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How to Send & Receive USDC

by Pat

Content Manager

Stablecoins play a vital role in the crypto market. They make trading, cross-border payments, and crypto swapping much easier for users. At the same time, stablecoins make crypto storage less risky for users and serve as a bridge between highly volatile cryptocurrencies and more stable assets such as fiat currencies.

The first ever stablecoin, Tether (USDT), was first listed for trading in early 2015 and paved the way for the rise of stablecoins in the crypto market. As of writing, there are about 200 stablecoins available in the market, one of which is the USD Coin (USDC), the star of this article.

What Is USDC

USDC is an ERC-20 digital currency that mirrors the value of the U.S. Dollar. Unlike other digital currencies that sharply fluctuate in value, the value of USDC is designed to remain stable, hence it’s called a stablecoin.

Despite what it’s called though, USDC is neither backed nor regulated by the U.S. government. It was launched in 2018 and is managed by Circle, a financial technology company, and Centre, a consortium co-founded by the crypto exchange Coinbase.

Among all cryptocurrencies, USDC ranks 4th in terms of market capitalization, with a circulating supply of about 48 billion, and a 24-hour trading volume worth over $4 billion as of writing.

What Are the Use Cases of USDC?

USDC simplifies access to crypto markets. You can use it to trade, buy, sell, deposit, withdraw, swap, or send crypto quickly to another user. You can also use it for yield multiplication through crypto staking or by lending your tokens and earning rewards on various decentralized finance (DeFi) platforms.

Several merchants and businesses, such as AMC Theaters, Dish TV, Jomashop, Microsoft, Pacsun, RoomsToGo, Sacramento Kings, and Twitch, also accept payments in USDC, so you can use it when availing items or services in their stores or platforms.

Which Network Can I Use to Send USDC?

You can send and receive USDC using any platform that accepts it (i.e., crypto exchange, digital wallet, payment app, etc.). If you’re using Ka.app, please make sure that you use USDC in ERC-20 as it’s the only version supported by the app at this time.

Why Use Ka.app for USDC P2P Transactions?

Ka.app facilitates P2P transactions for free when the sender and receiver use the same currency. This means you can send a friend USDC for free when they also receive the payment in USDC. In addition, every transaction completes quickly, regardless if it is cross-border or nearby, so the recipient will receive the payment as soon as the sender confirms the transaction.

How to Send and Receive USDC Using Ka.app

Ka.app provides an easy and fast way to send and receive USDC and other cryptocurrencies to and from another user. Here’s how it works:

Sending USDC Using Ka.app

1. Log in to Ka.app.

2. Deposit USDC into your account.

  1. Go to the home page and click “Add Funds.”
  2. Click USDC, and copy your wallet address.
  3. Go to an exchange or an external wallet, and withdraw your USDC assets.
  4. Paste your Ka.app wallet address as the destination of the assets, and confirm.

3. Once you’ve received the assets in Ka.app, you can start sending USDC to another user by going to the home page and clicking “Send.”

4. Enter the recipient’s phone number or upload or scan their Ka.app QR code.

5. Click USDC and enter the number of coins you’d like to send

6. Confirm the transaction with your pin code

7. Screenshot the confirmation and send it to the recipient

Note: Sending USDC to a non-Ka.app user is also possible in Ka.app. Just go to the USDC page, click the “Withdraw” button, paste the recipient’s wallet address, and confirm with your pin code.

Receiving USDC in Ka.app?

  1. Log in to Ka.app.
  2. Go to the home page and click USDC.
  3. Copy your Ka.app QR code or provide the mobile number you used to sign up on Ka.app to the other user.
  4. Wait for the other user to send the payment.

If the sender wants to pay in another currency, you can still receive it in USDC using the Easy Swap Engine. Here’s how you can enable this feature:

  1. Click the Settings icon on the upper right part of the Ka.app home page.
  2. Once the drawer opens, click “Easy Swap.”
  3. Tick “Enable Easy Swap.”
  4. On the first dropdown, choose the currency that the other user would like to send. You may also choose all currencies if you prefer to receive or convert all future payments to USDC.
  5. On the second dropdown, choose USDC.
  6. Send your QR code or mobile number to the sender.
  7. Wait for the other user to send the payment

How Long Does it Take to Send or Receive USDC?

Ka.app facilitates crypto transactions quickly. Therefore, it only takes a few seconds for you to send or receive USDC. However, if you experience any form of delay, we encourage using the app’s live chat support so we can look through your case and provide a solution.

How Much Does it Cost to Send USDC?

Ka.app provides the cheapest way to send USDC. In fact, the transaction is free if you transfer USDC to another user and they also receive the payment in USDC. However, transaction fees will apply if they use the Easy Swap Engine and receive the payment in another currency (e.g., USDC to BTC).

Swap fees may still vary depending on the amount you sent and whether you are eligible for exchange fee discounts or not (users who staked or locked up tokens in Ka.app are qualified for certain exchange fee discounts).

Is It Safe to Exchange USDC Using Ka.app?

Yes. Users who sign up for the app need to go through a Know Your Customer (KYC) check to verify their identity and protect the company and fellow users against fraud, money laundering, terrorist financing, and other illegal activities. At the same time, a user cannot confirm a transaction without a pin code. This helps prevent hacking, loss of assets, and unauthorized transactions.

Summary

As the second most popular stablecoin, more individuals and merchants are looking at USDC as a payment method. And if you’re searching for a way to use it for remittances, cross-border transactions, or peer-to-peer payments, you can always send or receive USDC quickly and for free using Ka.app. You can also swap it for another token in case you’re trying to build a portfolio.

To create a Ka.app account, join the waitlist now or ask an existing user to send you a referral link for a more convenient sign-up process.

FAQ

Aside from USDC, which cryptocurrencies do you accept in Ka.app?

Ka.app also accepts BTC, ETH, MATIC, USDT, and KASTA. More currencies will be available soon as the company expands the app’s utility.

Do you have customer support in the app?

Yes. You can go to the app’s live chat support when you have questions or concerns about your transactions. Our team tries to respond to customers as soon as possible.

What is the difference between USDC and USDT?

Both the USDC and USDT stablecoins maintain their value at around $1. However, USDT has been around since 2014 and was issued by the company Tether, while USDC was launched in 2018 and was issued by Coinbase and Circle. Another difference is that USDC is more decentralized than USDT. This means that any organization that meets the Centre’s requirements may issue USDC, while only Tether may issue USDC. USDT ranks 3rd in terms of market cap in the crypto market, while USDC ranks 4th.

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