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USDC for Solana, now available on PDAX

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PDAX

June 13, 2024

5 min read

TokensPDAXUSDC

another fast and reliable stablecoin option for the Philippine crypto community.

This adds to the other network options for depositing and withdrawing USDC on PDAX, which already include Ethereum, Stellar, and Polygon–providing users with greater interoperability and gas-saving benefits.

Read on to learn more about USDC and Solana.

What is USDC?

USDC is the second most popular stablecoin in the global cryptocurrency market, and is issued by Circle, a Boston-based financial services company. As a stablecoin, USDC is unique from other cryptocurrencies like Bitcoin due to its stable value, as each USDC token is pegged to the value of one US dollar at all times. 

USDC is able to maintain its value peg by having its entire supply backed by an equivalent amount in cash reserves on a 1:1 ratio. This stability has made it a popular choice for traders and cryptocurrency users looking to hedge against the volatility of other cryptocurrencies or to quickly move funds between different exchanges or platforms. 

Additionally, USDC is widely used in decentralized finance (DeFi), where stablecoins play an important role in providing liquidity, functionality, and stability to their ecosystems.

To learn more about USDC, you can read more about it here

Why USDC on Solana?

USDC was initially developed for the Ethereum network, but has since then been made available in 16 other blockchains for USDC users to be able to connect with their ecosystems and take advantage of other networks’ features. 

USDC for the Solana network carries a number of advantages and benefits: 

USDC for the Solana network carries a number of advantages and benefits: 

- Solana's high-performance blockchain can process transactions significantly faster than many other blockchain networks. On average, Solana is able to process more than  2000 transactions per second (TPS), with a theoretical limit of more than 50,000 TPS. This means that users can transfer USDC tokens using Solana quickly and efficiently.

- Solana's blockchain is designed to be highly scalable, allowing it to handle a large number of transactions simultaneously without incurring high fees. Currently, the median fee on Solana stands at only $0.00064 per network transaction. 

- Solana is currently the fifth largest blockchain network by market capitalization and the fourth largest in total value locked (TVL), making it one of the most significant players in the blockchain space with strong community support and adoption of its technology.

Solana is further unique thanks to its pioneering Proof-of-History (PoH) protocol–a  timestamping system for its blockchain which highly improves the speed and efficiency of the network. It uses a cryptographic technique to create a verifiable record of time–a problem which other blockchains have struggled to solve, leading to network congestion. This allows Solana to achieve high transaction throughput without compromising security or decentralization.

To learn more about the Solana network, you can read more about it here

How to use USDC (Solana) on PDAX

USDC (Solana) is available on both the PDAX mobile app and the web exchange.

To purchase:

To purchase USDC (Solana), simply go to the Trade screen and select the USDC/PHP (Solana) trading pair and input the desired amount you wish to purchase. Make sure that you are choosing the correct network and that you have enough balance in your account to make the purchase.

To deposit:

To deposit USDC (Solana) tokens directly to your PDAX account, simply go to your ‘Portfolio’ and then select ‘Deposit’. 

Search for USDC (Solana) in the search bar or scroll down to select it. You will be given your account wallet address/QR code to which you can deposit your USDC tokens using the Solana network. It is important that you ensure the tokens you transfer are specifically USDC for the Solana network. Depositing USDC from other networks into your Solana address will lead to the permanent loss of your tokens.

To withdraw:

To withdraw USDC (Solana) tokens from your PDAX account to another wallet or platform, simply go to your ‘Portfolio’ and then select ‘Send’.

Input the amount of USDC (Solana) you wish to send, as well as the address of the wallet you wish to send your funds to. 

Make sure that the wallet address you are using is an address for the Solana network. Sending USDC (Solana) from your PDAX account to a non-Solana address will lead to the permanent loss of your tokens.

Need more help? Our support team is ready to assist you for any of your concerns. 

Ready to start with crypto? USDC for Solana is now available on PDAX.

Start your trading journey today.

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

The Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: 

Email: consumeraffairs@bsp.gov.ph; Webchat: http://www.bsp.gov.ph (click webchat feature); Facebook: https://www.facebook.com/BangkoSentralngPilipinas;  

Direct Line: (02) 5306 2584 / (02) 8708 7087;  Trunk Line: (02) 8708 7701 loc. 2584; or SMS: 21582277 (for Globe subscribers only). For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.

About PDAX

PDAX is a BSP-licensed exchange where you can trade Bitcoin, Ethereum, and other cryptocurrencies directly using PHP!

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