What is it?
USD Coin (USDC) is a stablecoin based on the Ethereum blockchain. This means that each USDC corresponds to one US dollar. USDC is one of the most popular stablecoins, which are digital versions of fiat currencies.
Why
USDC was created for investors who want to avoid the price volatility of cryptocurrencies but still enjoy the benefits of digital assets. USDC can be used for fast and cheap cross-border payments, participation in decentralized finance (DeFi) applications, and trading on cryptocurrency exchanges.
Where (Where)
USDC can be traded on most major cryptocurrency exchanges. USDC can also be stored in some wallets.
When
USDC was launched in 2018.
Kim (Who)
USDC was created by Center Consortium. Center Consortium is a joint venture consisting of leading cryptocurrency companies such as Circle and Coinbase.
How (How)
USDC can be purchased by individuals and institutions by depositing US dollars. The supply of USDC varies depending on the amount of US dollars deposited. Those who hold USDC can redeem each USDC back for $1.
Use Cases
Cross-border payments: USDC can be used for faster and cheaper cross-border payments compared to traditional SWIFT transfers.
DeFi: USDC can be used for various purposes such as lending, borrowing and earning interest in decentralized finance applications.
Cryptocurrency trading: USDC provides liquidity for buying and selling cryptocurrencies.