USD Coin (USDC) is a stablecoin pegged to the US dollar and redeemable on a 1:1 basis for US dollars, backed by dollar-denominated assets held in segregated accounts with US-regulated financial institutions.
Benefits of USDC
Fiat-backed stablecoins (cryptocurrencies pegged to reserve assets like the U.S. dollar) provide customers stability and confidence during times of volatility. USDC is one of the most trusted and reputable digital dollars, fully backed with high-quality reserves.
High quality reserves: USDC is 100% backed by cash and short-dated U.S. Treasuries held in regulated U.S. financial institutions.
Transparency: A third-party accounting firm conducts transparent, monthly attestations on the US dollar-denominated reserves that back the USDC in circulation.
Stable store of value: The value of your USDC is preserved over time whether you want to pay, send, or trade. USDC is designed to be pegged to the US dollar and redeemable 1:1 for USD.
Rewards: Users in eligible regions may be able to earn rewards on their USDC simply by holding it in their Coinbase account.
Buy USDC on Coinbase Wallet
You can easily purchase USDC with fiat on Coinbase Wallet:
Open your wallet and select Buy.
Select Coinbase Onramp when prompted to choose a payment method.
Sign in to your Coinbase.com account and complete 2-step verification when prompted.
Select Allow to give your wallet access your Coinbase.com account.
Choose your crypto and the amount you’d like to buy.
Choose a payment method from your Coinbase.com account.
Select Preview Buy to review your transaction details.
Choose the chain you’d like to receive your USDC on: Ethereum, Base, Arbitrum, Polygon, Solana, or the Avalanche C-chain.
Select Confirm.
There are no Coinbase fees on USDC buys. Network fees may still apply.
Swapping USDC
Coinbase Wallet supports cross-chain swaps for assets on Ethereum, Base, Arbitrum, BNB chain, Avalanche C-Chain, Polygon, Optimism, and Solana networks. You can swap to and from USDC on any of these chains when you need one side of your swap to have a stable hold of value.
To swap tokens from your Coinbase Wallet:
Open your Wallet mobile app or Wallet extension homepage.
Select Swap.
Choose the token you want to convert, the token you’d like to receive, and the amount you want to convert.
Select Confirm.
Complete the transaction and select Confirm to proceed.
You will be taken to a screen that confirms the conversion has been initiated. Select Done or View Transactions to review the in-progress transaction.
Earn rewards
Enroll in USDC Rewards:
Open the Coinbase Wallet mobile app.
Navigate to the USDC asset page.
Select Activate now on the banner.
Once activated, USDC Rewards begin accruing automatically. Earned rewards are sent on the Base network to your Coinbase Wallet within 5 business days of the next calendar month. For example, rewards earned in September will be paid within 5 business days of October 1.
Check your Coinbase Wallet app for the latest earning rate.
What is the USDC Rewards program?
USDC Rewards is a loyalty program that is funded by Coinbase. It’s a reward for using Coinbase services to store your USDC.
Onchain USDC rewards are available for balances held in Coinbase wallet on Base, Ethereum, Arbitrum, Avalanche C-Chain, Polygon, and Optimism.
Coinbase has no right to use any USDC in your Coinbase Wallet.
We reserve the right to change or discontinue USDC Rewards at any time by reasonable means of notice.
Will I need to report earnings on my USDC Rewards for tax purposes?
Tax rules and reporting rules differ from country to country. Users outside of the US should consult their tax advisor for the most up to date information.
U.S customers
U.S. customers that are subject to US tax reporting are required to report their earnings from USDC Rewards. US customers who earn more than $600 in USDC rewards will receive a 1099-MISC from Coinbase. You can learn more about the 1099-MISC on the IRS official website.
Each reward distributed will populate as a line item in your Coinbase transaction history report. To download your transaction history, visit our reports page.
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