USD Coin Sports Betting 2023

USD Coin review

USD Coin (USDC) is a crypto from the stablecoin class, which was first issued on September 26, 2018, by a peer-to-peer payment platform, Circle, and a popular crypto exchange, Coinbase. USDC was created to serve as an alternative to other cryptos that are tied to the US dollar, such as Tether (USDT) or TrueUSD (TUSD).

USD Coin was developed by the Centre group, which is a collaboration project co-founded by Circle and Coinbase. Centre was responsible for developing the technology and the main framework of the coin, while Circle and Coinbase were the first to commercially issue USDC.

How Does It Work?

In this USDC review we will figure out how this crypto coin working. So the Circle company backs the value of each USDC token they issue with that of a US dollar at a 1:1 ratio. Turning US dollars in the USDC tokens is a process called tokenization. Thus, the procedure of transforming USD in USD Coin (USDC) involves the user sending the USD to the bank account of the token issuer, then the issuer creates the new USDC, gives it to the user, and deposits the received US dollars in reserve.

USD Coin is based on the Ethereum network and uses ERC-20 smart contracts to tokenize, issue, and redeem USD over online exchanges and public blockchains. Redeeming the USDC for US dollars is the process of stamping the token but in reverse.

What Makes It Unique?

USDC is the only stablecoin which is supported by the Coinbase exchange, and it is the second most liquid fiat-backed asset after Tether.

Advantages and Disadvantages

As USD Coin is issued on the Ethereum blockchain, all users are able to check and track the circulating supply and their transactions. Another advantage is that USDC features great liquidity and is available for trading on some of the top cryptocurrency exchanges on the market.

The reserves for USDC are regularly audited by accounting firm Grant Thornton for the user to be truly at a 1:1 ratio with the US dollars, and the funds are kept in segregated bank accounts. These reports are frequently published by Circle, Ltd., which is fully regulated and licensed by the NYDFS (New York State Department of Financial Services).

An aspect that would put off many crypto enthusiasts is that USDC is very centralized, with its issuing, maintenance, and management handled solely by Circle, Ltd. Centralized stablecoins can be easily frozen or confiscated if the issuing authorities perceive your use of the tokens as illegal. Also, if you want to redeem USDC for fiat, you will have to go through a KYC procedure and provide identity documentation to Circle, Ltd.

How Is It Used for USD Coin Sport Betting?

USD Coin can be used like any other crypto on sports betting websites. Since the token is ERC-20 based, you can deposit it into any Ethereum compatible wallet. From your wallet, you can send the coins to the bookmaker wallet address in order to credit funds to your sports betting account. Cashing out works on the same principle: you place your external address as the recipient, wait for the betting site to confirm your withdrawal request, and the coins will be credited in several minutes. The transfers would be executed peer-to-peer over the Ethereum network.

The problem is that there are probably fewer than a handful of sport betting sites that accept the stablecoin as a payment option. The same scarcity would apply to sports betting sites. Click here if you want to know best crypto only betting sites.

Is It Safe to Use for Betting?

From a legal point of view, USDC is completely regulated, audited, fully collateralized, regularly tested for security flaws, and maintained by a responsible financial company. USD Coin is also less prone to fluctuation than Tether.

Moreover, its issuing company can verify where the USDC coins have been used, and let’s say if you gamble with them in a jurisdiction where the law is uncertain for online gambling with crypto, then the company might see this as an illicit action and freeze your USDC funds. USDC transactions are traced all the time by its issuers, and you will have to provide ID documentation when you want to redeem them for USD. This means zero anonymity for users.

If you use the coins to bet in locations where it is legal to bettingonline, then you will probably encounter no issues with Circle. The USD Coin price of the coin is maintained at the value of a US dollar, having close to zero fluctuations, which is an advantage over cryptos that usdc price and crypto are extremely volatile.

How and Where to Get It? Where to Buy?

USDC is available for fiat trading directly on Coinbase or Circle, where you will be required to create an individual or institutional account. The coin is also traded against a variety of cryptos on several exchanges, such as Binance, Coinbase Pro, Poloniex, Bitfinex, HitBTC, Kraken, and OKEx.

Binance has the most pairs, that is a total of 24, followed by Poloniex, which has 17. USD Coin can be traded against BTC (usdc to btc), ETH, USDT, and several other cryptos. There is only one EUR pair on Kraken, one KRW pair on Korbit, and 6 USD pairs on Kraken, Bitfinex, EXMO, OKCoin, BitBay, and CEX.IO.

You will probably be required to pass the KYC on all exchanges which support fiat pairs. After you have signed up on your exchange of choice and have validated your account, select the currency you are willing to exchange from the list that is available. Then, put in the amount of USDC you want to buy and input your receiver’s address. The USD coin will be sent to the address provided after the order has been executed.

Users who buy USDC with USD from a bank account or Coinbase wallet will not have any fees, but purchases through credit cards and debit cards will still have the standard transaction fee applied to them.

Conclusion

While USDC is a well-known stablecoin used for trading on the crypto market, the coin has not achieved popularity in the gambling industry, as very few operators have included the crypto in their list.