Creation of USDC

To understand the origin of USDC, we must first go back to the origin of Circle Internet Group, Inc., which was founded by Jeremy Allaire and Sean Neville in October 2013.

Although a stablecoin pegged to the US dollar (the USDT cryptocurrency) already existed in 2018, Circle announced the USD Coin (USDC) stablecoin on May 15, 2018, and then officially launched it in September of the same year through the Centre Consortium.

Circle’s goal was to develop and offer a stablecoin that was fully backed by and pegged to the value of the US dollar, yet was more transparent, accessible, and regulated, allowing it to leverage blockchain technology and the financial stability that characterizes the US dollar (due to its 1:1 ratio).

This led to the creation of USD Coin (USDC), a “digital dollar token” that serves as an alternative to other stablecoins, bridging the gap between traditional finance and blockchain technology, primarily due to its price stability and regulatory compliance.

Why does USDC maintain 1:1 stability with the US dollar?

USD Coin was created by issuing an ERC-20 token on the Ethereum blockchain. The principle is that each USDC cryptocurrency token is backed 1:1 by US dollars or short-term Treasury bonds held by the Federal Reserve.

To maintain this 1:1 ratio, when a user deposits a certain amount of US dollars (USD) on the Circle platform or through authorized issuers, the equivalent amount of USDC tokens is immediately “minted” and released, which can then enter circulation on blockchains such as Ethereum, Solana, and others.

If the user’s transaction involves redeeming USDC tokens, they are “burned,” and the equivalent amount of USDC is sent back to the user’s bank account.

Therefore, by consistently “minting” and “burning” USDC tokens related to the corresponding transaction (USD deposit or USDC redemption, respectively), the 1:1 parity with the US dollar can be maintained, as this mechanism ensures that the amount of USDC tokens always matches the actual reserves of US dollars. However, to verify these reserves, build trust, and increase transparency, third-party audits and certifications are periodically conducted and publicly shared.

We should highlight that Circle provides monthly certifications from prestigious accounting firms (such as the multinational Deloitte), which are responsible for verifying that the reserves match the USDC tokens in circulation.

Regulatory Compliance

One of the operational foundations on which USDC operates is transparency and regulatory compliance, which fosters greater user confidence by providing a stable and regulated token. At this point, we should emphasize that, although the USDC token is considered a digital version of the US dollar, due to its 1:1 parity, USDC is not issued by the United States government. Although it is a token that operates with blockchain technology, it is issued by companies like Circle, which comply with regulatory requirements and financial auditing standards. Therefore, the stability of USDC is a value that depends on the full backing of US dollar reserves, not government decrees.

What do you think about this topic? Do you want to learn more about USDC?

If you are interested in Pilsenga products and services, you can contact us by visiting the following link.

The post How was USD Coin or USDC created? first appeared on Pilsenga blog.

Distributed ledger technologies are blockchains

Many people and companies believe that distributed ledger technologies (DLT) are blockchains. However, there are several differences between DLT and blockchain technologies. For example, DLT technology has a “higher” category than blockchain, as we can say that all blockchain networks are DLT technologies, but conversely, not all DLT technologies are blockchain technologies. Other notable differences include the location where the information is stored, the consensus system, and its level of applicability.

They are invulnerable

Many people and companies believe that distributed ledger technologies (DLT) are invulnerable digital systems. However, even though DLTs are known for their high level of security (due to their cryptography and decentralization features), they are somewhat vulnerable to 51% attacks, Sybil attacks, and even potential DAO hacks (which can lead to errors in smart contracts). It’s essential to note that the security level of DLT technologies depends on various factors, including network design, consensus mechanisms, and others.

Designed only for cryptocurrencies

Some people and companies believe that distributed ledger technologies (DLT) are designed only for cryptocurrencies. However, DLT technologies are systems that have applications not only in the financial or cryptocurrency ecosystem, but also at the industrial or business level, as they offer more transparent and reliable management. For example, DLT technologies can be applied in various sectors, including the energy sector, voting systems, smart contracts, supply chain management, the Internet of Things (IoT), data management, and healthcare, among others.

Users must have advanced technical knowledge

Many people believe that distributed ledger technology is highly complex and that end users require advanced technical knowledge. However, the truth is that DLT technologies are generally designed with an intuitive and user-friendly interface, making them more accessible to different people, companies, businesses, organizations, and institutions.

To interact with applications based on DLT technology, no advanced knowledge is required. It is enough to understand basic concepts such as public/private keys, transactions, and basic security (for example, not sharing our users’ private key), which means a level of complexity “similar” to that of a traditional banking application.

They are a replacement for traditional databases

Some people think that distributed ledger technologies (DLTs) will replace traditional databases. However, although DLT technologies are characterized by being “immutable” and are used in environments or systems where greater trust is needed, we must keep in mind that their applicability does not optimize all processes or systems. It’s important to note that traditional databases are still used today, as they are more efficient, offering greater speed and lower costs when managing private data, such as payroll management. However, in recent years, hybrid systems have been implemented, combining DLT technology with traditional databases, allowing both systems to benefit.

What are your thoughts on this topic? Would you like to learn more about Pilsenga’s distributed ledger technology (DLT) applications?

If you are interested in Pilsenga’s products and services, you can contact us by visiting the following link.

The post Five Myths About Distributed Ledger Technologies (DLT) first appeared on Pilsenga blog.

All IBAN accounts are the same

Some companies and businesses believe that all IBAN accounts are the same or have the same characteristics. However, the truth is that dedicated IBAN accounts differ in ownership, purpose, and structure, especially compared to other types of IBAN accounts (such as personal accounts). Dedicated IBAN accounts are assigned directly to a company or business, offering greater flexibility and traceability in the organization’s operations, allowing for clearer and more transparent audit trails, and contributing to compliance with various financial industry regulations, which contributes to improving the financial management of any company or business.

Only for large companies

Many companies and businesses believe that dedicated IBAN accounts are only for large companies. However, thanks to Fintech and technological advancements, the financial sector has evolved and become more inclusive, making dedicated IBAN accounts accessible to small and medium-sized businesses, enabling them to comply with various regulatory standards and better manage their financial resources.

It’s important to note that dedicated IBAN account providers (such as Pilsenga) offer a high level of scalability in this type of service, as they adapt to the needs of each company and adjust accordingly as the company grows.

They are only useful for receiving bank transfers and payments

Some people think that dedicated IBAN accounts are only useful for receiving bank transfers and payments. However, the truth is that dedicated IBAN accounts are financial tools that enable you to send and receive payments, as well as conduct all types of financial transactions. They also have the ability to integrate with online platforms and payment gateways, facilitating commercial transactions (B2C and B2B transactions) both domestically and internationally.

High Conversion Fees

Some companies and businesses believe that using a dedicated IBAN account for international transactions means they must pay high currency conversion fees. However, the truth is that dedicated IBAN accounts support multiple currencies, which allows them to avoid high commission costs when performing currency conversions.

It is important to note that, thanks to the financial solutions offered by Fintech companies, only a single dedicated IBAN account is required to carry out international transactions, as most IBAN accounts (such as multi-currency IBAN accounts) can support more than 30 currencies.

Low Security

Some people believe that dedicated IBAN accounts have a low level of security. However, the truth is that dedicated IBAN accounts are designed to offer a high level of security, transparency, and traceability, and they also meet several criteria for regulatory oversight.

It’s essential to note that dedicated IBAN accounts are offered by providers that must comply with stringent financial standards and security measures, including fund segregation and periodic audits. Furthermore, most platforms implement various security protocols, such as data encryption, two-factor authentication, fraud monitoring, anti-money laundering, and regulatory security measures to protect assets and prevent misappropriation of funds or unauthorized access.

What are your thoughts on this topic? Would you like to learn more about Pilsenga’s dedicated IBAN account service?

If you are interested in Pilsenga’s products and services, you can contact us by visiting the following link.

The post Five Myths About Dedicated IBAN Accounts first appeared on Pilsenga blog.

As this method has gained popularity in the European Union, new rules and regulations have emerged, along with an increase in the market share of platforms operating under European regulatory compliance. Below, we’ll learn what is required to comply with European regulations for using cryptocurrency payroll on temporary work platforms.

Rules and Regulations in the European Union

Companies wishing to use cryptocurrency payroll for temporary work platforms must comply with the regulations implemented by the European Union, including the MiCA regulation, the Platform Work Directive (Directive EU 2024/2831), and the General Data Protection Regulation (GDPR).

MiCA Regulation

Compliance with the MiCA regulation is essential, as these payroll systems use crypto assets. This requires platforms to hold European Union licenses, which will ensure a certain level of quality and transparency, in addition to protecting the consumer or end-user.

When a platform complies with the European MiCA regulation, it commits to monitoring transactions and verifying the identity of workers, which will help prevent money laundering and fraud. It is important to note that in the event of an ongoing investigation, companies must provide transaction records to the corresponding authorities.

Platform Work Directive (Directive EU 2024/2831)

The Platform Work Directive (Directive EU 2024/2831) is the regulation responsible for regulating, supervising, and guaranteeing the working conditions of individuals residing within the European Union, especially those who earn income through digital labor platforms, such as freelance marketplaces and other gig-based services.

Companies must clarify that the beneficiary is not an employee of the company, but rather a self-employed individual. This will clarify the relationship between the company and the beneficiary, increasing transparency in payment processes.

General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) regulates how employees’ personal data is collected, processed, stored, and shared. This applies to any organization that handles the personal data of residents of the European Union.

In this way, not only are workers’ data protected, but it can also be ensured that the automation and algorithmic oversight within the platform are used ethically, preventing potential manipulation or misuse of the personal data of these independent workers or freelancers.

Segmentation of the Sharing Economy

Online work has evolved significantly, transcending geographical boundaries, traditional employment models, and technological advancements. In this context, the sharing economy has integrated cryptocurrency payroll as a key tool, especially in temporary work platforms that have adopted diverse labor models. These models enable work to be segmented based on the type of task, the degree of worker autonomy, and the level of control exercised by the platform.

Cryptocurrencies facilitate payments to workers across various segments, including freelancers and remote employees, thereby promoting financial inclusion. This approach is particularly valuable for those in informal or cross-border jobs, who often lack access to traditional banking. By implementing cryptocurrency payments, platforms not only streamline transactions but also expand economic opportunities for communities underserved by conventional financial systems.

Advantages of Crypto Payrolls: Stability, Speed, and Low Fees

One of the main advantages of cryptocurrency payrolls is their speed, which provides greater flexibility and versatility to the ecosystem, both for companies and freelancers.

While many cryptocurrency payrolls prefer to use popular or reputable cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), some freelancers opt for stablecoins (like USDC), primarily to mitigate the volatility of the crypto market and ensure the payment of stipulated salaries. Another advantage of this system is that conversion fees are lower, especially when converting these stablecoins to euros.

What are your thoughts on this topic? Would you like to learn more about cryptocurrency payrolls for temporary work platforms in the EU?

If you are interested in Pilsenga’s products and services, you can contact us by visiting the following link.

The post Crypto Payroll for EU Gig Platforms: What You Need to Stay Compliant? first appeared on Pilsenga blog.

e-Money and IBAN Service

It is essential to have a provider that offers e-money and IBAN services, as this enables businesses to have greater flexibility and versatility in their operations, particularly in a globalized environment where cross-border transactions are commonplace.

Pilsenga stands out by offering an e-money and IBAN service on its platform, allowing businesses to issue, store, and transfer e-money, optimize their payment processes, and expand the reach of their operations. It also facilitates the company’s integration into the European SEPA payment network through a dedicated IBAN account, boosting efficiency and financial connectivity for businesses.

Digital Wallet

It is recommended that the provider’s platform offer a digital wallet service, as this tool is essential for managing payments quickly and efficiently. Furthermore, when integrated with e-money or IBAN services, it offers the ability to store and manage electronic money without relying on traditional bank accounts.

It is important to note that the Pilsenga ecosystem offers a digital wallet service, which allows businesses to manage and administer their digital assets (FIAT currencies or cryptocurrencies) quickly, intuitively, efficiently, and with a high level of security.

Cross-Border Payment Gateway

It is essential that the provider’s platform offer a cross-border payment gateway, as this allows payments between buyers and sellers (from different countries) to be processed efficiently and adapted to the characteristics of each market or region.

The Pilsenga financial ecosystem offers a cross-border payment gateway that drives market growth for businesses. Through its IBAN accounts, SEPA payments, and digital wallets, the Pilsenga platform facilitates domestic and international transactions in fiat currencies and cryptocurrencies, including Bitcoin, Ethereum, and USD Coin (USDC).

Optimized Expense Control

It is recommended that the provider’s ecosystem have tools or features that facilitate optimized expense control, as this improves the financial management of the entire organization.

The Pilsenga financial ecosystem provides an accounting package that enables companies to optimize their operations and accurately record all their financial transactions. This enables the organization to analyze, audit, and manage its transactions more efficiently, leading to improved decision-making, more transparent audits, and compliance with various rules and regulations.

Risk Assessment and Regulatory Compliance

It is important that the provider supports the company in its risk assessment and regulatory compliance process, as this helps avoid administrative sanctions, legal issues, and fines. Pilsenga advises and guides companies step by step through their onboarding process, providing the necessary assistance to build greater trust, especially regarding risk assessment and compliance with industry standards and regulations, thus avoiding fines, sanctions, and legal issues.

Support and Customer Service

It is essential that the provider’s platform has good support and customer service, as this allows for clarification of doubts and resolution of any problems that may arise when using the platform.

Pilsenga stands out in this regard, as its ecosystem has been designed to adapt to the specific needs of each company, offering high-quality support and customer service. An example of this is Pilsenga’s 24/7 dedicated manager service, which offers its clients personalized service tailored to the needs of each company. It is important to note that this service is available 24/7 and is provided by native speakers (currently available in Spanish, Italian, Lithuanian, and English).

Automations

It is essential that the provider’s platform be able to automate various processes, as this reduces operating costs and saves time, which impacts the financial well-being of the entire organization.

It is essential to note that Pilsenga offers several tools that enable the automation of various accounting processes and tasks. An example of this is the batch payment service, which automates the company’s payment processes, allowing for the simultaneous payment of multiple beneficiaries through a single transaction. This optimizes all group payment processes, whether for employees, collaborators, suppliers, or other parties.

What do you think about this topic? Would you like to learn more about Pilsenga’s financial ecosystem for companies?

If you are interested in Pilsenga’s products and services, you can contact us by visiting the following link.

The post Dynamic Financial Ecosystem for Businesses: Why Choose Pilsenga? first appeared on Pilsenga blog.

Insecure transactions

Some people believe that euro IBAN accounts have a low level of security, especially when making transfers. However, IBAN accounts have a system (algorithm) to validate each bank account’s details, reducing the risk of fraudulent transactions and unauthorized access to funds. It’s important to note that IBAN provides a standardized format for bank account numbers, which reduces manual errors and improves transaction accuracy. For example, IBANs have a unique alphanumeric structure, which includes a country code, check digits, and the account number.

Hidden commissions

Many people and businesses believe that euro IBAN accounts have hidden or unclear fees. However, most IBAN account providers are properly regulated and comply with certain financial industry standards, which require them to publicly and transparently display all their fees and charges (most publish their fees on their official websites).

Another point to keep in mind is that when a provider offers competitive and transparent rates, their reputation will be positive, and they will stand out in the market compared to other competitors. This means that providers with high rates and who are not transparent are “rejected” by the market simply due to supply and demand issues.

It is very dangerous to share your IBAN number

Some people think that sharing their account IBAN number is very dangerous, as it can lead to fraud or theft. While it can be dangerous to share our IBAN number with strangers or untrustworthy entities (especially alongside other personal data), if we share our IBAN account information with trusted individuals and companies, such as employers, clients, and well-known companies (or utilities), then we can rest assured that this information will be used for that purpose. In short, it’s not dangerous to share our IBAN number on its own, but we should be cautious and verify the person or company to whom we provide it.

Unintuitive and difficult to manage

Many people and businesses believe that IBAN accounts are unintuitive and difficult to manage. However, the truth is that thanks to technological advancements, businesses and financial institutions have various tools (developed by Fintech companies) that have a more user-friendly and intuitive design, which simplifies the management of euro IBAN accounts.

It is worth noting that companies such as Pilsenga have a platform and financial tools with a user-friendly and intuitive design, which improves the user experience and facilitates the management of IBAN accounts in euros.

Only for large companies

Some people and companies believe that euro IBAN accounts are designed only for large companies. However, the truth is that these types of accounts can be used by companies of all sizes, whether small, medium-sized, or large, which contributes to financial inclusion and the development of different organizations or entities, regardless of their initial size.

What do you think about this topic? Would you like to learn more about Pilsenga’s euro IBAN account service?

If you are interested in Pilsenga products and services (including dedicated IBAN accounts), you can contact us by following the link below.

The post Five myths about euro IBAN accounts first appeared on Pilsenga blog.

High level of security

It’s important to choose a provider that offers a highly secure USDC payment gateway, as this protects users’ personal and financial information and creates greater trust when making a transaction.

At this point Pilsenga stands out, since it offers a USDC payment gateway that operates within a platform that has different protocols and security measures, which are in accordance with the strict standards of the financial industry, which increases the level of protection of personal and financial data of users, especially in each of their operations.

Among the main protocols and security measures that Pilsenga implements on its platform (and which are in accordance with the MiCA regulations) are the following:

– Identity verification of all users.
– Use of advanced encryption systems to protect sensitive data and transactions.
– Robust cybersecurity measures against cyberattacks, such as hacking or ransomware.
– Regular security audits to identify vulnerabilities.
– Real-time monitoring systems to detect unauthorized access.
– Contingency and recovery plans for security incidents, ensuring service continuity.

Regulatory compliance

It’s recommended to choose a supplier that complies with the various industry standards and regulations, as this will help the company avoid legal issues, fines, restrictions, or administrative sanctions.

At this point, Pilsenga stands out, since it offers a USDC payment gateway service that complies with the different standards/regulations of the sector, in addition to its platform having the capacity to adapt to the needs of each organization, above all, through its dedicated support (24/7), which helps companies and businesses to comply with the different standards and regulations of the financial sector, helping them avoid possible fines, administrative sanctions or legal claims.

Regulatory compliance is critical for a USDC payment gateway provider, as USDC is a stablecoin pegged to the US dollar. This is especially true under the MiCA regulatory framework, which treats USDC as an asset-referenced token (ART) and electronic money token (EMT), which requires compliance with certain financial industry requirements.

Fast and efficient transactions

Companies and businesses must choose a provider that allows transactions to be made in a secure manner. fast and efficient, as this improves the customer’s shopping experience, increases conversion, reduces operating costs, and allows for greater scalability.

Pilsenga stands out at this point, as it offers a USDC payment gateway that processes transactions quickly and efficiently, allowing for tracking of each transaction, and also offering competitive rates that tend to be lower compared to other traditional payment providers and methods.

Support for other cryptocurrencies and easy exchange to FIAT

One of the advantages of using a USDC payment gateway is that it allows companies and businesses to carry out cross-border transactions with different cryptocurrencies and currencies (FIAT currencies), which helps expand the organization’s market reach.

At this point, Pilsenga stands out, as it offers a payment gateway that allows companies and businesses to carry out transactions in USDC, in addition to facilitating the exchange with other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) or FIAT currencies (such as the euro), since Pilsenga offers the Exchange service and multi-currency IBAN account.

What do you think about this topic? Would you like to learn more about Pilsenga’s USDC payment gateway service?

If you are interested in Pilsenga products and services, you can contact us by visiting the following link.

The post USDC payment gateway: Why choose UAB Pilsenga? first appeared on Pilsenga blog.

Processing SEPA and stablecoin payments (such as USDC) to over 100 contractors in less than 10 minutes can be a challenge for many companies and businesses, but with the right platform, it’s possible to do so quickly and efficiently. Below, we share some tips for choosing the best platform to meet these requirements.

Batch payments

It is important that the platform has the function of Batch payments, since this tool allows you to make several transactions or payments ( to different recipients) in a single operation, thus reducing execution times, operating costs, and errors associated with manual work.

The batch payment feature automates all supplier and contractor payment processes, increasing the financial and operational efficiency of the entire organization. Importantly, batch payments are a scalable financial solution, allowing the company to continue operating and meet its payment commitments, regardless of significant transaction volume increases.

SEPA and stablecoin support

It is critical that the platform supports both SEPA transfers and stablecoin payments (such as USDT), as this enables integration with various European banks to process SEPA payments instantly or in less than one business day, as well as enabling automatic conversion between FIAT currencies (euros) and stablecoins (USDT), with competitive and transparent rates.

Although stablecoins are characterized by having a backing or equivalence with other FIAT currencies, we must bear in mind that not all stablecoins have the same level of reliability and transparency, because of this, it is important to verify that the platform works only with reputable stablecoins, such as USD Coin (USDC), which has a 1 to 1 equivalence with the US dollar and has a good regulatory history, in addition to going through constant audits, being compatible with various blockchains and being adopted by many financial institutions.

Regulatory and normative compliance

It is important that the provider’s platform complies with the various industry standards and regulations. This not only reflects a high standard of quality and security in the services offered, but also prevents issues with local or regulatory authorities, avoiding legal sanctions or fines for non-compliance. Having a provider that operates under strict regulatory standards strengthens the trust of all stakeholders involved: employees, suppliers, partners, auditors, and the general public, consolidating the reputation and operational security of the entire organization.

Intuitive platform

It’s recommended that the chosen platform be intuitive and easy to use, as this reduces the time it takes for users to understand and use the system, streamlining various tasks and processes, such as uploading files, setting up payments, and tracking transactions.

Another point to consider is that an intuitive platform improves user satisfaction and minimizes the rate of human errors, such as entering incorrect data or incorrectly configuring payments. This improves process efficiency and contributes to saving the organization time and resources.

Level of integration with pre-existing systems

It’s advisable to evaluate the level of integration with the payment platform, as this will allow you to leverage the accounting systems or software already used in the company, in addition to enabling a faster and more efficient implementation process. Another advantage of integrating with pre-existing systems is that it reduces the need to manually enter information or data, which helps reduce manual errors and shorten implementation time.

Customer service and support

It’s advisable to evaluate the platform’s level of customer service and support quality, as this will give us an idea of the provider’s level of experience and ability to resolve any situations or problems that may arise in the future.

To assess this point, we can look at the app’s customer service reviews. We can also ask questions on the platform provider’s various official channels and evaluate the timeliness and quality of the respoçnses received. For example, after receiving a response, we can ask ourselves the following questions:

How long did it take to get a response? Did they answer our question? Were we redirected to another online channel? Did the response meet our expectations? Did we receive a response from a person or a bot/AI program?

Collaborative economy

It’s important to note that platforms that process SEPA payments, stablecoin payments, and group payments allow the collaborative economy to evolve, as these payment systems provide greater speed, scalability, stability, and trust to all involved users.

By processing SEPA and stablecoin group payments, the challenges of the sharing economy can be mitigated, as these systems enable near-instant settlement of different products or services using the supplier or contractor’s preferred asset (whether euro or stablecoin), in addition to complying with the various regulatory requirements across multiple jurisdictions. It’s worth noting that these payment systems generate easily traceable records and help automatically reconcile payments with invoices, improving fund management and facilitating audit processes, which provides greater flexibility and transparency to the sector.

What do you think about this topic? Would you like to learn more about Pilsenga’s batch payment service?

If you are interested in our services, you can contact us by visiting the following link.

The post Tips for choosing a platform that can process SEPA & Stablecoin Payouts to 100+ Contractors in 10 Minutes first appeared on Pilsenga blog.

Experience and reviews

When choosing a Euro IBAN account provider, it’s essential to evaluate user experiences and reviews of the platform, as these will give us an idea of the provider’s quality of service and level of professionalism.

Reviews/opinions should be from real customers or companies, which is why it’s recommended that these reviews be hosted on an independent platform. For example, if we want to evaluate the provider’s mobile app, we can search for reviews/opinions in the Play Store (Android) or App Store (iOS). It’s also recommended to look at the intermediate ratings, as these tend to be more objective and less emotional, and they also point out some “aspects for improvement” on the part of the platform.

Security level

It is important to evaluate the security level of the provider platform, since security is a factor essential when sending, receiving, and managing a company’s financial resources (especially if these transactions are cross-border), in addition to providing greater confidence to all users of the platform.

To evaluate this point, we can look at the different protocols and security measures that the provider implements on its platform. Among the most notable are the following: data encryption, multi-factor authentication, transaction monitoring, identity verification system, reinforced authentication, etc.

User interface

When choosing a Euro IBAN account provider, it’s important to consider the platform’s user interface. An intuitive and easy-to-use platform reduces training times, improves the user experience, and allows for faster and more efficient operations, which translates into savings in time and resources for the entire organization. It’s important to keep in mind that if the platform is too difficult to use, you won’t be able to take full advantage of all its tools and resources.

Regulations and licenses

It is essential to assess whether the provider complies with financial regulations and holds the licenses issued by the relevant authorities. Examples of regulations and permits include the MiCA regulation and the CASP license, which guarantee that the provider is duly authorized and operating in compliance with European Union regulations.

Other important regulations in the financial industry (which we must also take into account) are anti-money laundering regulations and counter-terrorism financing regulations.

Rates and costs per operation

When choosing a euro IBAN account provider, it’s important to evaluate the fees and transaction costs that the provider implements on its platform, as this factor can directly affect an organization’s operating expenses, especially if the company is growing or has a high volume of financial transactions.

Their rates and transaction costs on their official platforms or websites. However, it’s important to verify that there are no hidden fees or charges. To verify this, after reviewing the official rates and prices, we can contact the provider and ask if there are additional charges for exceeding a certain transaction limit or for transactions made in certain countries or regions.

What do you think about this topic? Would you like to learn more about Pilsenga’s Euro IBAN account service for businesses?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post Euro IBAN account: Tips for choosing a supplier first appeared on Pilsenga blog.

Regulatory and normative compliance

For companies and businesses, it is important to have a stablecoin that generates trust, transparency, and security, which can be achieved if the stablecoin is issued in compliance with regulations and standards.
At this point, USD Coin (USDC) stands out from other stablecoins, as it is issued by Circle, which is a financial institution that adheres to strict US financial regulations and the European Union’s MiCA regulation.

It’s important to note that USDC is regulated by various entities, such as the New York Department of Financial Services (NYDFS), which gives it greater credibility in terms of legal compliance.

Constant audits

For a stablecoin to be used by many people and businesses, it must generate trust, which is achieved by demonstrating its stability in the market, with constant audits being the best way to support said stability.

At this point, USD Coin (USDC) stands out since it is not only backed on a 1:1 ratio by US dollar reserve assets, but it is also subject to constant audits, which are carried out by recognized auditing and accounting firms, especially in compliance with the standards of the American Institute of Certified Public Accountants (AICPA). Additionally, Circle issues and publishes monthly AICPA certifications, demonstrating that each USDC in circulation is properly backed by real, liquid assets.

It’s important to note that other stablecoins have received criticism in this regard. One example is the stablecoin Tether, which has faced several setbacks due to its lack of transparency in the past: less frequent audits and questions about the composition of its reserves. Tether Limited has faced some accusations of a lack of transparency and legal issues, including a 2019 lawsuit from the New York Attorney General.

Institutional adoption

The trustworthiness of a stablecoin or cryptocurrency depends not only on its level of popularity in the market but also be assessed by its degree of institutional adoption.

At this point, USD Coin (USDC) stands out from other stablecoins since several banking institutions (globally recognized) and Fintech have been integrating USDC into their conventional financial systems, allowing greater accessibility and increasing its use in financial transactions. For example, in November 2022, on the Ethereum blockchain, USDC had $14 billion compared to $5 billion of USDT; this suggests that USDC is the preferred option for high-net-worth entities, such as hedge funds and exchanges. This trend makes USDC a “bridge” between decentralized financial platforms (DeFi) and centralized financial platforms.

Support for multiple blockchains

It’s important for the stablecoin to be compatible with multiple blockchains, as this is the best way to manage your funds in a more transparent, easy, and faster way, which is critical for building greater trust.

At this point, USD Coin (USDC) stands out from other stablecoins, since USDC has been designed to be compatible with more than 20 blockchain networks (including Ethereum), making it the stablecoin with the greatest accessibility and flexibility. Furthermore, this high level of compatibility allows it to offer users faster and cheaper transactions, as Circle implements the Cross-Chain Transfer Protocol (CCTP), which eliminates the need to convert to another asset (for transfers) or use other types of tokens.

What do you think about this topic? Do you know of any other advantages that USD Coin offers over other stablecoins?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post Advantages of USD Coin (USDC) over other Stablecoins first appeared on Pilsenga blog.