Refer your friends and get 30% of their trading fees.

Refer your friends and get 30% of their trading fees.

Learn More

EQONEX and USDC: Our choice of stablecoin

June 23, 2020
USD Coin, known as USDC, is a US dollar-backed stablecoin created by Circle and Coinbase (the Centre Consortium) in 2018. It quickly became appealing as it is the only fully and publicly audited stablecoin currently available. Built on Ethereum, USDC is backed by industry giants such as Goldman Sachs and Silvergate. Unlike other stablecoins, USDC is verifiably fully collateralized. This means that for every USDC released, there is a US dollar deposited into a Centre Consortium bank account, which is heavily monitored and audited every month by Grant Thornton LLP as part of their emphasis on transparency.

We believe there are many benefits to holding USDC, including low-fee, fast international transfers without the volatility inherent in other cryptocurrencies. USDC serves as a bridge between fiat and crypto, with the security and stability of one and the globalization of the other.
Stablecoins have around 40% of their relative daily value traded each day when compared to bitcoin and ethereum as of March 31, according to Coinbase reports. As their popularity continues to increase, we expect this daily value trading number to increase. Currently, USDC’s total supply is at 737 million.

There are many stablecoins, with different collateralization methodologies. The EQUOS team chose USDC as our first stablecoin because our values around transparency and accountability align seamlessly. For us, it was important to have a stablecoin fully backed by fiat with widespread accessibility. USDC is readily available on many centralized and decentralized exchanges all over the world. On EQUOS, we give traders the option to decide whether they prefer to hold their funds in US dollar or USDC interchangeably, according to their individual preferences. Circle recently announced its intention to expand USDC use cases with new API’s and revisited blockchain solutions in the hopes of creating a “new form of money flow”.

As the finance industry continues to evolve, we believe USDC will continue to grow in popularity due to its accountability. Both retail and institutional investors in emerging economies with volatile local currencies or limited access to traditional banking services are turning to stablecoins as a safe store and transfer of value. Going forward, we expect this demand to increase and USDC to play a critical role as a well-managed auditable asset that investors can use to bridge the gap between the fiat and digital asset space.

Related Articles

Stellar Lumens XLM Is Now Listed on EQONEX

December 15, 2021


We’re pleased to announce that Stellar Lumens XLM has become the latest listing on EQONEX, and users can now spot trade XLM against USDC on our exchange.

Keep up with crypto through EQONEX!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

What is Cross Collateral

December 15, 2021


EQONEX has added Cross Collateral functionality to BTC and ETH, which offers traders on the exchange multiple benefits.

Crypto Spot Trading and Customized Leverage on the EQONEX Exchange

November 9, 2021


Spot trading with crypto refers to trading "on the spot," meaning that when you buy or sell crypto assets, the transactions are settled in real-time. Spot trade crypto on the EQONEX Exchange with customized leverage.

Polkadot’s DOT is Now Listed on EQONEX

October 25, 2021


We’re pleased to announce that Polkadot’s DOT token has become the latest listing on EQONEX.