USD Coin (USDC) on Ethereum is backed 1:1 by US Dollar reserves held with a licensed custodian (Circle). This centralized stablecoin provides an easy way to convert your USD into digital dollars backed 1:1 by underlying USD reserves. USDC is a highly liquid instrument that provides an easy way to put money to work for you in DeFi.

Learn more about USDC from our research team here.

There are three main options to get USDC: through Exponential directly, through centralized exchanges, or through onramp platforms.

Directly from Exponential: Users in select US states can fund their Exponential Wallet directly from their bank account, using Wires or ACH transfers. Learn more about Bank Transfers on Exponential here.

A Centralized Exchange (CEX) is a platform that allows users to buy, sell, and trade cryptocurrencies. CEXs are typically operated by a single entity, which holds custody of users’ funds.

An Onramp platform is a service that allows users to purchase cryptocurrencies with fiat currency. Onramp platforms typically integrate with banks and major payment processors, such as Visa and Mastercard, to make the buying process as simple and convenient as possible. Onramp platforms can be centralized or decentralized, but they are typically more user-friendly than CEXs.

Here is a table summarizing the key differences between them:

The specific steps to open an account and buy crypto vary depending on the country and platform. Here you can find a list of helpful links if you want to open an account with the top global crypto exchanges.

Note: KYC (Know Your Customer) and AML (Anti-Money Laundering) processes may delay your CEX account creation, or your access to send crypto to your Exponential account immediately. Exponential does not endorse any Centralized Exchange, always do your own research when using these services.