USDT & USDC falls into the ‘Stablecoins’ category of cryptocurrency. Crypto traders & investors always consider buying stablecoins for crypto transfers or lending.
Tether (USDT) is the most popular stablecoin today which can be purchased on almost every crypto exchange. USDC on the other hand follows USDT closely in the cryptocurrency market today. These stablecoins which have many things in common also have their uniqueness.
In this post, we’ll look at which to consider between USDT & USDC for crypto investment. Before then, let’s learn more about USDT & USDC.
What is USDT?
Tether is a blockchain-based cryptocurrency that is backed by the U.S dollar. USDT is the trading symbol for Tether tokens.
It is the most popular form of altcoins called ”Stablecoins” due to the fact that its value is pegged to the U.S dollar. In simple terms, a U.S Tether token is $1 all time.
USDT like every other stablecoins is protected from price fluctuation of cryptocurrencies. This property makes USDT a safe haven for crypto investors.
Investors can park their portfolios in Tether without having to completely cash out into USD during the period of high volatility.
USDT also provides a simple way to transact a U.S. dollar equivalent between regions, countries and even continents via blockchain. This is without a third-party like banks and other financial institutions.
What is USDC?
USDC is the trading symbol for the USD coin which is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis.
Initially launched in 2018, USDC’s mantra is “digital money for the digital age” . It is said to be designed for a world where cashless transactions are becoming more common.
USDC is created by two companies which are named ‘Circle‘ and the other ‘Coinbase‘. The former is a peer-to-peer payment services company while the later is a popular crypto exchange.
USDC is available for purchase on crypto exchanges not limited to Coinbase. It is no doubt one of the top cryptocurrency today.
USDT in the Crypto Market Today
Tether (USDT) is among the top cryptocurrency top and the most popular of all Stablecoins. USDT is ranked 3rd in the list of cryptocurrencies, only behind Bitcoin and Ethereum. It is the number one ranked Stablecoins in the crypto market.
As a stablecoin, the price of USDT is always $1 and is not expected to change. USDT has a 24-hour trading volume of $50,630,261,325 USD.
USDT has a live a market cap of $72,495,020,652 USD. It has a circulating supply of 72,538,449,554 USDT coins.
You can buy Tether (USDT) on several crypto exchanges as well as peer-to-peer platforms worldwide.
USDC in the Crypto Market Today
USD Coin is listed as the second stablecoin and the 4th among thousands of cryptocurrency by CoinMarketCap.
As a stablecoin pegged to the US dollar, the price of USDC is always $1 and is not expected to change. USDC has a 24-hour trading volume of $4,644,777,540 USD.
It has a live market cap of $54,071,434,854 USD. It also has a circulating supply of 54,068,167,994 USDC coins.
Asides from Coinbase, you can also purchase on top crypto exchanges like Binance, OKX, ByBit, etc.
USDT vs USDC- What Makes Them Unique?
Crypto traders/investors have reasons for making their choice when investing in crypto. Although stablecoins are known to be pegged to the USD and serve the same functions, they still have their unique features.
Their uniqueness is down to the fact that they function on different blockchains and facilitate access to various crypto assets. USDT & USD coin are also different for this obvious reason.
USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to the U.S. dollar. According to Tether, whenever it issues new USDT tokens, it allocates the same amount of USD to its reserves. This is to show that USDT is fully backed by cash and cash equivalents.
USDC, on the other hand, aims at transparency and giving users the assurance that they will be able to withdraw 1 USDC and receive $1 in return without any issues.
USDC vs USDT
Which To Invest in Between USDT & USDC?
There has been questions raised about USDT’s transparency. USDC is better in that aspect as its goal is to ensure transparency. This could be influence your choice of stablecoin when investing.
Despite the controversy around the USDT, Tether guarantees that the USDT is completely backed. USDT has become a major digital asset in the crypto world since then. In fact, USDT’s average daily trading volume is often on par or even exceeds that of Bitcoin.
The fact that is popular and has passed the test of time so far can also influence your decision in choosing the better stablecoin.
Crypto investment is the most risky form of investment. If you are an averse-risk taker, critics shouldn’t stop you to explore what you need. With this, USDT could come out on top as it is in the crypto market today.
Where To Buy USDT in Nigeria
Peer-to-peer platforms has being an option for Nigerians to trade cryptocurrency since the order given by CBN to stop crypto activities in financial institutions.
One of the best P2P platforms in Nigeria based on ease of transaction, good market rates and security is Prestmit. The company trades digital currencies as well as gift cards.
You can trade USDT among other cryptocurrencies like Bitcoin, Dogecoin and Litecoin on this platform. If you are in Nigeria or Ghana, you can have access to USDT and change to the Nigerian Naira or Ghanaian Cedis.
You can begin this awesome journey with Prestmit by downloading its app. Click here to download Prestmit App. With this, users are closer to the platform, and can carry out transactions easier than ever.
The Bottom Line
USDT & USDC are top among stablecoins that are pegged to the USD today. Although they serve same functions, they are different as they function on different blockchains.
USD coin is more transparent than USDT because many questions have being raised about the later. However, if you are investing in cryptocurrency for higher volume or liquidity, USDT should be your pick.
Also Read– How To Buy USD Coin (USDC)
If you ever need to buy crypto assets in Nigeria or Ghana, Prestmit is one of the best places to do so.
Bitcoin, USDT, Dogecoin and Litecoin are available at good rates on the digital exchange platform.
