Zengo makes swapping USD Coin (USDC) for Dai (DAI) safe and secure. By following this guide, you will learn how to swap USDC coins into DAI or vice versa with Zegno.
USD Coin (USDC) is an Ethereum-based ERC-20 stablecoin; however, it is also available on other blockchain platforms, including Polygon, Algorand, and Stellar. USDC was founded in 2018 by Circle’s Jeremy Allaire and Sean Neville, with significant backing from Coinbase through the co-founding of the CENTRE Consortium. The token maintains a 1:1 peg with the US dollar, allowing holders to transact in digital assets that resemble fiat currencies. It is often compared with other stablecoins such as Tether (USDT) and TrueUSD (TUSD). The strong connection to Coinbase and widespread acceptance across various DeFi platforms underline its significance in the digital asset space.
Dai (DAI) is a Stablecoin that operates mainly on the Ethereum blockchain. DAI was initially introduced by the MakerDAO project in 2017. DAI distinguishes itself by being an over-collateralized stablecoin, meaning that it’s backed by many assets held in smart contracts. DAI aims to keep its value as close to one US dollar as possible. Unlike other stablecoins backed by fiat currency in bank accounts, DAI maintains its peg through a system of collateralized debt positions (CDPs), where users lock Ethereum as collateral to generate DAI tokens. DAI is widely used in the DeFi space for lending, borrowing, and other financial operations.
With Zengo, you can safely and securely swap your USDC tokens for DAI. To get started, you’ll need to download the Zengo app from either the Apple App Store or Google Play. After you have set up your account and finished the onboarding process, you can start trading.
Once your Zengo account is ready to go, follow the step-by-step instructions below:
Open the Zengo app and tap the “Actions” button located in the main menu.
Choose the USDC and DAI tokens (or vice versa) and type in the amount you would like to trade.
Carefully review the details and tap “Confirm.” Zengo will notify you when your trade is complete.
Zengo offers a safe and secure platform to manage and trade USDC tokens for DAI. There are many benefits to using Zengo as a crypto wallet, including the following:
The Zengo app allows you to hold, trade, buy, sell, send, and receive a wide range of digital assets, including Bitcoin, Ethereum, and Chainlink. Zengo is also a Web3-ready wallet, and with its WalletConnect functionality, it is possible to connect to and use decentralized applications (Dapps), such as Uniswap and OpenSea.
Zengo ensures the highest level of security for your digital assets. Our wallet integrates cutting-edge MPC technology, biometric protection, and 3-factor authentication to protect your digital assets. Additionally, Zengo’s powerful Web3 firewall protects your data as you interact with Web3 Dapps. Find out more about Zengo’s advanced security measures.
As a non-custodial NFT and crypto wallet, Zengo enables you to hold full control over your private keys, enabling you to keep your assets safe and easily accessible. On top of that, we have designed our wallet in such a way that minimizes human error through an interface that is intuitive and easy to use.
With Zengo, you can trade a wide range of digital assets at fair and competitive rates. Furthermore, we do not charge fees for sending or receiving cryptocurrencies; however, you may still need to pay third-party fees. Also, you can choose how much you are willing to pay for gas. You can pay less and wait longer for the transaction to go through or pay more, allowing the transaction to go through faster. Learn more about our custom network fees here.
Whether you have misplaced your mobile device or accidentally deleted the Zengo app, you don’t have to worry. The Zengo app comes with a smart biometric recovery system. As a result, in case you do lose your smartphone, Zengo will still enable you to access your crypto and NFT portfolio simply by reinstalling the Zengo app and using your face ID to confirm your identity.
There are many benefits to investing in cryptocurrencies, but you should also be aware that the market is mostly unregulated, and prices change rapidly. While Zengo provides a secure platform for storing and managing crypto and NFT assets, as well as interacting with various Web3 Dapps, it does not provide any sort of financial advice for its users. Make sure you do your own research before considering investing in crypto or NFTs.
If you still have questions about trading USDC for DAI with Zengo, see the following FAQ section below.
USD Coin (USDC) and Dai (DAI) are both stablecoins, but they operate based on distinct mechanisms and principles. USDC operates primarily on the Ethereum blockchain and is pegged 1:1 to the US dollar. Its stability is ensured by the backing of equivalent US dollars held in reserve, making its value closely mirror that of the fiat currency. On the other hand, DAI, introduced by the MakerDAO project, also operates on the Ethereum blockchain but employs a unique over-collateralized system. Instead of being backed by fiat reserves, DAI maintains its peg to the US dollar through a system of collateralized debt positions (CDPs), where users lock up assets, such as Ethereum, in smart contracts to generate DAI. While USDC offers a centralized approach with direct fiat backing, DAI stands out with its decentralized, algorithmic method of value stabilization. Both coins are widely used in the DeFi ecosystem but represent different approaches to achieving stablecoin stability.
Trading two tokens with Zengo simply means you are using Zengo’s built-in swap feature to swap a specific amount of USDC for DAI or the other way around.
Yes, of course, having a crypto wallet that you trust is required to trade USDC for DOGE tokens. The Zengo wallet offers you that, plus additional security and features.
Yes, USDC and DAIi’s minimum trading amounts vary according to market conditions. To find out what the current minimums are, go to the Zengo app, select the trade function, and type in the currencies you’re interested in. If you want to learn more about Zengo’s fees and limits, click here.
With Zengo, you can swap many assets for USD Coin and DAI, including BTC, ETH, LINK, XTZ, SAND, and VGX. The availability of these pairs varies depending on market conditions, so make sure you check the app before you start trading. To get the latest information, go to the Zengo app, select “Actions,” then tap “Trade,” and choose your desired trading pair.
You have complete control over your digital assets with Zengo, meaning you can send cryptocurrencies to other wallets. If you want to send USDC or DAI to another wallet, simply go to the Zengo app, choose the cryptocurrency you want to send, click on “Actions,” tap” Send,” then input the amount and destination wallet info. Follow the instructions on the screen to complete the transfer.
After completing your USDC to DOGE trade, you will receive a notification on your device. Also, once your transaction is processed, the status will change from “Trade Pending” to “Trade Received” in the transaction history section of the Zengo app.
Yes, you can buy both USDC and DAI using Zengo’s fiat-to-crypto on-ramp gateway. To buy new assets, go to the Zengo app, select “Actions,” click on “Buy,” and then follow the instructions, select your desired payment option and payment partner. Zengo accepts many payment methods, such as MasterCard, Visa, Apple Pay, and bank wire transfers.
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