USDC and LINK are listed on Zipmex!

October 16, 2020

What is USDC?
USDC is an alternative stablecoin to other USD backed cryptocurrencies like Tether (USDT) or TrueUSD (TUSD). It is pegged 1:1 to the USD, which means $1 of USD = 1 USDC token. At any given time, 1 USDC can be redeemed for 1 US dollar.

What is Chainlink (LINK)?
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. It improves smart contract interconnectivity by granting smart contracts access to reliable data feeds, APIs, payments, and other resources. Chainlinks also create a marketplace/registry for data, specifically data needed to trigger smart contracts.

How is USDC different from USDT?
Tether (USDT) is issued by a different company called Tether Holdings, and is the largest stablecoin by both market cap and trading volume, while USDC is issued by Circle Ltd. and is the official stablecoin of Coinbase. Circle has a more friendly regulatory approach and has the required licensing to operate. It issues a publicly available monthly audit that allows buyers to verify that USD Coin (USDC) is fully backed by US Dollars in segregated bank accounts.

USDC - a stablecoin
USDC is now listed on Zipmex

What are the risks of buying USDC?
As the token price is pegged to the dollar, the main risk of buying a stable coin is currency fluctuation. So if the dollar weakens against the local currency (for example, Thai Baht or Indonesian Rupiah), then the THB/IDR value of your USDC will decrease. But if the USD strengthens against the value of your local currency, the local currency value of your total USDC holdings will increase.

How can the value of a stablecoin like USDC be stable?
For every USDC that is issued, there is a corresponding US dollar held in a reserve bank account. Such reserves are maintained by independent custodians and are regularly audited for adherence to the necessary compliance. By tying the value of USDC to a stable fiat currency, the potential for speculation is dramatically reduced, resulting in a price stable asset.

What can I do with my USDC?
Apart from selling and trading it when prices increase – which doesn’t yield as high returns because of the stable value of the US dollar – a smart thing to do would be to put it in an interest-bearing account, like the one Zipmex offers, which gives you 10% annual interest on your USDC.

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The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.