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Stablecoins have been around for a while, but only recently did crypto casino players start thinking about the possibility. Due to the demand, an increasing number of crypto casinos have started offering USDC as a payment option. And of course, crypto casino owners must follow, if they don’t want to lose customers in this competitive industry.

Many still wonder what the point of stablecoins is, but if you stay around for a bit more, you will come to understand in the following sub-section. Before that, it must be told that stablecoins have different advantages over regular cryptocurrencies.

Essentially, stablecoins are cryptocurrencies pegged to fiat currencies (usually the US dollar). This provides a sense of stability and security. Of course, you will be losing the chances of getting bigger cashouts upon withdrawal, because a regular token’s volatility can sometimes help. However, there is also the possibility of regular crypto losing its value and once you draw your tokens out of the casino, they might be worth nothing.

What is USD Coin (USDC)

Officially, the USDC is a stablecoin pegged to the US dollar. To be more precise, it is pegged on a one-to-one basis, meaning 1 coin is worth $1. For each unit in circulation, $1 is held in reserve in US Treasury bonds. It is stated that the USDC is issued by financial institutions with strict regulations.

The stablecoin was founded back in 2018, aiming to be digital money in today’s modern age. This is supposed to make payments easier, faster, lower taxes, and ease the process of purchasing other cryptos with USDC. Additionally, it can be viewed as a safety vault in times of crypto market instability, since it will be keeping its price, while the rest of the regular tokens experience the dip.

Furthermore, USDC’s main goal is to create its own ecosystem, where the token is supported by the majority of the crypto wallet, CEXs, dApps, etc. This is great when you withdraw your winnings in a different token and wish to make sure you won’t lose their value.

 

USD Coin

USD Coin

USD Coin Today

price now

$1.00

24h Change

-0.01%

Why Play at a USD Coin (USDC) Casino

So the question becomes, why would you play at a USDC casino, instead of in a crypto casino that supports non-stablecoin tokens. Well, this is not an easy question, so the answer cannot be short likewise.

To start off, USDC is quickly becoming one of the most popular stablecoins, right after USDT, which people expect will surpass by market cap in 2022. This means that many people are trading their $1 for 1 USDC. This allows users to trade USDC for other cryptos quickly, at a low tax rate. In contrast, if you are using fiat to play at a casino, you will be paying higher fees, waiting longer for transactions, which can be frustrating.

Interestingly enough, USDC has a low average fee of %1, which results in about $0.01. It is considerably lower than what you’d get from a conventional fiat payment. With USDC, even if you make 100 transactions, they will accumulate a total cost of $1. So even if you are someone who plans on staying at a USDC casino in the long term, the price will not affect you as much as other tokens’.

The transaction time sits within a 5-minute block, meaning this is the longest your transactions can take. Considering Bitcoin’s block time of 10 minutes, and Ethereum’s block time of 7 minutes, this is a significant improvement. This will ensure all your deposits and withdrawals will be happening in a very short period of time.

Most notably, the fact that you can use a stablecoin while the market is highly volatile is a great advantage, that no non-stablecoin cryptocurrency can offer. While the crypto market crashes and you are buying the dip, you can easily play using USDC for a stable outcome.

Of course, strictly speaking about crypto casino games, USDC has the upper hand over other fiat currencies. This is due to the fact that fiat currencies have the leash tightened, due to many regulations placed upon them. Of course, cryptocurrencies bypass any rules and regulations, allowing providers to place different limits. This includes both lower minimum and higher maximum betting amounts. This is perfect for those who are here to just explore the market and those who wish to risk more in order to win more.

Pros & Cons

USD Coin, as we already know, works completely differently than other cryptocurrencies on the market. This includes stability in value, centralization, and many more. For the viewing experience and convenience, we have formed a list of advantages and disadvantages USDC has over other crypto and fiat currencies.

PROS

  • Stability – First and foremost, people are attracted to USDC for its stability. This means that its volatility is virtually inexistent as it only revolves around the price of $1. The fact that stable coins are mainly supported by virtual assets in reserves, further ensures the price will remain stable.
  • Quick Transactions – USDC has a block time of only 5 minutes, which is significantly better than Bitcoin and Ethereum, which have 10 and 7 minutes block times respectively. Translating this into crypto gaming, will mean that all of your deposits and withdrawals will be happening quite swiftly, especially when compared to fiat payment methods.
  • Low Tax Rates – Currently, the average tax rate of USDC is 1%, which is around $0.01. This means that no matter how many transactions you make, the compound value of them will be close to negligible. This is especially true if you compare fiat payment methods with the average fees of USDC as well as most other cryptocurrencies.
  • Expanded Betting Limits – If you are someone who is still skeptical about the crypto casino industry, then this is one of the main reasons why you’d want to try playing at a USDC casino. Fiat currencies have great limitations placed upon them regarding the maximum amount a player can bet. These rules are thrown out the window for cryptocurrencies, including USDC. This means that you will be getting to bet well below the $0.01 mark, and way higher than the usual $100-200 upper limit. Of course, this will be well-enjoyed by those who love risking more for better rewards as well.
  • Crypto Bonuses – These include deposit bonuses as well as VIP bonuses in some cases. Some can be welcome packages, others can be exclusive tournaments and rewards for staying. This is one way for crypto casino owners to try to keep their player base on their side. It is also expected for these bonuses to keep on rising, due to the hype around the crypto market.

CONS

  • Volatility – You could say that this is paradoxical, but the lack of volatility of course ensures stability, however, some players hope that by the time they withdraw their earings, they will be worth much more. This can only happen if the cryptocurrency of choice is highly volatile. On the other hand, this also means that your winnings won’t be worthless by the time you take them out.
  • License – If you are a crypto casino player this is probably already old news for you, but crypto casinos can only own a Curacao license. And furthermore, if you don’t know, the Curacao officials are not well-known for assisting their players. However, this is the only choice crypto owners have at the moment since the better regulators such as MGA and UKGC do not wish to get involved with crypto casinos.
  • Lack of Casinos Who Work With USDC – Since the demand for USDC as a payment method is rather new, not too many casinos yet work with the cryptocurrency. This means that there is less choice, further meaning that casino owners can use that to their advantage by setting higher internal tax rates, higher deposit requirements, and more.

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How & Where To Buy USD Coin (USDC)

USDC is a cryptocurrency that’s been developed with the help of Coinbase, which is the second biggest CEX on the market, as of January 2022. This means that it also is the best place to purchase USDC from. However, if you prefer other platforms, some useful names are Binance, Kraken, KuCoin, Uniswap, Huobi Global, Poloniex, and more.

Even better, Coinbase has its own integrated crypto wallet, similar to the other platforms we mentioned, meaning you will not need an external one. However, it is a requirement to have a crypto wallet, otherwise, it is impossible to make deposits and withdrawals from a crypto casino. Some cool third-party crypto wallets are MetaMask, MyEtherWallet, Exodus, Electrum, and more.

How to deposit at a USDC casino

Create and account

First and foremost, you will need to create an account and log in to the casino of choice.

After that, you will need to locate the Deposit button which is usually located somewhere in the top section of the website.

Choose USD Coin

In the newly popped-up screen you will need to select USDC as a currency.

Make a transaction

Now you will see an address of a wallet, to which you will need to make a transaction in order to get the sum to your crypto casino account.

Final Words

USDC is definitely an interesting cryptocurrency, especially considering the fact that it is a stablecoin. However, exactly due to this the security surrounding it is much higher than for other tokens. This includes escaping crypto market crashes, and using USDC in the meantime at crypto casinos, so you won’t lose value, but can keep on playing.

The lack of volatility also ensures you will be taking your winnings at no additional risk over their value. The tremendous speed and negligible transaction costs are also a great benefit. USDC is probably the best token for players who are just getting into crypto casinos, simply because you will not be losing much at the end of the day, due to the low betting limits.

For some further information, we suggest checking out the FAQ section below.

FAQ

First and foremost, USDC is what is called a stablecoin, meaning it is pegged to a currency (in this case the US dollar) and has extremely low volatility of no more than 1% usually. This ensures the stability of the currency, while also allowing you to reap the benefits of a regular cryptocurrency, such as transaction speed, low taxes, and more.

In terms of games, all cryptocurrencies, including USDC can be used to play the major categories of online crypto games. These include slots, table games, live casino games, sportsbooks, even cybersports, as well as sometimes unique and casino-original crypto games.

Unfortunately, the words decentralized and stablecoin do not go hand in hand, at least for now. This is due to the fact that stablecoins are pegged to a fiat currency, making it extremely hard to stay decentralized, as each token equals $1 in assets in the real world, kept in a reserve.

The advantages of such casinos come directly from the tokens’ advantages. These include transactions speed, low fees, complete stability of value, security of the network. On the other hand, we have crypto casino advantages such as crypto-only deposit bonuses, expanded betting limits, and sometimes exclusive promotions for crypto users.

Victor Stuard

the author

Victor Stuard

Victor Stuard

Crypto Specialist

the author

My name is Victor Stuard and I am passionate about crypto-currency, blockchain, fair gambling and new technologies. I have been in the crypto mining for the last 7 years and since the first Bitcoin casino was launched. I am here to help you finding the best crypto casinos and compare their pros & cons.