Feature Update
USDC Now Accepted: Buy Coins with Digital Dollars
written by Diamond Standard
January 20, 2023
4 min read

We are excited to announce that USDC is now accepted as a payment method for Coins (and Bars!) with your new or existing Diamond Standard account. Payments can also still be made via wire transfer, ACH, or credit/debit card!

USDC is also used as the payment mechanism in our peer-to-peer Spot Market.

USDC: 100% Backed

You can purchase commodities from Diamond Standard or via the Spot Market with USDC stablecoins. These digital dollars are issued by Circle and pegged to U.S. dollars. USDC is a leader across the global ecosystem that supports crypto commerce. The popularity of USDC is expanding rapidly. At the end of 2022, Circle announced that USDC is integrated with Apple Pay. More and more retailers will be making USDC available as a payment option.

Most importantly, USDC is a fully-reserved stablecoin. Every USDC is 100% backed by cash and short-dated U.S. treasuries. Reserves are held in the custody and management of top U.S. financial institutions, including BlackRock and BNY Mellon. Grant Thornton LLP provides monthly third-party assurance on the size of the USDC reserve.

USDC has become a leader in the crypto ecosystem. As of January 20, 2023…

  • $43 billion USDC are in circulation
  • 1.6 million wallets hold the stablecoin
  • $4 billion is traded on average in a day
  • 9 trillion total transactions have been made on the blockchain

Transacting in USDC Stablecoins

For both direct buying on your Diamond Standard account or for transacting on the Spot Market, you’ll need to obtain USDC on the Ethereum blockchain. On most exchanges, this process is usually done on the trade/convert/swap page and may incur small gas fees.

For direct purchases on our commodities, the payment address and instructions will be emailed to you after checkout. You will need to send a USDC token transfer payment from your crypto wallet/trading account.

For Spot Market transactions, you will need to send USDC it to your Spot Market wallet. Click on ‘Deposit Funds’ and copy the address by clicking on the icon next to it. Paste the address on your external wallet and send.

Support One Click Away

Diamond Standard’s Client Success Analysts are at your service for any questions for every step of the way, please click here to schedule a meeting with our team.

Join us in the pursuit of exploring commodities
and cryptos — and, of course, diamonds.

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