Comparing USDC with USDT

[neku]

While earlier I would receive USDT payment, I now find that some apps are paying USDC. What is the reason why some crypto users are preferring to use USDC?

 

[riberet19]

Perhaps because they trust the company behind USDC (Circle) more than USDT, i.e. Tether, it all depends on each person.

 

[Suba]

When I need a small amount of USDT, I deposit Litecoin on Faucetpay and Swap to USDT but when I want to withdraw the USDT transaction fee is 8 USDT. while I will only withdraw 5 USDT. But the USDC withdrawal fee on faucetpay is cheaper only 0.3 USDC.

Thread 'USDT-TRC20 Withdrawal on FaucetPay'

Nov 27, 2024

I tried to withdraw USDT-TRC20 balance worth $5 from Faucetpay, to Binance crypto exchange, but was surprised after checking the TRX fee USDT fee of 8USDT. Is this a fixed fee, no matter the amount of USDT withdrawn?

• Suba
• Replies: 3
• Forum: Cryptocurrency Discussions

 

[kit_hung]

Many people prefer to use USDC over USDT because USDC has built a reputation for transparency and trust. The company that runs it conducts regular audits to ensure that its reserves are equivalent to US dollars, which gives users more confidence. USDT, although a major stablecoin, has been controversial regarding its reserves and legal compliance. It is a catchy phrase that attracts many.

 

[Kross]

I don't see any real difference between the two stable coins. And I am comfortable having any of them.

 

[Fire&Rain]

The shift to USDC happens because it’s considered one of the more transparent stablecoins. Every USDC token is backed 1:1 by real dollars, and audits are frequent. This makes users feel safer, especially for receiving payments. Unlike some other coins, you know exactly what you’re getting, which is why apps are increasingly offering USDC instead of USDT.

 

[Webster]

While earlier I would receive USDT payment, I now find that some apps are paying USDC. What is the reason why some crypto users are preferring to use USDC?

Per Google AI: What is the difference between USDT and USDC? USDT (Tether) and USDC (USD Coin) are both stablecoins designed to remain valued at $1. They differ in several aspects: issuer, transparency, regulation, adoption, and blockchains they run on. USDT is issued by Tether Limited, while USDC is released by Centre Consortium.

Basically, six of one, half-a-dozen of the other; either one works though more people typically use USDC rather than USDT.
But to each their own.

 

[neku]

Now I find that several exchanges are not accepting usdc deposits, especially in India, due to reasons which are not clear, while almost everyone accepts usdt deposits.

 

[Stardom22]

I actually see no difference between the two. However l would prefer using Usdt because l am used to.

 

[Suba]

I don't think there's a significant difference between USDT and USDC, but depending on the blockchain they're traded on, they typically incur lower gas fees. I also frequently use USDT and USDC as trading pairs. Meanwhile, on Coinbase, USDC is only available on the Ethereum network. There's no clear reason why users prefer USDC, perhaps simply because they hold more of it.

 

[Augusta]

I don't think there's a significant difference between USDT and USDC, but depending on the blockchain they're traded on, they typically incur lower gas fees. I also frequently use USDT and USDC as trading pairs. Meanwhile, on Coinbase, USDC is only available on the Ethereum network. There's no clear reason why users prefer USDC, perhaps simply because they hold more of it.

Yeah it just the fact, I experienced the same thing as well, probably it should be network problem .