USD Coin Casinos

Even though cryptocurrencies are highly attractive to online casino players, their value does fluctuate, meaning they are unstable, but with USDC, you’re getting the best of two worlds: the stability of a fiat currency and the benefits of a cryptocurrency. What does that mean? It means that this is a stablecoin that combines features of both worlds: it is cheaper and faster than traditional banking options and it reduces the volatility typically involved with digital currencies. Why use USDC across online casinos?

About USDC

In 2018, CENTRE, which is an open-source technology organization, co-founded Coinbase and Circle in their collaboration to create a stablecoin (like Tether or USDT), called USD Coin (USDC), with the aim of connecting people, businesses, currencies and financial institutions everywhere across the world. The USD Coin was created with one purpose, to let people move money globally, online, in a faster and cheaper way. As Coinbase put it, its mission was to create an open financial system for anyone in the world with the creation of the stablecoin, and let everyone enjoy the stability of the fiat currency-backed asset. As implied by its name, it is a stablecoin that has the same value as a US dollar. So, you can always redeem one USD Coin for one US dollar. As such, it always has a stable value, meaning it eliminates the volatility typically involved with cryptocurrencies like Bitcoin.

It is running on the Ethereum blockchain, a programmable and decentralized blockchain, meaning it is an Ethereum token. Therefore, you can store it and do whatever you want with it via an Ethereum-compatible wallet. But, it is also backed by fully reserved assets, considering it is licensed and regulated by financial institutions that are required to report their reserves to the US government, so it is fully backed by one US dollar. Therefore, it was designed to be used by those individuals who don’t have or don’t want to have a bank account, yet still want to transact online using the US dollar. Even though not a legal tender, it is still backed by financial institutions, so you can put your trust in it.

Coinbase likes to describe the stablecoin as a programmable dollar in this sense since it unlocks a whole new world for both businesses and applications. With it, lending is more transparent, payments are cheaper and faster, and developers can create accounts with one line of code to store money with it. With that, it helps those people locked out of the global economy just because they don't have bank accounts. With USDC, unbanked people need nothing more than a digital wallet and a mobile phone to join the blockchain-powered open financial system and still use traditional financing, since the stablecoin is pegged to the price of a reserved asset, the US dollar.

Reports on CoinMetrics say that more than $20 billion in USD Coins have been minted as of August 2021, making the stablecoin the world’s second-largest behind Tether. So, it should come as no surprise that the stablecoin is already a hit across the online gambling industry. Online casino players love using cryptocurrencies for online gambling transactions, and with this solution that has a stable value, they have found their perfect digital currency. So, if interested in using it across online casinos, stay with us to learn how to get started with it and what perks and downsides it comes with when it comes to online gambling transactions.

Getting Started with It

You can buy as many USD Coins as you want using US dollar equivalents at any exchange, like Coinbase itself, but also Binance, BitFinex and Poloniex, for instance, and, you can hold your stablecoins in any Ethereum-compatible wallet. So, there are two major steps that you need to make and from there on, you can start using it all across the globe, for fast and cheap transactions.

The first step you'd need to make if you already haven't is to create your Coinbase account. If you already have one, just sign in using your credentials. Go to the exchange page and you'll easily convert your coins at a ratio of 1 US dollar for 1 USDC, paying no fees for that matter. From there, after your coins have been successfully purchased, you can use them for payments and purchases elsewhere, or whenever you want to, convert them back to dollars via your same Coinbase account.

We must mention here that you can earn rewards for holding USD Coins in a Coinbase account. Every US citizen (except Hawaii residents) is eligible to earn rewards as long as they hold at least one US dollar of USD Coin and have a verified Account Level 2 Coinbase account. As long as you meet the criteria, you are automatically opted into the Rewards program. The higher your balance is, the bigger the rewards you win, distributed to your account the first 5 business days of the following month.

Now, we can move on to step two of the process. Just download any Ethereum-compatible wallet on your mobile phone, create your account, and store your stablecoins there. And once your coins are in your wallet, you can start using them for depositing across online casinos.

How to Make a Deposit with USDC at an Online Casino?

Just like all hot cryptocurrencies, the USDC has found its way into the most reputable online casinos, blockchain casinos that accept a variety of other digital currencies. So, to start depositing with it, you would need to find yourself a licensed casino, with a strong online presence, to ensure you'll be getting a safe online gambling experience. Once you've found such a casino, make sure you join it.

To make a deposit with the stablecoin, do the following:

1. Head over to the casino’s Banking/Cashier/Payments page.
2. Find USDC’s logo and click or tap on it.
3. Log into your wallet, and specify how many coins you'd like to deposit.
4. Enter the casino’s deposit wallet address and confirm the transaction.
5. Near instantly, the coins will arrive on your online casino balance.

How to Make a Withdrawal with It?

You will most certainly be able to quickly withdraw your casino winnings to your wallet, as long as you were able to make a deposit with the solution at your chosen online casino.

The procedure will be similar, only this time, you'd need to enter your wallet address to let the casino know where to send your coins. The best part is, contrary to other solutions using which withdrawals take days, with this solution, the coins will arrive in your wallet in a few minutes.

Applicable Fees

We’ve established that buying the stablecoin would be a piece of cake. But you should know that no fees apply for transferring your dollars to USD Coins.

But, in recent years, the Ethereum blockchain has been processing a massive number of transactions, which resulted in higher fees, making the stablecoin actually expensive to use. You can go over these costs by upgrading to the ETH2 (Ethereum 2.0) blockchain.

Accepted Countries

Considering it is still a cryptocurrency, there’s no country limit as to who can use it. As long as you have US dollars to convert to USD Coin, you’ll be all set.

Sure, US citizens benefit more, considering they can get Coinbase Rewards for using the stablecoin, but that doesn't mean that if you're playing from a different country that you cannot use it.

Customer Service and Support Options

Given the fact that USDC is a stablecoin designed by Coinbase and Circle, if you’re experiencing any problems or you simply want to know more about it, you would need to visit their official websites. Circle has dedicated a whole Support page to the stablecoin, and Coinbase has basically created a guideline page where you could learn about the specifics of the cryptocurrency.

Of course, you can always contact your casino’s Customer Support Service if uncertain about how to make a deposit or how to withdraw winnings with it, and the agents should be able to help you out.