USD Coin (USDC)
USD Coin (USDC) is a stablecoin that aims to maintain a value of $1 per USDC. It was created by the Centre Consortium, a company established by Coinbase and Circle, and launched in 2018. The stablecoin is backed by a combination of U.S. dollars and short-dated U.S. government obligations and is intended to function in accordance with regulations. Grant Thornton, an independent accounting firm, routinely checks the funds backing USDC to ensure that they are sufficient to support the value of the stablecoin.
USDC is available on several blockchains, including as an ERC-20 token on the Ethereum blockchain. Institutional players can issue USDC, provided they meet specific regulatory and other requirements. USDC can be traded on various cryptocurrency exchanges and is available across multiple trading pairs. It can also be created and redeemed under certain conditions.
The price of USDC has fluctuated in the past, but its goal is to maintain a stable value of $1. Stablecoins, like all cryptocurrencies, is subject to market forces and may be affected by various factors that could impact their value. Therefore, it is always important to thoroughly research and understand the risks involved in investing in any cryptocurrency, including stablecoins like USDC.