USDC Coming to ICP

[@waynefinkman5628]

I thought one of the main selling points of ICP was its ability to make cross-chain transactions effortless. Supporting USDC and USDT natively for ease of use seems like a no-brainer. While I’ve swapped USDC to ckUSDC and USDT to ckUSDT, the process still involves relying on a third party to make the swap, similar to bridging assets to another blockchain. Having the ability to send USDC or USDT directly from the Ethereum or Tron blockchain to an ICP address would be ground breaking technology. It would truly simplify cross chain interactions and showcase ICP's innovative potential

[@stephenlejeune9400]

I'm pretty sure the Gov will be able to track USDC transactions, and yes it still creates a taxable event. Id think GLDT will be how I swap in and out of rather then USDC but having it native to the ecosystem would help drive in funds

[@legendsofevil]

Bad tax advice. If you cash out to stablecoins, you still have to pay taxes. IRS can track your activity on blockchain.

[@ICryptoPhilosophy]

This unfortunately :( every transaction is taxable regardless of type.

[@Fantasy2400]

In my country swaping into stables is tax free but generaly you are right.

[@ICryptoPhilosophy]

@@Fantasy2400 what country do you live in? I live in the U.S. as well as this gentlemen which is why I replied the way I did. I find it amazing that some countries have rules like the one you mentioned or no crypto taxes at all!

[@Holdicp]

Even staking will be taxable.

[@scarecrowbar3375]

@@Holdicp Staking ICP on the NNS. Your rewards are held in limbo until you select them to be minted, I may be wrong but I think in this way the team got around the staking tax, only when you mint them you become liable for taxes, but check with your countries laws and accountant.

[@jonkong]

Selling to a stable coin or any coin for that matter is a taxable event in the U.S.

[@phillmatic_]

just a heads up, anytime you swap one token for another token, it is a taxable transaction. so for instance, in 2024 i converted my entire portfolio into icp so now im going to need to file that when i do my taxes this year. which sucks lol

[@ImFAULKn]

Unless you didn’t make any money in the swap correct? Then you just have to pay taxes on capital gains or am I wrong

[@ICryptoPhilosophy]

@@ImFAULKn whatever profits where made on the other coins gets taxed and then until he won’t be taxed again until he sells $ICP

[@phillmatic_]

@@ImFAULKnyes, you just have to file it. you have pay tax on profits, if you converted at a loss, you can claim that loss as well, in your favor.

[@hubert6786]

what?? from which country you are from? in my country you don't pay taxes while swapping betwen crypto coins. I always pay capital gain tax only when selling my crypto with profit of course. I cannot imagine how someone is obliged to pay tax for not getting profit. Unrealised capital gains is something unthinkable. Imagine you bought a house 20 years ago for 50 k, now your house is worth on the market 750 k. Now you have to pay tax from 700 k usd.

[@ImFAULKn]

@@hubert6786 The US, if you buy ICP and make $10 in profit and swap the ICP to another coin it’s considered realized gains which have to be taxed

[@aspeg]

It's a taxable event when you sell into usdc too.

[@db-zf3zc]

As much as i like your content James, please leave the tax advice to tax professionals who specialize in crypto. Im pretty sure the info you gave here is not accurate (in the united states).

[@hubert6786]

I agree. I also had sweaty times when bridging usdc into usdck because I also needed ETH on my oisy wallet (another gas fees on almighty ethereum :D) just to be able to swap ICP into open chat. In all ecosystem we need at least 1 universal stablecoin like tether or usdc so I think that is a great idea.

[@lydia7855]

USDC’s lack of transparency around its reserves keeps people skeptical. Add in the fact it’s depegged multiple times, and trust just isn’t there.

[@NiceWarlock]

Is it any difference sending between two native usdc addresses and sending from a ckusdc to a usdc adress? If not it’s an easy fix down the line. Maybe, just a thought. I mean, people generally don’t care how it works, only that it does. And for the ones that do care, trust ICP’s security

[@subscrypts]

Two factors hindering ICP mass adoptions - native stable coins like USDC/USDT and faster with low slippage DEXs. The current DEXs in IC are trash. I see Kong Swap is getting there but still has very low liquidity pairs. We also need a DEX aggregator.

[@tomtom8308]

great news james thank you...its a yes for me.

[@tomtom8308]

merry christmas to all🎄🎄🎄

[@CrimsomSkies]

I guess my proxy voted on this one already. That was fast! I just hope they represented me well. I consider your advise VERY strongly and appreciate your input.

[@jbabe3282]

I thought any swap was taxable. Usdc is an untaxable event swapping to it?

[@solavax]

not gonna lie, another USDC depeg could be catastrophic. it might end up being the biggest collapse we've seen in crypto, even surpassing UST. 🤔

[@Damien-Infinity]

ICP❤ND-forever gang😎😇💯👍

[@Golden_Tortoise]

I though ckBTC is not a "wrapper" I though this directly talks to bitcoin no third parties no wrapping am I wrong ?

[@imtypingwords]

That's what I thought too. Anyone here, can you clarify? I thought it was native BTC

[@user-ib8md4zn4n]

It is directly and not a wrapper, but thats only btc/ckBTC and ckBTC/btc at the moment. It sapposidly took a lot of time and man hours to do just this. That’s why the others still have to rely on 3rd parties like Eth/ckETH. I think he meant those wrap coins in the video

[@cryptogeek-ue5li]

Let's go #ICP 🚀🚀🚀

[@ICPsimp]

Wasn't this rejected?

[@nurulhaqumarbako3526]

Very right

[@Jerviecurpoz]

But who even uses USDC anymore?

[@hovanesboyadzhyan7875]

I do

[@LeeTommy-j4l]

I wouldn't place my bets on USDC lol

[@donovanada]

stick to a stablecoin with questionable reserves, and watch how usdc’s backing disappears, leaving it worthless.

[@Redsoxman9991]

Were you trying to imply that you just likely won’t be forced to pay taxes by staying in crypto with stable coins? Probably true but risky. I certainly wish that swapping to stable coins saved me from tax liability.

[@charliechen23]

What person in their right mind would want to use a stablecoin like USDC that has no proof of reserves though? Its like a crypto suicide...

[@Leonardo-Ashton]

Yes, stablecoins are the future. But not till bad actors like Circle will be weeded out of the market. Their so called "stable" coin is dragging the whole crypto market down with it.

[@BTCSANDRA]

USDC isn't a good option...

[@fantomania228]

USDC's market cap is trash compared to other stablecoin.

[@hovanesboyadzhyan7875]

It’s the second largest stable coin lol

[@jakobausterlitz8102]

Icp is a dying coin.

[@alexgr7e]

usdc’s audits are done by deloitte, who’s dealing with a lawsuit for negligence. how reliable does that make those audits sound? 🤷

[@hovanesboyadzhyan7875]

Deloitte is the largest accounting firm in the world who audits most of S and P 500 companies. You must be joking dude!!!