Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy USD Coin. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a good number of popular and regulated crypto exchanges, so it’s quite easy finding an exchange that has USD Coin. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy USD Coin in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has USD Coin in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying USD Coin, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer USD Coin.
Or, if you’d like to know more about the exchanges we prefer, read our comparison of the best bitcoin brokers in Australia.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy USD Coin, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy USD Coin
The final step is to go to their asset list, find USD Coin, navigate to the buy section, and then trade your AUD for some USDC. Once you’ve bought USD Coin, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy USD Coin (USDC)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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How to Sell USD Coin
If you’re thinking about selling USD Coin, just follow the steps below.
- Sign in to the crypto trading platform (like Swyftx).
- Click on USD Coin in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell USD Coin for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying USD Coin in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy USD Coin with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find USD Coin. Have a look on their site first, you might be lucky.
How to buy USD Coin with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy USD Coin with your credit/debit card.
About USD Coin
Users can create stablecoins using the Standard Tokenization Protocol platform. This protects assets on the Polkadot Blockchain. A stablecoin is a cryptocurrency that can be used to disperse or transfer an asset.
For example, they link the USTP stabilitycoin to US dollars in trust accounts. The USTP's digital bot can release USD payments if you spend a USTP stabilcoin.
You can use the STP to create stablecoins that protect collateral. Stablecoins can be used to secure gold, bitcoin (BTC), US dollars, bonds, and other collateral.
Creators can use the STP Protocol to torch stablecoins to retrieve their collateral. STP uses reverse tokenize to torch the stablecoins.
They can also integrate STP assets in existing DeFi (decentralized finance) applications. For example, you could integrate an STP stablecoin with the Bancor (BNT), liquidity network. STP assets could theoretically be traded across multiple blockchain platforms. STP assets could be traded on multiple blockchain platforms such as Ethereum (ETH), Ripple(XRP), and Polkadot (DOT).
The Standard Tokenization Protocol could theoretically enable anyone to create Tether.
STP can be used for many other purposes than creating stablecoins. A Standard Tokenization Protocol could be used to create a stablecoin. This would secure a stock or corporate bond. STP could be used by a company to tokenize its stock, for example.
A bank could use STP to tokenize equity in companies and corporate bonds. The bank could use STP to tokenize commodities such as gold or silver. An oil company could also use STP to tokenize its oil.
Anyone could use STP to tokenize any asset. An artist could use STP to tokenize their art.