$USDC USDC (USD Coin) is a stablecoin pegged to the US dollar with the following characteristics:
• Stability: Each USDC token is backed by an equivalent amount of US dollars, ensuring its market value equals one dollar.
• Transparency: USDC is issued by Circle, with its reserves managed by BlackRock and held at Bank of New York Mellon, ensuring funds are held securely and transparently by a trusted third party. USDC releases audit reports monthly to confirm the availability of full dollar coverage.
• Regulatory Compliance: USDC is a regulated stablecoin issued by the US financial institution Centre, with USD reserves audited by a third-party accounting firm as backing.
• Use Cases: USDC serves as a bridge between fiat and cryptocurrency, allowing for easy conversions between fiat and cryptocurrencies, making it easier to use cryptocurrencies worldwide. Additionally, USDC plays an important role in decentralized finance (DeFi) protocols, such as lending platforms, where users can earn interest by holding USDC.
• Market Performance: USDC performed strongly during bear markets, with its market cap once surpassing $56 billion, setting a new historical high. USDC's market share has increased to 12%, nearing 14% of FDUSD, making it a significant competitor to Tether.
• Trading Platforms: USDC can be traded on multiple trading platforms, including centralized exchanges (CEX) like Coinbase and Binance.
• Supported Blockchains: USDC exists on several different public chains, but the Deribit platform only supports the ERC-20 version of USDC on the Ethereum blockchain.
• Perpetual Contract Products: USDC is available as a base currency on the Deribit platform, including deposits, withdrawals, exchanges for other currencies, and using USDC as collateral for trading.
Due to its stability, transparency, and regulatory compliance, USDC holds an important position in the cryptocurrency market and is widely used for international transfers, value storage, entry into the cryptocurrency market, and interaction with DeFi protocols.