USDC Casinos

USDC, short for US Dollar Coin, is a fairly recent addition to the stablecoin family. Launched in 2018, it was created under a joint move by Circle and Coinbase.

Circle is a cryptocurrency finance company whose headquarters are in Boston. It has been in existence since 2013 and has the backing of top-notch firms such as Goldman Sachs. On the other hand, Coinbase is one of the largest and most popular crypto exchanges based in the US.

Following its launch in September 2018, the stablecoin got off to a great start. By December of the same year, it was the #5 cryptocurrency by market capitalization. Given that it is neither the first stablecoin nor the most popular one, what makes it special?

Take a look at two of its unique features to fully understand why it’s a special stablecoin.

• Fully Audited – Grant Thornton, one of the world’s top 10 accounting companies, regularly audits the USDC. The purpose of this regular auditing is to confirm that it actually has sufficient US dollars in reserve as collateral for the coins in circulation.
• Regulated – Coinbase, one of the stablecoin’s parent companies, is registered as a Money Service Business in the US. As such, the currency falls under the oversight of the Financial Crimes Enforcement Network (FinCEN), which is a top-tier government agency.

Like a good number of cryptocurrencies, USDC is created on the basis of the Ethereum network’s ERC-20 protocol. However, unlike most other cryptocurrencies, it is not mined. Essentially, it is a representation of one unit of the US dollar on the Ethereum blockchain.

Similar to other stablecoins, the USDC is a tokenized version of the US dollar. In order to make this possible, the creators back up every unit in existence with one US dollar. The process of tokenization takes three steps:

1. A USDC buyer sends US dollars to the bank account of the token issuer.
2. The token issuer creates a corresponding number of USDCs using the stablecoin’s smart contract.
3. The buyer gets USDC tokens and the equivalent amount of US dollars goes into the creator’s reserve.

Though it has only been in existence for a couple of years, the USDC project has already accomplished amazing milestones. For instance, since its inception, it has managed to bring on board upwards of 60 partners.

How does USDC compare to other stablecoins?

Take a look below at the simplified comparison table of the most popular stablecoins. You can find all the available stablecoin casinos here.

Other Types of Bonuses

No Deposit Bonus

As far as introductory offers go, this has got to be one of the most alluring. As the name suggests, you get this bonus without having to deposit anything at all. Rather, all you have to do is register an account. While you cannot withdraw the bonus money, it allows you to gamble free of charge. It provides a worthwhile opportunity to get a taste of what the casino has to offer without committing any funds.

Free Spins

These are among the most common promotional offers at online casinos. They go by different names on different platforms. Some examples include extra spins, bonus spins and cash spins. In some cases, they have wagering requirements, necessitating you to play a certain number of times before making a withdrawal. Always take a moment to read through the applicable terms such as cashout limits and qualifying games.

Welcome Bonus

Like free spins, the welcome bonus is available on almost every online casino. Typically, this bonus requires you to create an account and make an initial deposit. Some extend the offer to the first four deposits, providing a varying reward with each deposit. You might get a welcome bonus of 100% or even 200%, but before you get excited, check the wagering requirement and maximum cashout.

Weekly/ Monthly Deposit Bonus

For regular punters, you can also enjoy periodic promotions that take place on a weekly or monthly basis. Some casinos have one to mark the beginning of the week, usher in the weekend or break the mid-week monotony. Others offer a bonus to end the month or start a new one.

Free Play Bonus

Not as common as the others above, the free play bonus is often a reward for a player’s loyalty. You will typically get a lump sum of cash to play with within a given timeframe. In order to protect their interests, most casinos will stipulate high wagering requirements. But it still creates a great opportunity to try your hand at a variety of games and even win some cash.

Pros

Stability

Price volatility is the primary drawback of using cryptocurrencies for wagering. Most cryptocurrencies are so volatile that their prices change on a second-by-second basis. It is not uncommon for users to complain of having made a deposit and having their funds slashed after a few minutes.

As a stablecoin, the USDC maintains a stable price in relation to the US dollar at all times.

Trust

The USDC is a creation of two reputable players in the crypto industry, Coinbase and Circle. As one of the top crypto exchanges globally, Coinbase enjoys a massive following all over the world. During its years of existence, it has created a remarkable measure of trustworthiness. Circle is also a well-known entity that has the backing of Wall Street’s crème de la crème.

The trust that these two entities enjoy trickles down to the USDC. Furthermore, it operates under regulatory oversight and this further instills confidence in its users.

Cons

Not Censorship Resistant

One of the top downsides of the USDC is the fact that it operates on a centralized model. Therefore, project creators hold a significant level of control over the coin. For instance, they have the right to freeze user funds and blacklist wallet addresses if they suspect that one is using USDC for illicit activities.

However, this aspect is not unique to the USDC, as most other stablecoins have similar clauses too. The only exception is DAI.

Despite having a major weakness, it is clear that USDC has remarkable benefits as well. Many users have confidence in the operational excellence of its parent companies. While the dominant stablecoin USDT has never proven its collateralization claims, there is no doubt about it when it comes to USDC.

Not surprisingly, it has gained massive traction as the second most widely used stablecoin with fiat collateralization.