Circle, the company behind the USDC stablecoin, doubles valuation to $9 billion in updated SPAC deal. Circle, the firm behind the stablecoin USDC, has doubled its valuation to $9 billion following a new deal with blank-check company Concord Acquisition Corp.
Similarly, Is USDC on Ethereum? USDC is hosted on Ethereum.
Then, Is USDC a good investment?
USDC is a great option for traditional investors looking for a low-beta investment that can generate returns better than CDs. This low-beta investment can also reduce the portfolio’s overall risk which can help match the portfolio’s risk profile with the investor’s risk appetite.
And Do you pay taxes on USDC? EX: USDC to USD is a taxable transaction based on the difference between the value of the USDC when purchased and the value when it was sold. Trading a stablecoin for a cryptocurrency is a TAXABLE transaction (capital loss or gain) and would appear on the 8949.
What is the risk of holding USDC? Is investing in USD Coin risky? USD Coin, as a cryptocurrency, is generally considered risky as an investment. While stablecoins like USDC have less price volatility than other cryptocurrencies, stablecoins may be subject to increased scrutiny by regulatory agencies like the U.S. Securities and Exchange Commission.
Is USDC a bep20?
USDC Daily Performance
Today’s USD Coin (BEP-20) price is $1.0083, which is down <1% over the last 24 hours.
Is USDC on Solana?
USDC for Solana is now available on mainnet, and Circle will bring comprehensive support for Solana across its suite of platform services and APIs in Q4. Crypto traders and developers can now use USDC, one of the most popular stablecoins, on fast, scalable, and cost-effective rails provided by the Solana blockchain.
Why is USDC APY so high?
Demand for stablecoins constantly exceeds supply. So people with stablecoins to lend can charge premium interest rates, and crypto platforms desperate for stablecoins offer high interest rates to attract new stablecoin lenders. That’s why stablecoin interest rates are so high. It’s simple economics.
Is USDC coin FDIC insured?
Cryptocurrency is not legal tender and is not backed by the government. Cryptocurrency, (including but not limited to tokens such as bitcoin, litecoin and ethereum, and stablecoins such as USDC), is not subject to Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation protections.
How can Voyager afford to pay interest?
How Can Voyager Afford to Pay 9% Interest on USDC? Voyager earns money by loaning out cryptocurrency, taking a spread fee on buy orders (if they buy crypto for less than what an investor expected to buy it at, they take a fee), and plan to introduce a debit card that would earn revenue through fees.
Is selling Gusd a taxable event?
Paying for goods and services in stablecoin is a taxable event because the IRS treats it like a sale or exchange of an asset, which is subject to capital gains tax.
Is selling BTC for USDC taxable?
For tax and regulatory purposes, the IRS treats all cryptocurrency as intangible property subject to capital gains tax.
Do you pay capital gains on USDC?
For example, let’s say you receive 1,000 USDC at $1.00 each. You then spend 1,000 USDC to buy bitcoin. At the time you spend the 1,000 USDC, the value of 1 USDC is $1.02. This would result in $2 (1,000*($1.02 – $1.00)) of capital gains under current tax rules.
Can you mine USD Coin?
You can’t mine USD Coin. New coins are minted every time someone buys or converts currency and acquires USD Coin. If that happens, a new dollar is added to the bank account behind USD Coin.
Is USDC a BSC token?
USD Coin on BSC (USDC) ERC20 Token in Binance Smart Chain Mainnet. Token is implemented as ERC20 smart contract with address 0x0a385f86059e0b2a048171d78afd1f38558121f3 .
How do you get Anyswap tokens?
How to buy Anyswap
- Download Coinbase Wallet. A self-custody wallet like Coinbase Wallet is required to purchase Anyswap. …
- Choose a Coinbase Wallet username. …
- Securely store your recovery phrase. …
- Understand and plan for Ethereum network fees. …
- Buy and transfer ETH to Coinbase Wallet. …
- Use your ETH to buy Anyswap in the trade tab.
How do I send my BNB from trust to Coinbase?
Step 1: Log in to Coinbase app account. Step 2: Get USDT (Tether) below the portfolio & select Receive option. Step 3: Tap ‘I understand’ & copy the USDT address. Step 4: Open Binance wallet & tap tap Withdraw.
Can I send USDC from ETH to Sol?
USDC is deployed natively on both ETH and SOL, and wrapped versions of USDC from the two chains are not compatible with each other, so it’s important to know which version of USDC you start with. Sending native USDC from Ethereum to Solana will result in USDCet.
Is USDC backed?
Despite its name, it is important to note that USDC is not issued or backed by the U.S. government. USD Coin is an open-source project, meaning that anyone can view and contribute to the project’s code.
Who pays the most interest on USDC?
Best USDC (USD Coin) Interest Rates
- Nexo. 8.00% …
- Finblox. 15.00% …
- Vauld. 9.41% …
- Voyager. 9% on first 25k USDC. …
- Abra. 7.50% …
- Crypto.com. 1.50% (APR) 10.00% (8.00% in kind + 2% in CRO) APR, on first $30,000 of total assets in fixed terms. …
- Ledn. 7.50% 7.50% …
- Gemini Earn. 6.36% 6.36%
Should I buy USD Coin on Coinbase?
Despite Coinbase being one of the more reputable platforms, it’s probably best not to invest in USDC solely for its interest rate unless you believe in the future of Bitcoin and Ethereum. USDC may not be volatile, but it’s tied to the crypto world and all the risks that come with it.
Does Coinbase Pro earn interest on USDC?
What is the current USDC Rewards APY rate? As of June 3rd, 2020, the APY for USDC Rewards is 0.15%.
What if Coinbase goes out of business?
U.S. Dollar balances are FDIC-insured.
FDIC insurance means that if Coinbase goes bankrupt, U.S. accounts are covered for up to $250,000 per person. This does not apply to crypto assets.
Does Coinbase report to IRS?
Does Coinbase report to the IRS? Yes. Currently, Coinbase sends Forms 1099-MISC to users who are U.S. traders and made more than $600 from crypto rewards or staking in the last tax year. Note that these tax forms do not report capital gains or losses.
Is my money safe in Coinbase?
While it is never 100% safe to keep your money on any online exchange, Coinbase has one of the safest web wallets you can use since it holds 98% of its assets in offline cold storage that cybercriminals cannot access.