USDC (USDC) is the 7th largest cryptocurrency by market cap, valued at US$34,144,808,812.
USDC is a highly volatile asset capable of major price swings in a single day. Today USDC is trading for $1.001 USD, which is lower than yesterday's trading price of $1.00 USD. Over the past year, USDC's price has seen an increase of 0%.
So before you buy USDC, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy USDC.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy USDC in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy USDC is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy USDC
You can now exchange your funds for USDC. On beginner-friendly exchanges, this is as simple as entering the AUD or USDC amount you want to purchase and clicking "buy".
Secure your USDC
Consider transferring your USDC to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy USDC in
Australia
Find an exchange to buy, sell and trade USDC by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this USDC guide up-to-date
USDC price data is regularly updated through data feeds so you always have the latest information.
What is USDC?
USDC is a digital stablecoin pegged to the value of the US dollar. To maintain its fiat-peg, the cryptocurrency is backed by fully reserved USD assets with an exchange rate of 1:1. One USDC should be equal to one real US dollar.
Launched in 2018, the stablecoin was created by Circle, a crypto finance company owned by Centre, with accompanying support from Coinbase. The token was originally built on the Ethereum blockchain, and as such was developed as an ERC20 token. However, it has now expanded to the Solana and Algorand blockchains. The parent company, Centre, is regulated by the Money Services Business and FinCEN in the US, with regular auditing taking place.
USDC can be traded and exchanged like any other cryptocurrency. Instead of cryptocurrency investors transferring funds back into fiat currency, Circle states that USDC allows users to transfer assets to a stablecoin that offers a 1:1 relationship with the US dollar. Stablecoins aim to be a calmer entry and exit platform to the sometimes volatile world of cryptocurrencies.
How do I find the best places to buy USDC?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy USDC?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading USDC.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing USDC with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy USDC?
Once you've created an account, you will need to deposit funds to buy USDC with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy USDC:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase USDC by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for USDC on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy USDC?
The easiest way to buy USDC is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying USDC, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of USDC has been performing recently.
Best USDC wallets to store your USDC
You can keep your USDC on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your USDC below.
March 11, 2023: The price of USDC depegged and fell to 87 cents USD. This was a result of USDC's parent company – Circle – revealing that it had US$3.3bn deposited with Silicon Valley Bank (SVB). The FDIC announced on Friday that it was taking over SVB, which created fear in the market relating to any assets or companies with exposure to SVB. March 2022: The market cap for USDC topped $50 billion USD for the first time ever. February 2022: The war between Russia and Ukraine resulted in a significant volume increase for USDC, with 44% of all trades on the Ukranian cryptocurrency exchange comprising either USDC or USDT. This spike was largely due to the economic implications of the invasion negatively affecting the value of Ukranian and Russian fiat currencies.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is USDC a good investment?
Although stablecoins by nature are intended to be stable and represent the underlying asset, these tokens are not without their associated risks. Here's what to consider before buying USDC:
Collateral. Belief in the stablecoin is highly correlated with the notion that one USDC equates to one US dollar. For every token, Circle claims it holds one US dollar as a reserve. This has previously been verified by auditors. However, if there is any doubt of this in the future, the integrity of the project will be called into question. This was seen with the competing USD stablecoin Tether.
Correlation. As the token is directly correlated to the US dollar, any issues with the USD will also affect USDC. Issues might include the de-valuing of the US dollar and relative price differences with other world currencies.
Volatility. Although pegged to the US dollar, high market volatility and increased daily volume can cause minor spikes above and below 1 USD.
Centralised. The token is backed by a centralised entity and, therefore, arguably goes against the decentralised sentiment of cryptocurrencies. Centre, the controlling organisation, has blacklisted wallet addresses previously.
Today's USDC price versus ATH
Compare today's price of USDC ($1.001 USD) against its all-time-high price of $1.17 USD on 08 May 2019. The closer the bar is to 100%, the closer USDC is to reaching its ATH again.
USDC's price: $1.001 USD ATH date: May 08, 2019
85.56%
USDC ATH: $1.17 USD
How to trade, convert or sell USDC
You can convert or sell your USDC with the same exchange you bought it through:
Disclaimer: Cryptocurrencies, including USDC, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of USDC is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the USDC or any other cryptocurrency discussed.
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