USD Coin (USDC)

USD Coin (abbreviated USDC) is a stablecoin with a 1:1 correlation to the US dollar. Every unit of this cryptocurrency in circulation is backed by $1, which is kept in reserve and is kept in a combination of short-term US Treasury bonds and cash. According to the Centre Consortium, which created this instrument, USDC is issued by regulated financial institutions.

The stablecoin was initially released in limited quantities in September 2018. Simply put, USD Coin's mantra is "digital money for the digital age," and the stablecoin is created for an environment where cashless transactions are becoming more widespread.

The USD Coin has a number of uses. It offers a safe haven for crypto traders during times of volatility. It also allows companies to accept payments in digital assets, shaking up a variety of industries such as decentralised finance and gaming.

Overall, the objective is to build an ecosystem where as many wallets, exchanges, service providers, and dApps as possible accept USDC.

The Centre Consortium was founded by two individuals. The Coinbase cryptocurrency exchange is one of them, and the other is the peer-to-peer payment services provider Circle. This collaboration is open to other crypto enterprises.

Circle and Coinbase announced a big update to USDC's technology and smart contract in 2020. These enhancements are intended to make it easier to use USD Coin for everyday payments, commerce, and peer-to-peer transactions.

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