USDC Liquidity Pools with an additional 10,000 USDC in rewards. If you have an abundance of USDC, consider providing liquidity to the three USDC Liquidity Pools — BTC/USDC, ETH/USDC and BIT/USDC — to earn additional yield from now till March 16, 2023 at 10:00AM UTC. 

For more information regarding the events, visit the 

While Bitcoin’s currently high volatility makes the future of its mass adoption for daily payments questionable, there are high hopes that stablecoins such as USD Coin have a chance to change the situation. This stablecoin is a great solution, with many possible use cases and a bright future.

Beginner

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A Beginner’s Guide: What Is USD Coin (USDC) and How Does It Work?

Tether (USDT) is the most popular stablecoin on the market. In this article, we reveal all you need to know about USDT.

Picture a digital currency that remains stable despite the wild ride of the cryptocurrency market. This intriguing concept has the potential to revolutionize the way we transact and invest in the world of digital currencies. Enter Tether (USDT), a 

 that has managed to maintain a steady valuation amidst the turbulence of the crypto market. But what is USDT exactly? It’s a digital token pegged to the value of a fiat currency, providing stability and ease of use in the volatile world of cryptocurrencies.

Tether (USDT) is a cryptocurrency stablecoin designed to maintain a 1:1 ratio with the US dollar, with each token being backed by Tether’s reserves. As one of the most widely adopted stablecoins, USDT has gained significant market capitalization since its inception, making it a popular choice for those looking to buy tether.

But why is a stable digital currency so important? In the dynamic world of cryptocurrencies, market volatility can be both thrilling and anxiety-inducing. A stablecoin like Tether offers a less volatile option for traders and businesses, providing a secure digital asset that is less susceptible to the fluctuations of other digital currencies.

 in 2014, initially launching as RealCoin before rebranding to Tether later that year. The founders intended to create a stablecoin that could provide consistent prices and user-friendly transactions in the cryptocurrency market. Since then, Tether has become an integral part of the digital token ecosystem, providing:

Beyond USDT, Tether Limited has also introduced 

, a digital asset backed by physical gold, showcasing the company’s dedication to providing diverse options for the crypto market.

The foundation of USDT’s stability lies in its pegging mechanism, which sustains a 1:1 ratio with the US dollar, supported by Tether’s reserves. The peg of this currency is kept stable by keeping the same value of reserves in USD as in the total amount of USDT circulating. These reserves help maintain the peg of this currency against the USD. This stability is essential for traders looking to hedge against market volatility, as it offers a dependable store of value.

But how does Tether ensure this stability? By integrating with various cryptocurrency networks, such as:

Tether can undertake periodic examinations to guarantee security and adherence, addressing any tether claims that may arise.

Tether carries a significant role in the crypto market, offering traders a steady asset to offset market volatility and supplying liquidity for diverse platforms. Its benefits include:

As a result, USDT is a valuable tool for cryptocurrency users.

The primary benefit of USDT to traders lies in its stability. With a value pegged to the US dollar, USDT allows traders to circumvent the volatility of other cryptocurrencies while maintaining a stable store of value. This makes it a popular choice for various applications and platforms in the digital token ecosystem.

During periods of market turbulence, Tether (USDT) provides a safe haven for investors seeking to protect their investments and minimize losses. By maintaining a stable value, traders can take advantage of the benefits of digital currencies without the inherent risks associated with price volatility.

For instance, Chinese importers of inexpensive goods in Russia use USDT on a daily basis to transfer millions home, exemplifying the real-world applications of this stablecoin.

Due to its broad acceptance and substantial reserves, USDT serves as a dependable liquidity source for numerous platforms and exchanges. By providing exceptional liquidity on tier one exchanges, Tether tokens offer traders the ability to take advantage of arbitrage opportunities, asset balancing, and cash equivalents.

The liquidity provided by USDT has a considerable influence on the stability of the crypto market. By supplying a stable and dependable value, USDT:

Tether initially functioned on the Omni Layer Protocol, a platform constructed on the Bitcoin blockchain, offering a steady digital asset for the crypto market. However, Tether has since expanded its integration to other blockchains, including Ethereum, Tron, and more, increasing its accessibility and utility for various applications and platforms.

By connecting tether tokens with various cryptocurrency networks, Tether’s Blockchain Integration allows for the secure and compliant transfer and trading of Tether token.

The Omni Layer Protocol is a layer built on top of the Bitcoin blockchain that facilitates the generation, transmission, trading, and redemption of digital tokens. This protocol enabled Tether to issue USDT tokens on the Bitcoin blockchain, providing a secure and well-established platform for the digital asset.

By utilizing the Omni Layer Protocol, Tether was able to provide a stable digital currency for the cryptocurrency market, offering users a secure and dependable store of value.

As Tether expanded beyond the Omni Layer Protocol, it integrated with the Ethereum blockchain, issuing 

 tokens to enable users to easily transfer and trade Tether on the Ethereum blockchain. This integration increased the accessibility and utility of Tether for various applications and platforms, making it a popular choice for users in the digital token ecosystem.

In addition to Ethereum, Tether now supports a range of other blockchains, including Tron, Algorand, Solana, and Bitcoin Cash (SLP).

The process of acquiring and using USDT is straightforward. Users can purchase USDT on various exchanges using fiat currencies or other cryptocurrencies. Once acquired, USDT can be stored in a secure digital 

USDT can be employed in a range of transactions, including trading, lending, and buying goods and services, whether on or off the blockchain.

USDT can be purchased on various exchanges, such as Bitpanda, using fiat currencies like euros or U.S. dollars. The transaction fees associated with buying USDT on different cryptocurrency exchanges can vary, ranging from 0.05% to 0.25%. It is advisable to check the specific fees for each exchange before making a purchase.

When acquiring USDT, users can choose from a variety of crypto exchanges that support fiat currency or cryptocurrency transactions, making the process of obtaining and trading USDT convenient and straightforward.

Storing USDT in a secure wallet is essential for protecting your investment and ensuring easy access to your funds. There are a variety of wallet options available, including hardware wallets, software wallets, and exchanges.

For added security, users can opt for cold storage, a method of storing cryptocurrencies offline in a secure digital wallet, protecting their USDT from potential cyber attacks and unauthorized access.

USDT can be used for various transactions, including trading, lending, and purchasing goods and services, both on and off the blockchain. By offering a stable store of value, USDT enables users to transact with blockchain-based assets while mitigating price risk and enjoying the advantages of transparency, stability, and low fees associated with traditional currencies.

Some examples of goods and services that can be purchased using USDT include:

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