November 1, 2023
Technical & Crypto

Understanding USDC on Audius

What is USDC?

USDC (USD Coin) is a stablecoin, a type of cryptocurrency that is fixed to the value of the U.S. Dollar (USD). USDC is often used for trading, payments, and smart contracts across a number of blockchains. It is issued by Circle, Inc. and is fully redeemable for USD. More information about USDC can be found here.

Why USDC on Audius?

Audius Music incorporates USDC on Solana as a currency for users to buy and sell content. This provides the advantage of fast, low-cost, and transparent transactions.

What are Solana-Based USDC Tokens?

While USDC can exist on multiple blockchains like Ethereum and Algorand, Audius only supports Solana SPL-based USDC tokens. SPL (Solana Program Library) is Solana's native token standard, designed for efficiency and low transaction fees.

Key Differences Between Solana USDC and Standard (ETH) USDC

  • Blockchain: Solana USDC tokens operate on the Solana blockchain, whereas Standard USDC exists on the Ethereum blockchain.
  • Transaction Speed: Solana's architecture offers faster transaction confirmations compared to other platforms.
  • Transaction Fees: Solana's low transaction costs make it more efficient for micro-transactions.
  • Compatibility: Solana-based USDC tokens are only compatible with Solana-supported wallets and platforms.

How to Buy Music on Audius Using Solana-Based USDC

  • Select a Track: Select the track you wish to purchase.
  • Initiate Purchase: On the track's detail page, click on the "Buy" button.
  • Complete the Purchase:
    • The purchase popup will appear, displaying the track's price in USDC.
    • You can complete the purchase using:
      • Option 1: Add Funds via Stripe
        • Pass through Stripe's verification processes.
        • Use a credit card to buy USDC via Stripe's onRamp.
          • Note: Payment providers may place temporary authorizations on your card before the final charge is posted.
        • The purchased USDC will be added to your Audius account balance.
      • Option 2: Using Existing USDC Balance
        • If you have sufficient funds in your Audius USDC balance, you can proceed to purchase directly.
      • Option 3: Manually Add USDC
        • Fund your account with Solana-based USDC tokens by selling music on Audius or acquiring USDC from a cryptocurrency exchange and transferring to your Audius wallet.
        • Click on the "Advanced" link to view your USDC wallet address where you can deposit funds.
  • Purchase Status: The purchase modal will show "in-progress" while processing. Once done, you'll get a confirmation message.
  • Enjoy Your Music: Play the purchased track from the track page or find it in your Audius library.

Withdrawing USDC from your Audius Wallet

You can only withdraw USDC to a Solana-compatible wallet or Solana USDC deposit address on exchanges like Coinbase.

  • Navigate to the Artist Dashboard: Access the Artist Dashboard in your Audius account.
    • Note: Only visible to users with at least one track uploaded.
  • Initiate Withdrawal: Click "Withdraw Funds" underneath the USDC wallet balance.
  • Enter Transfer Details:
    • Specify the USDC amount to transfer.
    • Input a compatible Solana wallet address.
  • Finalize the Transfer: Review details and click Confirm.
    • Transfers may vary in time due to network congestion. Keep your tab open.

Transfer Complete:

After Audius confirms the transfer, check the receiving wallet for your USDC tokens.