Cryptocurrency Q&A
Is USDC coin FDIC insured?
Is USDC coin FDIC insured?
CryptoLordess
Thu Oct 17 2024
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7 answers
1132
I'm wondering if the USDC coin, which is a stablecoin pegged to the US dollar, is insured by the Federal Deposit Insurance Corporation (FDIC). I want to know if my investment in USDC is protected in case of any financial losses.
7 answers
Chiara
Sat Oct 19 2024
Coinbase, a prominent cryptocurrency platform, does not possess the authority to utilize the USDC tokens held by its users. This distinction is crucial as it underscores the nature of Coinbase's operations.
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ShintoMystical
Sat Oct 19 2024
Contrary to traditional financial institutions, Coinbase does not function as a depository entity. This means that the funds stored in the form of USDC on Coinbase do not constitute a traditional deposit account.
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MysticGlider
Fri Oct 18 2024
The USDC balance maintained by users on Coinbase is unique in that it is not covered by the protective umbrella of the Federal Deposit Insurance Corporation (FDIC). This federal agency, renowned for safeguarding deposits in banks and savings associations, does not extend its coverage to USDC holdings on Coinbase.
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Caterina
Fri Oct 18 2024
Additionally, BTCC boasts a robust futures trading platform, where traders can engage in more complex strategies involving the prediction of future prices. This feature adds depth and sophistication to the exchange's offerings.
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Lucia
Fri Oct 18 2024
Furthermore, the Securities Investor Protection Corporation (SIPC), which provides protection for customers of broker-dealers in case of broker failure, does not insure USDC balances held on Coinbase. This highlights the specialized and non-traditional nature of cryptocurrency holdings.
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