USD Coin (USDC) API and Price Oracle

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USD Coin

For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
Blockchain network where the asset is deployed
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
Volume 24h
Trades 24h
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Token information

What is USD Coin (USDC)?

USD Coin (USDC) is a stablecoin pegged to the value of the US dollar. It was launched in 2018 by Circle, a cryptocurrency company founded by Jeremy Allaire and Sean Neville. USDC is an ERC-20 token built on the Ethereum blockchain, ensuring transparency and security. Its purpose is to provide a stable and reliable digital currency that can be used for everyday transactions and as a store of value. USDC has gained popularity in the cryptocurrency industry as a reliable stablecoin alternative.

How does USD Coin work?

USD Coin (USDC) is a type of stablecoin that operates on the Ethereum blockchain. It is an ERC-20 token, meaning it adheres to a set of rules and standards that Ethereum uses for creating and managing tokens.

The underlying technology behind USD Coin is similar to other stablecoins in that it is designed to maintain a stable value. The value of USDC is pegged to the US dollar on a 1:1 ratio, meaning 1 USDC token is equivalent to 1 US dollar. This stability is achieved by ensuring that for every USDC in circulation, there is an equivalent amount of US dollars held in reserve.

USDC operates through a network of trusted entities known as "regulated financial institutions" that participate in the creation and redemption of USDC tokens. These institutions are responsible for holding the US dollar reserves that back the value of the tokens. They undergo regular audits to provide transparency and ensure that the amount of USDC in circulation is fully backed by US dollars.

The functioning of USD Coin involves a process called "minting" and "burning." When someone wants to acquire USDC, they can do so by depositing US dollars with one of the regulated financial institutions in exchange for an equivalent amount of USDC tokens. This process is known as minting. Conversely, when someone wants to convert their USDC tokens back into US dollars, they can initiate a redemption process with one of the regulated financial institutions, who will then burn the USDC tokens and release the equivalent amount of US dollars.

This mechanism allows USDC to be easily transferred and used for various purposes, such as payments, remittances, and decentralized finance (DeFi) applications. It provides a stable and reliable form of digital currency that can be seamlessly integrated into blockchain-based systems and applications.

What are the benefits of USD Coin?

USD Coin (USDC) is a popular stablecoin in the cryptocurrency space that offers several benefits compared to its direct competitors. One of the primary advantages of USDC is its stability. As a stablecoin, its value is pegged to the US dollar on a 1:1 basis, which means that one USDC is equivalent to one US dollar. This stability makes USDC an attractive option for users who want to hold a cryptocurrency with minimal price volatility.

Another benefit of USDC is its transparency. USDC is an ERC-20 token that operates on the Ethereum blockchain. The transparency of the Ethereum blockchain ensures that USDC transactions are visible and can be audited by anyone. This transparency builds trust and provides users with reassurance regarding the legitimacy and integrity of the stablecoin.

Compared to its direct competitors, such as Tether (USDT) and Binance USD (BUSD), USDC has gained popularity due to its regulatory compliance. USDC is issued by regulated financial institutions and undergoes regular audits to maintain transparency and verify its 1:1 peg to the US dollar. This regulatory oversight enhances the credibility and reliability of USDC.

Additionally, USDC offers fast and low-cost transactions. Since it operates on the Ethereum blockchain, USDC transactions benefit from the speed and efficiency of the Ethereum network. This enables users to send and receive USDC quickly and with minimal transaction fees.

In summary, USD Coin has distinct advantages over its direct competitors. Its stability, transparency, regulatory compliance, and efficient transaction capabilities make it an appealing option for individuals and businesses looking for a reliable digital representation of the US dollar within the cryptocurrency ecosystem.

What is USD Coin used for?

USD Coin (USDC) is a stablecoin that is used as a digital representation of the US dollar on the blockchain. It is designed to provide stability in value, as each USDC token is backed by one US dollar held in reserve. This stablecoin is mainly used within the digital asset ecosystem for various purposes.

One common use case for USD Coin is as a medium of exchange within the cryptocurrency market. Traders and investors often utilize USDC to move funds quickly and securely between different exchanges and platforms. By using USDC instead of traditional fiat currencies, users can bypass some of the limitations and delays inherent in the traditional banking system.

Furthermore, USD Coin is also commonly used as a store of value during times of volatility in the cryptocurrency market. When prices of other cryptocurrencies are fluctuating, individuals and businesses can convert their holdings into USDC to preserve their value until market conditions stabilize.

An interesting specific use case for USD Coin is in decentralized finance (DeFi). In DeFi applications, USDC tokens can be used as collateral for loans, providing users with the ability to access liquidity without selling their assets. By locking up their USDC as collateral, borrowers can obtain a loan in another cryptocurrency or access various financial services, such as decentralized exchanges or yield farming.

In summary, USD Coin is used as a stable digital currency within the cryptocurrency ecosystem. Its common use cases include facilitating transactions, preserving value during market volatility, and enabling decentralized finance applications.

What is DIA's USD Coin API?

DIA's USD Coin API is one of the API endpoints provided by DIA, offering real-time price feeds of crypto assets. These price feeds are constructed using raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges. DIA's API endpoints are available for free for developers to test, and they can be found on the asset's detail page in the DIA App. These API endpoints are standardized and publicly available for informational purposes.

However, the real strength of DIA's API lies in their custom feeds. When users require a customized configuration for a feed, DIA builds a dedicated API price feed to suit their needs. These custom feeds can be tailored in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

The price information from DIA's API can be used in various ways across the blockchain ecosystem. In the DeFi space, it can be utilized for derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi sector, it can be applied to peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and other use cases.

API stands for Application Programming Interface and it allows software applications to communicate and interact with each other. In this case, DIA's API provides a way for developers to access and utilize DIA's price feeds for cryptocurrency assets and NFTs. These feeds can be used to build various blockchain applications and services.

In summary, DIA's API offers both free and custom feeds for developers. While the free feeds are standardized and publicly available, the custom feeds provide tailored configurations to meet specific requirements. The API can be utilized in a wide range of DeFi and NFTfi applications, making DIA's price information a valuable resource for the blockchain ecosystem.

What is DIA's USD Coin price oracle?

DIA's USD Coin price oracle is a powerful tool in the blockchain ecosystem. DIA's price oracle is a smart contract that provides real-time price feeds for various crypto assets. DIA goes beyond other web3 data providers by integrating with 35+ layer 1 and layer 2 networks, allowing the deployment of price oracles in multiple blockchains.

To construct their price feeds, DIA sources raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, resulting in a comprehensive and accurate representation of market prices. This extensive data collection sets DIA apart from other providers.

While DIA offers demo oracles for developers to test, these are solely for testing purposes and cannot be integrated into production applications. However, DIA offers custom price feed oracles tailored to specific requirements. Users can request a custom feed through Discord or Telegram, allowing for customization in terms of sources, methodologies, update mechanisms, and more.

DIA's custom oracles provide flexibility and reliability, ensuring that users can access the precise data they need. The applications for DIA's price oracles are vast, including derivatives, lending and borrowing markets, stablecoin collateralization, synthetic asset issuance, and more in the DeFi space. Additionally, NFTfi applications, such as peer-to-pool NFT lending, on-chain NFT derivatives, NFT renting, and NFT fractionalization, can benefit from DIA's price oracles.

By offering customizable solutions and a wide range of use cases, DIA empowers users to harness the full potential of blockchain technology.

Why use DIA's USDC API & price oracle?

DIA's USDC API and USDC Price Oracle offer numerous benefits for users in the blockchain ecosystem. One of the primary advantages is the high level of customization available. With DIA's technology, users can tailor each oracle and API endpoint to meet the specific needs of their decentralized applications. This includes configuring data sources, applying data cleaning filters and pricing methodologies, and determining the update mechanisms and frequency of the price feed. Such customization ensures robustness and resilience to unique market conditions associated with the chosen data sources, providing a tailored solution for every user.

Another significant benefit of using DIA's API and Oracle feeds is the transparency they provide. DIA ensures full and granular transparency throughout the data journey, offering users peace of mind in the accuracy and reliability of the price data. Additionally, DIA offers tracking and monitoring tools to closely monitor its oracle and API feeds, further enhancing transparency and accountability.

By leveraging DIA's USDC API and USDC Price Oracle, users gain access to accurate and reliable price data for cryptocurrencies and NFTs. The customization options and transparency provided by DIA's technology ensure that users can confidently rely on the data and make informed decisions in the blockchain ecosystem.

Why use DIA data feeds and oracles?

DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.