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About USD Coin

USD Coin (USDC) is a type of digital currency known as a stablecoin that is pegged to the U.S. dollar on a 1:1 ratio to reduce volatility. It’s issued by Circle, a fintech company based in Boston, Massachusets. At the same time, Centre, a consortium comprising Circle and the Coinbase crypto exchange, develops its technology and governing framework.Circle describes the USDC stablecoin as a “digital dollar.” It claims every unit of the cryptocurrency is backed by an equal amount of U.S. dollars or dollar-denominated assets held in reserve. It means that if you own 1 USD Coin, Circle has 1 U.S. dollar in its reserves to back it up.

In essence, it’s a dollar equivalent that facilitates transactions over the internet and on public blockchains like Ethereum (ETH), Algorand (ALGO), Solana (SOL), Stellar (XLM), and TRON (TRX).