Luno, a global crypto platform, has announced the expansion of their offering with the addition of the USDC, which is a stable coin tied to the US dollar.
It stated that the move would give its customers the ability to store their wealth in a currency that is more stable.
USDC has essentially digitised the US dollar, so it also comes with an array of additional functionality that allows it to be more easily sent across borders, lent and borrowed, and more, as it doesn’t have to contend with traditional financial institutions and their legacy processes.
The coin will be available for Instant Buy and will. be the sixth to be added to Luno’s platform, alongside Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple XRP.
USDC is considered by many to be the safest and best regulated stable coin in the market.
It’s fully collateralised, meaning its reserves are held on a 1:1 ratio with the US dollar so for every 1 USDC, the original issuer of the coin holds 1 US Dollar in collateral.
Records of its reserves are audited monthly by leading accountant, Grant Thornton, and all available online.
CEO and Founder of Luno, Marcus Swanepoel, said, “Broadening our platform with the addition of USDC is an exciting move for us and our users. With Bitcoin and others, including Ethereum, reaching all-time highs, cryptocurrencies are in the limelight and the opportunity is certainly ripe for investors and traders to take advantage.
“We are under no illusion that cryptocurrencies like Bitcoin and Ethereum remain a volatile currency option and by introducing USDC, we want to empower our users to hedge against volatility during market dips.”
Introducing this currency will be key for our customers to keep their funds on the platform meaning their money will be there and ready for them to quickly and easily trade or invest, whenever they are ready to do so, Swanepoel said.