At El Dorado, we work to be the most accessible and user-friendly P2P marketplace in Latin America. We believe that enabling the region's main payment methods in El Dorado P2P, together with the main stablecoins in the market, is part of the recipe for achieving this.
After weeks of work, you can finally create your USDC wallet in El Dorado to send or receive payments on the Polygon network or buy and sell yet another stablecoin on our P2P marketplace.
In this blog we will quickly and easily tell you everything you need to know about USDC in El Dorado.
What is USDC?
USDC stands for “USD Coin”. This is a stablecoin backed by U.S. dollars, or cash-equivalent assets (such as U.S. treasury securities) at a 1:1 ratio, meaning that for every USDC issued, there is one U.S. dollar that supports its value.
Like the vast majority of stablecoins, it was created to facilitate the use of cryptocurrencies on a daily basis, since having a value “anchored” to the US dollar, users may not have to face volatility as in the case of Bitcoin or Ethereum.
When was USDC created?
The first issue of USDC was registered in September 2018 on the Ethereum network, since then its adoption has increased significantly and today it has been issued on other blockchains and listed in several decentralized applications.
Who supports USDC?
USDC is backed by a consortium called CENTRE, which is a collaboration between Circle and Coinbase.
- Circle is a financial technology company based in Boston that specializes in electronic payments and cryptocurrency-based financial solutions.
- Coinbase, meanwhile, is a leading cryptocurrency exchange platform based in San Francisco that allows users to buy, sell and store a variety of cryptocurrencies.
In addition to Circle and Coinbase, there are other members of the CENTRE consortium that support and support USDC. These include cryptocurrency companies, exchanges, wallet providers, and other members of the financial industry who are committed to developing trustworthy crypto products.
What advantages does USDC have over other stablecoins
USDC has several advantages over other stablecoins, such as:
- Transparency: USDC is one of the most transparent stablecoins, as the company regularly issues audit reports showing that the amount of USDC in circulation is backed by an equal amount of US dollars.
- Broad adoption: USDC has been adopted by a large number of exchanges, trading platforms, decentralized applications, and so on, making it easily interchangeable and usable in many places.
- Low cost: In the case of El Dorado, we will include USDC in Polygon, one of the cheapest and fastest networks in the ecosystem.
Why USDC on Polygon?
At El Dorado, we seek to build an affordable and accessible solution, which is why we chose Polygon as the ideal network to use USDC.
Polygon is one of the fastest-growing blockchains in recent years, thanks to its speed and low transaction cost. In addition, Polygon offers a higher level of security over other chains.
USDC on Polygon also serves as a gateway to different protocols and decentralized applications, opening up a world of possibilities for our users.
Why add more stablecoins to our app?
In El Dorado you can now use cUSD on the Celo Network and USDT on the TRON Network, adding USDC to Polygon gives our users the possibility to choose the option that best suits their needs.
This decision is also driven by the recent change made by the TRON DAO, increase commissions considerably to carry out transactions on your network. Therefore, many users may be looking for cheaper options to carry out their operations.
You can now buy or sell your first USDC at El Dorado P2P and continue to discover the full potential that an El Dorado account can offer. Download the app available at Android and iPhone.
