A stablecoin pegged to the US dollar, USD Coin (USDC) is an Ethereum-based token fully backed by dollars held in reserve. The coin is issued by regulated and licensed financial institutions, so users can be sure that there is always a 1:1 ratio of USDC to USD. This gives the coin its stability and the ability to be redeemed for USD at any time.
Launched in 2018 by Circle, USDC has quickly become one of the most popular stablecoins in cryptocurrency. The coin is now used by a number of exchanges, businesses, and individuals - with Visa announcing the use of USDC to settle transactions in 2021.
USD Coin is an ERC-20 token that can be stored in any Ethereum-compatible wallet. It is also listed on a number of cryptocurrency exchanges, making it easy to buy and sell. When used on the Ethereum network, USDC can be used to pay for goods and services or to transfer value between users.
USDC can be utilized to develop and run decentralized applications (dApps), allowing a wide range of use cases. For example, dApps built on USDC could be used for peer-to-peer lending, payments, or stablecoin trading.
The stability of USD Coin is supported via reserves held in the custody and management of leading U.S. financial institutions, including BlackRock and BNY Mellon. Third-party assurance is provided by Grant Thornton LLP, one of America's largest audit, tax, and advisory firms. With billions being moved via USDC every day, it is one of the most widely used stablecoins in the market.
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