USDC - Stable Cryptocurrency for the Digital Era
USDC is a stablecoin pegged to the US dollar 1:1. Each unit of this cryptocurrency is backed by $1, which is held in cash and short-term US Treasuries.
The Centre, the consortium behind the asset, says USDC is issued by regulated financial institutions. Stablecoin was launched in September 2018 with the aim of creating "digital money for the digital age".
$USDC has several uses - from a safe haven for traders in periods of volatility to an opportunity for businesses to accept payments in digital assets. The project also integrates with the DeFi and gaming ecosystems.
The founders of USDC are the Circle company and the Coinbase exchange. They strive to make USDC as transparent and regulated as possible, unlike some competitors. This helped USDC grow rapidly and overtake other stablecoins in the market.
