USD Coin (USDC) is a type of cryptocurrency known as a stablecoin, which is pegged to the US Dollar on a 1:1 basis. This means each USDC token is backed by one US dollar held in reserve, ensuring its value remains stable.
USDC was created by the Centre Consortium, founded by Coinbase and Circle, and is widely used in the crypto ecosystem for trading, lending, and as a store of value.
Its stability makes it less volatile compared to other cryptocurrencies like Bitcoin or Ethereum. USDC is built on various blockchain platforms such as Ethereum, Solana, and Algorand, making it highly versatile and easily accessible.
It is commonly used for transactions, as it offers faster processing times and lower fees compared to traditional banking systems. USDC has gained popularity due to its transparency, with regular audits to ensure that the reserves match the circulating supply of the token.
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