A true stablecoin: convert $1 USD to 1 USDC and back
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.
Here’s what that looks like:
The reason we chose this approach is that we think the conversion of USD to USDC and back should be simple and intuitive. Just like you can convert physical dollars to bank-based dollars at an ATM, you can now convert bank-based dollars to blockchain-based digital dollars at Coinbase Pro. And you can then send these blockchain-based dollars to your local Ethereum wallet, use them in dApps or other crypto apps, or write programs with them, confident that each USDC can be sold for $1 at Coinbase This makes USDC a true stablecoin, as it’s stable in value at Coinbase Pro.