Starting today, Coinhako will resume full support for USDT and USDC. Coinhako Singapore users can now buy, sell, and swap USDT and USDC on Coinhako.com and our iOS and Android apps.
What are USDT and USDC?
USDT and USDC are USD-backed stablecoins, digital assets designed to have a consistent value over time, unlike the volatility typically seen in cryptocurrency prices. To achieve this stable value, Stablecoins are “collateralized,”— which means that the total number of stablecoins in circulation is backed by assets held in reserve.
USDT v.s. USDC
USDT and USDC are similar in several regards: both tokens maintain a 1:1 value ratio with the USD and are Ethereum-based. They also share a common goal of transferring money across borders quickly and easily, without the worry of middlemen and different time zones.
Despite the similarities they share, USDT and USDC differ in a few ways. USDT was founded four years ahead of USDC in 2014, and is more widely used for trading, with the highest trading volume among stablecoins.
USDC, on the other hand, is perceived as a better store of value and is backed by cash and cash equivalents, while USDT is backed by assets equivalent in value.
What’s new with this update?
Due to updates in local regulations regarding treating stablecoins as Digital Payment Tokens (DPTs), we’re now able to resume full support of USDT and USDC. This means that you can now send and receive USDT/USDC directly to your Coinhako wallet.
Can I still fund my Coinhako account with USD using USDT/USDC?
Absolutely you can! Because USDT and USDC are no longer considered special support tokens, you can sell any of these tokens you own to USD.
Any changes to the USD withdrawal process?
Just a slight one. To withdraw your USD, simply buy the stablecoin of your choice (USDT/USDC) using USD and send them to your external wallet.
What happens to the USD currently in my Coinhako wallet?
In short, nothing. The USD balance on your wallet remains unaffected — no actions are required on your part and you may continue to purchase tokens with your USD balance, or sell tokens into USD.
🚀 For additional information about this update, click here.
Disclaimer: All writer’s opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.