Coinbase Pro Introduced New Features for USDC

By Chetna Phour

After collaborating with Circle, Coinbase Pro launched support for the Circle USDC stablecoin. Coinbase Pro also added two new security features which will make the user experience easier and safer.

Two features which Coinbase is offering are

1. Instant Conversion

Coinbase promised that the newly launched USDC would behave like a real stablecoin which means the users will be able to easily convert between USD and USDC on 1:1 basic without any fees and risk of the exchange rate. In a blog post, the cryptocurrency exchanges stated that

“One of the unique aspects of this launch is that while users may trade Bitcoin or Ether for USDC, the USD/USDC order book will not be available at this time. Instead, we’ve developed something we consider better: an automatic tool to instantly convert USD to USDC and back, without exchange rate risk. What this means is that US customers will be able to buy 1 USDC for $1 or sell 1 USDC for $1, with no fees, in large volume, with one click… This makes USDC a true stablecoin, as it’s stable in value at Coinbase Pro.”

Coinbase users can also trade USDC against Bitcoin and Ether.

2. Address Book

The address book feature made the crypto transfer easier and more secure. In the Address Book, the users are getting the option “restrict crypto transfers to addresses in your Address Book.” It will enable the users to transfer cryptos to the addresses which they know and trust. In the Address Book, users can add unlimited wallet address. Address Book will eliminate the need of manual address lookup and copy and paste the address every time (during crypto withdrawal).

The USD Coin (USDC) of Circle is a fully collateralized stablecoin. Recently Coinbase Pro the digital asset exchange added support for USDC on its website Coinbase.com, mobile app, and Coinbase Wallet. Coinbase announced the three use cases of USDC on Coinbase Consumer.

Improved send and receive: According to the crypto exchange, now two Ethereum wallets will be quickly able to send and receive USD Coin (any amount) at any point in time. Now the large business transfer has become as easy as small e-commerce transactions. The users can use Coinbase app to send USDC.

Programmable Dollar: developers and fintech companies can easily program the digital dollar like USDC. With the private keys, a program can easily send and receive USDC back and forth using public Ethereum blockchain.

Use in Exchanges and DApps: USD Coin follows ERC20 standard which means it can be used with any app including dApps, exchanges, and blockchain-based games which accepts token based on ERC20 standard. So with USDC, users can buy from Cryptokitties to tickets for blockchain-based games.