About USDC
USDC (USDC) is a stablecoin pegged to the US dollar. Stablecoins are primarily used for trading and as temporary stores of value, not long-term investment.
Common Uses
- Trading: Exit volatile positions without converting to fiat
- Trading Pairs: Access altcoins available only with stablecoin pairs
- DeFi: Participate in lending, borrowing, and liquidity provision
Where to Buy USDC in Canada
| Exchange | Fees | Deposit Methods |
|---|---|---|
| Kraken | 0.16%-0.26% | Wire, Crypto |
| NDAX | 0.2% | Interac, Wire |
| Bitbuy | 0.1%-0.5% | Interac, Wire |
Important Considerations
- Not for investment: Stablecoins don't appreciate in value
- Centralization risk: Issued by centralized entities
- Not insured: Unlike CAD in banks, not covered by CDIC
- Tax implications: Converting CAD to stablecoins is taxable in Canada
Disclaimer: Stablecoins carry risks including counterparty risk and potential depegging. For long-term CAD storage, high-interest savings accounts may be more suitable.