USD Coin (known by its ticker USDC) is a stablecoin pegged to the US dollar at a 1:1 ratio. Each unit of this cryptocurrency in circulation is backed by $1, held in reserve, in a mix of cash and short-term US Treasury securities. The Centre consortium, responsible for this asset, claims that USDC is issued by regulated financial institutions.
The stablecoin was originally launched on a limited basis in September 2018. Simply put, the mantra of USD Coin is 'digital money for a digital age' — and the stablecoin was designed for a world where cashless transactions are becoming more common.