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What currency is used for trading?

SI Predict uses USDC for all trading activity. USDC is a popular stablecoin, which is a type of cryptocurrency designed to maintain a 1:1 value with the US Dollar. By using USDC, SI Predict ensures that the value of your funds is stable and easy to understand – 1 USDC is always intended to be roughly equal to 1 US dollar. This has several benefits:

  • No Volatility in the Currency: Unlike Bitcoin or other volatile cryptocurrencies, USDC’s value doesn’t swing with market speculation; it stays pegged to USD. So if you have 100 USDC, it’s like having $100 in terms of spending power. This means when you trade on events, the only thing changing in value is your prediction itself, not the currency holding your funds.
  • Easy Accounting: Profits and losses are clear in dollar terms. If you make a profit of 10 USDC, that’s roughly $10 profit. This makes understanding your portfolio and performance straightforward.
  • Fast Transactions: USDC is a digital asset on the blockchain (in this case, on the Truth Network chain that underpins SI Predict). It allows 24/7 fast transfers without relying on banks. When you trade, USDC moves in the smart contracts to buy your outcome shares or to pay you out – all automatically.
  • Widely Accessible: USDC can be acquired easily via MoonPay on the platform, and it’s also available on many other crypto exchanges. So if you already use crypto, you can obtain USDC and bring it to SI Predict; if you’re new, MoonPay will convert your fiat currency to USDC seamlessly during deposit.

In summary, all bets, trades, and payouts on SI Predict are done in USDC. You won’t need any other cryptocurrency for participation, and you don’t deal in traditional cash on the platform itself – once you’re in, everything is denominated in USDC for consistency.