Moving crypto can be expensive that is one of the reason I have a dedicated article on platforms that provide free withdrawal (be it even 1 per month). Sure, you could convert your crypto (or fiat) to XLM, transfer, and convert XLM back to crypto (or fiat) again but on occasions withdrawal can be delayed (most recently this happened because of outage on AWS which lead to various exchanges like Coinbase and Crypto.com delaying processing of withdraw) and perhaps by the time your XLM lands on the other side, it might be worth less….which is no fun! Enter USDC on Stellar network.
Transferring USDC on Stellar network costs very minimal fee and is extremely fast (just like XLM) however it comes with an added benefit of being a stable coin. In other words, what you send is exactly what you get (minus a very very small fee).
Click Here for OkCoin Referral
Well, Ok Coin (to my knowledge) is the first exchange to support USDC-Stellar and they are currently offering $50 for moving $30 in USDC-Stellar.
This promotion is only available until February 28 for the first 1,000 participants.
But How Do I Do it?
Here are my suggested steps on how to get through this promotion quickly:
If you have cash on OkCoin:
- buy USDC-Stellar
- send it to Lobstr app
If you don’t have cash on OkCoin:
- buy USDC on Lobstr
- don’t have USDC on Lobstr? Send XLM from exchange to Lobstr then convert to USDC.
- send to USDC-Stellar address on OkCoin
If you have no idea on how to do things on Lobstr you can read this AMM focused article of mine. This is a huge article but the section you want to read is “how to send (or receive) coins on Lobstr. If this is your first time doing this, I suggest only sending a small amount of money to make sure you are doing things right.
Closing Thoughts
Normally I would not write about such a limited promotion but it is worth highlighting the whole USDC-Stellar thing. For now the usage is limited as other exchanges don’t support USDC-Stellar however at the very minimum OkCoin can act as an excellent on-ramp for those who want to use apps like Lobstr.
