USDC vs USDC(hts)
- USDC (hts) is USDC from foreign chains ported to the Hedera network, which is different from the ERC-20 USDC.
- USDC is a stablecoin backed by US dollars and issued by Circle on Hedera Network, and USDC (hts) is minted when ERC-20 USDC is sent to the hashport reserve.
- To purchase USDC using a credit card, you can use the c14 website or HeliSwap.
- To bridge ERC-20 USDC to USDC (hts) using Hashport, you need to set up your wallets, connect Metamask and Hashpack or Blade wallets, and choose the network you want to port your USDC from to the Hedera network.
If you’ve been wondering what the difference between USDC and USDC (hts) on Hedera is, then this article is for you because in this article, you’ll get to know the difference between USDC and USDC (hts), how to port USDC from foreign chains to get USDC (hts), and also how to use c14 to directly purchase native USDC on Hedera using your credit card.
USDC is a Fiat-pegged stablecoin, which means it is a type of cryptocurrency that is designed to maintain a stable value relative to a particular currency. In the case of USDC, the value is pegged to the US dollar at a 1:1 ratio, which means that one USDC is always worth one US dollar, with each USDC minted with one dollar and will drop us USD is withdrawn from the reserve.
USDC was created in September 2018 by Circle, a financial technology company, in collaboration with Coinbase, a cryptocurrency exchange. The stablecoin was first launched on the Ethereum blockchain as an ERC-20 token; since then, USDC has also been made available on other blockchain networks, including Solana, Polygon and Hedera.
The major idea behind the creation of USDC was to provide a stable and reliable digital currency for use in various applications, such as payments, remittances, and trading. It is backed by a reserve of US dollars held in audited bank accounts, which provides a high degree of transparency and assurance of its stability. USDC can be purchased and traded on various cryptocurrency exchanges and used in various decentralized finance (DeFi) applications, such as lending, borrowing, and trading.
You might be wondering what hts means, it simply represents a Hedera standard token, which is different from ERC20.
So,USDC (hts) is simply USDC that has been bridged from other networks to the Hedera network, so each ERC20 USDC you send to the hashport reserve, a USDC(hts) will be minted to represent.
HOW TO BUY USDC USING C14
You can buy USDC using C14 via the C14 website or HeliSwap, regardless of which platform you want to use, this is the first page you will encounter, where you will choose USDC and then enter how much you want to purchase. (NOTE: The minimum purchase amount is $20. The maximum purchase amount per user (weekly) is $500).
After completion of step 1, the next step will be to verify your phone number. Select your country and input your phone number, then a one-time verification code will be sent to the inputted number for verification. After that, your email will be requested, after which you will receive an email with a code. You need to input the code to verify their email address.
All you need to do in this step is to fill in your card details.
In this step, you are required to input your wallet address, where the USDC is to go. If you are buying via the HeliSwap platform, your wallet address will automatically be filled in. After this, click on "confirm." After clicking on "confirm," one of these two scenarios will pop up:
- If you have not used C14 before, you will be prompted to KYC. You will need to take a photo of your government ID, and then do a face scan. If these submissions match, your transaction will be sent to clear. If you do not submit KYC here, the transaction will fail.
- If you have used it before, the transaction will be approved and the purchased digital asset will be sent to your wallet address in the next block. You will receive an e-mail confirmation from C14.
HOW TO PORT USDC TO USDC (hts) USING HASHPORT
STEP 1: Setting up wallets
First things first, before you can port any token to the Hedera network using Hashport, you need to set up your Metamask wallet and Hedera-based wallet, preferably Hashpack or the Blade wallet (if you do not know how to set up any of these, check out our article on how to set them up).
STEP 2: Connecting Metamask
So, after you’ve set up all the wallets required (in this article, we’ll be using Metamask and hashpack wallets), you launch the hashport portal and then go to Chrome Extensions and choose the Metamask extension. It will automatically connect with the Hashport portal.
STEP 3: Connecting HBAR wallet
After connecting your Metamask wallet, the next thing you have to do is connect your HBAR wallet. In this case, we will be using the Hashpack wallet. To connect your Hashpack wallet, click on HBAR wallet.
Then choose a Hedera wallet. Here we use Hashpack for demonstration.
Immediately after you choose the Hashpack wallet, this prompt will come up asking you to sign in. After signing in and approving, your Hashpack wallet will be connected to the hashport portal.
STEP 4: Porting
After connecting all wallets, you are ready to port, and all you need to do is choose the network you want to port your USDC from to the Hedera network.
N/B: Your network on your Metamask has to be the same as the one you are choosing so that the hashport will be able to interact with your Metamask. (i.e., if you are choosing the polygon, your MetaMask wallet has to be on the polygon network.)
When you choose a network, search for and pick USDC
After choosing USDC, you will land on this page where you have to input the amount of USDC you want to port
After doing that, just slide to confirm, which will bring up a prompt on your Metamask for you to confirm the transaction. When the transaction is confirmed, you will just have to wait to receive your USDC (hts) in your hashpack wallet.
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