Support for USDC AddedLast Updated: March 31, 2019
We are excited to announce that users can now Lend and Borrow USD Coin (USDC) with smart contracts on Nuo Network.
What is USDC?
USD Coin is a US dollar-backed stablecoin powered by Centre, an open source technology project bootstrapped by contributions from Circle and Coinbase. USDC is currently the 2nd largest stablecoin by market cap and 5.5B USDC have been transferred on‑chain to date. USDC is an ERC20 token built on top of Ethereum blockchain and is widely supported across exchanges and wallets. Users can transfer USDC from any of the following exchanges or wallets to their Nuo trading account and lend or borrow on the platform.
To get started, users can signup on the platform with a Username, Email ID and Password. A smart contract based temporary Nuo trading account would be created with an account address where you can transfer ETH, USDC or select ERC20 tokens. This Nuo trading account would become your permanent account once you transfer some amount of tokens to this address.
- To Lend USDC, users need to transfer USDC to this Nuo trading account from any exchange or wallet.
- To Borrow USDC on the platform, users need to transfer ETH or select ERC20 tokens to Nuo trading account from any exchange or wallet.
1. Lend USDC
Lenders on Network Network can supply USDC to earn daily interest. A user can place a reserve order by selecting the amount and duration of the reserve and signing this reserve order as a meta transaction. You would get a notification once the reserve order is placed on-chain with a verification link on Etherscan. You would start earning daily interest based on the amount of borrowing activity on the platform.
As a lender and market maker on the Nuo platform, users can earn an additional 1% bonus on your notional USDC reserve volume for the month of March. The bonus would be added to your trading account on 1st April. More details here.
2. Borrow USDC
Borrowers on Nuo Network can collateralise ETH or select ERC20 tokens to borrow USDC with 0.67x leverage. Borrowers only pay premium for borrowing USDC and no other fees are charged by Nuo Network.
A user can place a loan order by selecting the collateral or loan amount along with duration and signing this loan order as a meta transaction. Once this loan order is relayed on-chain, the loan amount is transferred instantly to your Nuo trading account. This loan amount can be withdrawn from your account to any exchange or wallet.
A USDC loan is repaid via a one time transaction before the end of loan duration. In case you fail to repay on time, the loan defaults and you would lose your collateral upto loan amount plus premium. Excess collateral amount would be transferred back to your Nuo trading account.