What is USDC?

What is USDC?

The USD Coin (USDC) is a stablecoin pegged to the US dollar. It can be redeemed on a 1:1 basis for US dollars, which means 1 USDC is equal to 1 USD.

Crypto assets that have their value pegged in this way to reference “stable” assets such as the US dollar, Euro, Gold or similar assets are called stablecoins. Stablecoins aim to reduce or hedge against the volatility of unpegged cryptocurrencies like Bitcoin or Ethereum.

Why does Xapo automatically convert my USDC to USD?

Your Xapo account only allows you to hold two currencies - USD and BTC. As a result, even though we support USDC deposits, you cannot keep USDC as a third currency in your wallet. All USDC deposits are automatically converted to USD on a 1:1 exchange basis, which means you get the exact amount in USD as you deposited in USDC unless you are charged a fee by your remitter. Xapo does not charge to receive deposits using USDC unless otherwise indicated to you.

Can I deposit USDC on any network?

At the moment, we only support USDC on the Ethereum network. Kindly do not send USDC via other blockchains. We will be unable to receive your deposit and will not be responsible for its loss.

Learn how to deposit USDC into your Xapo Bank account.

If you require assistance, please reach out to us via in-app chat or send an email to [email protected]. We would be happy to help.