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Stablecoins are changing the digital transactions space, with USDC leading the charge. A recent surge in USDC circulation by an impressive 78% year-over-year shows their growing popularity and the increasing clarity surrounding their regulation.
This article describes USDC in detail, and explains how you can easily acquire it on Bybit and the many ways to use it for regular payments — from crypto debit cards to seamless wallet transfers, payment gateways, gift cards and exciting features like the Bybit Giveaway.
Key Takeaways:
USDC is a regulated and USD-backed stablecoin that ensures price stability and transparency, making it an ideal choice for everyday transactions like payments, remittances and retail purchases.
Bybit offers seamless ways to acquire USDC through P2P, One-Click Buy and several other methods.
With its fast transaction speeds, low fees and global reach, USDC makes it easier to conduct cross-border transactions and business operations. Its integration into crypto debit cards, gift cards and DeFi systems positions it as a bridge between traditional and digital finance.
USDC is a stablecoin that’s pegged 1:1 to the US dollar and fully backed by reserve assets comprising cash and cash equivalents. Issued by Circle, USDC ensures price stability and transparency, making it widely available for use in digital transactions, cross-border payments, trading and decentralized finance (DeFi).
Bybit is one of the top cryptocurrency exchanges, well-regarded for its easy-to-use interface, powerful trading tools and strong security measures. It offers multiple ways to buy USDC to suit different user preferences, such as fiat deposit, Auto-Invest, Bybit Card, Bybit Convert, P2P Trading and One-Click Buy. Among these, P2P Trading and One-Click Buy are the most popular, due to their ease and flexibility. Below, we describe how each method works.
Peer-to-peer (P2P) trading: This method allows you to buy USDC directly from other users at a price you agree upon.
Go to the Bybit P2P platform from the Buy Crypto menu.
Select the Buy tab, and set the drop-down menu to USDC.
Set your preferred fiat currency, and input the amount of fiat you want to trade for USDC (in order to filter advertisers).
Browse the list of available offers, and pick one that fits your needs.
Click on Buy for your selected offer, and provide your payment details.
Pay the seller using the payment method they’ve specified, and click on PaymentCompleted. Once the seller confirms receipt of payment, the USDC will be released to your Bybit wallet.
One-Click Buy: Perfect for beginners, One-Click Buy offers a fast and simple way to purchase USDC with fiat.
On the Bybit homepage, click on Buy Crypto and select One-Click Buy.
Choose your local currency, and set USDC as the crypto you want to buy.
Enter the amount you wish to purchase, and select your preferred fiat currency and payment method.
Review the transaction details, confirm the order and complete any further security steps required.
After successful payment, the USDC will be deposited into your account.
USDC offers both retail and institutional users a reliable means for transactions. Retail users often use USDC for daily spending and as a stable asset to manage crypto market volatility, frequently buying and spending USDC through exchanges, P2P trading and crypto debit cards, making it easy to use USDC stablecoin just like cash.
In contrast, institutions typically leverage USDC for large-scale payments, hedging against market swings and liquidity management. Because they’re dealing with higher volumes, they typically prefer over-the-counter (OTC) trades or advanced trading platforms that help reduce market impact and slippage.
If you’re using Bybit, there are several ways to pay with USDC.
Crypto debit cards enable users to spend cryptocurrencies like USDC at traditional merchants by converting crypto holdings into fiat currency at the point of sale. These cards are typically linked to a crypto wallet or exchange account, facilitating smoother transactions. For instance, the Bybit Card, a Mastercard debit card, allows users to spend their cryptocurrency holdings, including USDC, at any merchant that accepts Mastercard. Both the virtual and physical Bybit Card support online and in-store purchases. Here’s how to obtain and use one:
Step 1: Log in to your Bybit account and navigate to the Card section. Complete the application process, including Identity Verification.
Step 2: Activate the card. For virtual cards, activation is immediate upon approval, while physical cards require activation upon receipt.
Step 3: Deposit USDC or other supported cryptocurrencies into your Bybit Funding Account.
Step 4 (optional): Choose the order in which your cryptocurrencies will be used for transactions.
Step 5: Use the card with any merchant that accepts Mastercard. The card will automatically convert your crypto to the required fiat currency during the transaction.
Direct wallet-to-wallet transfers enable users to send USDC to others seamlessly and quickly.
Step 1: Open your USDC-supporting wallet (such as Exodus, SafePal or Trust Wallet).
Step 2: Initiate a transfer: Choose USDC from the list of available cryptocurrencies, and select the Send or Transfer option.
Step 3: Enter the recipient's wallet address (ensure the recipient's address is correct in order to prevent loss of funds), and specify the amount of USDC you wish to send.
Step 4: Review your details, and authorize the transfer.
If you're using Bybit, sending USDC with wallet transfer is simple.
Go to your Assets or Wallet tab in your account.
To send USDC to someone outside Bybit, tap on Withdraw.
To transfer USDC to another Bybit user, choose Transfer instead.
Follow the on-screen steps to complete the process.
Make sure you select the correct network (i.e., ERC-20) to avoid extra fees or failed transfers.
Crypto payment gateways are platforms that let merchants accept payments in cryptocurrencies such as USDC. Some popular ones include Coinbase Commerce, NOWPayments, BitPay and Binance Pay. These gateways function like traditional payment processors, but are designed for digital currencies. Here’s how to pay with USDC using the gateways.
Step 1: At checkout, select USDC as your payment option.
Step 2: The payment gateway will show you a wallet address or QR code, and will tell you exactly how much USDC to send.
Step 3: Open your crypto wallet, scan the QR code (or copy and paste the wallet address) and confirm the payment.
Step 4: The gateway watches the blockchain for your transaction. Once it sees the payment, it informs the merchant.
Step 5: You’ll receive a confirmation once the payment goes through, and the merchant will process your order as usual.
If you’re a verified user in Brazil, you can also use Bybit Pay:
Step 1: At checkout, select USDC as your payment option.
Step 2: Pay online using Bybit Pay, or scan the PIX QR code in-store.
Step 3: Review your payment details, and confirm.
Step 4: Once the payment is approved, the merchant will process your order as usual.
Crypto gift cards are digital vouchers that you buy with USDC and use for products, services or even more crypto. They let you spend or gift crypto without converting it to fiat currency.
Step 1: Choose a platform that sells USDC gift cards, such as Bitrefill or Coinsbee.
Step 2: Browse available gift cards, and pick one that suits your needs (e.g., retail, entertainment or prepaid crypto cards).
Step 3: Select the gift card amount and, if needed, choose the network (e.g., ERC-20) for the USDC transaction.
Step 4: Provide your wallet address (if required) to receive the gift card.
Step 5: Pay using your USDC wallet by following the platform's payment instructions.
Step 6: Once payment is confirmed, you'll receive the gift card code via email or your account. Redeem it according to the platform’s instructions.
The Bybit Giveaway is a feature exclusively on the Bybit mobile app that lets users share crypto assets through giveaways. While it’s not a payment method, it’s a fun way to claim rewards via QR codes or passcodes, helping to promote community engagement within the Bybit ecosystem. Here’s how to create a Giveaway on Bybit:
Step 1: Open the Bybit app, go to the More section and tap on Giveaway. Then, select Create.
Step 2: Set your giveaway parameters: Choose Random Amount or Equal Amount distribution. Then, set the total amount to be distributed and the maximum number of participants. Decide if there are any requirements (e.g., New Users Only or Referees Only). You can add a passphrase for claiming the giveaway.
Step 3: Review the details and tap on Create Now. Complete any security verifications.
Step 4: A claim address and QR code will be generated. Share these with participants.
Step 5: Track the status and participation in the Giveaway History section.
USDC is pegged 1:1 to the US dollar, offering a reliable digital payment method. It combines the stability of fiat currency with the advantages of digital assets to provide several advantages for both businesses and individuals.
USDC maintains a stable value because it’s fully backed by US dollar reserves held in regulated financial institutions. Regular audits and public disclosures ensure transparency, making USDC a trustworthy medium for transactions.
USDC transactions are processed rapidly, often settling within seconds. This swift processing enhances cash flow management and provides immediate access to funds, which is crucial for both businesses and individuals.
Transactions using USDC often incur lower fees compared to transactions within traditional payment systems. This cost-efficiency is particularly beneficial for businesses handling high volumes of transactions or operating internationally.
USDC is a well regulated and efficient digital payment solution that’s ideal for both individuals and institutions. With its stable value, low fees and fast transfers, it offers clear advantages over traditional payment methods and numerous cryptocurrencies. USDC enhances the user experience through crypto debit cards, wallet transfers and payment gateways, making transactions seamless and accessible. It serves as a reliable bridge between traditional currencies and the world of decentralized finance.
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