USDC was launched in late 2018 by Centre as a stablecoin pegged to the price of the U.S. dollar. Each USDC coin is backed by $1 of cash and short-term U.S. Treasury bonds held in reserve. Its goal is to bring stability to the world of crypto and act as a financially transparent currency. The fiat-backed stablecoin has consistently ranked as the second-largest stablecoin in the crypto market, showing its dominance and supportive community. If you are wondering how to buy USDC, Netcoins is a publicly-traded, fully regulated crypto trading platform. We make it simple for Canadians to buy USDC and other cryptocurrencies.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Who Is Circle?
Circle is a financial technology firm founded in 2013 by Jeremy Allaire and Sean Neville, based in Boston, Massachusetts. The company is renowned for creating USD Coin (USDC), a stablecoin that combines the stable value of the US dollar with the efficiency of blockchain technology. Circle offers a suite of financial products that facilitate global payments and financial participation using blockchain. Known for its robust security and compliance, Circle is a key player in advancing the adoption of cryptocurrencies in mainstream finance.
Why Buy USDC?
As a stablecoin pegged to the price of the U.S. Dollar, USDC offers an opportunity to reduce exposure to the volatility seen in the price of nearly all cryptocurrencies. Given its price stability, USDC can also potentially be an excellent spending currency which people can use to buy goods and services from sellers who accept it as a form of payment. USD Coin’s largest advantage comes from its replacement of fiat currencies within the crypto ecosystem which can be slow and expensive. USDC can be transferred at all times and is much quicker to send than traditional currencies. Settlement often occurs within seconds, and bundled with low transaction costs; USDC is a cost and time-efficient coin to use within the crypto ecosystem.
How Does USDC Stay Stable?
Known as a fully-reserved stablecoin, every digital dollar of USDC on the internet is backed by cash and short-term U.S. treasuries so that it’s always redeemable 1:1 for U.S. dollars.
What Can You Do With USDC?
Given USD Coin’s stability pegged to the U.S. dollar, it could be a great currency to use when purchasing goods and services. USDC can also serve as a base currency on crypto exchanges, making it simple to buy and sell assets in the crypto market. Additionally, purchasing USDC opens up opportunities to earn passive income. One product known as Circle Yield enables holders of USDC to lend out their holdings and earn yield. Although there is an inherent risk in the lending space, Circle is deeply intertwined with USDC as a founder and manager, making the Circle Yield product one with arguably a strong reputation within the crypto space.
What Are Stablecoins?
Stablecoins provide a bridge between the world of crypto and traditional fiat as their prices are pegged to currencies/assets like the U.S. dollar or the price of gold. The significant reduction in volatility makes stablecoins an interesting form of digital money that can potentially work well with everything. Whether it be day-to-day transactions to making transfers on exchanges, stablecoins provide the best of both worlds carrying the benefits of crypto technology and the stability seen in most fiat currencies. This is why the stablecoin market has seen billions of dollars in inflows as one of the best and most popular ways to store and trade value within the crypto ecosystem.
If you want to learn more about Blockchains, Bitcoin or Ethereum, follow our educational blog!
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy USDC in Canada.