USD Coin (USDC) maintains a 1:1 peg with the U.S. dollar, providing stability in the cryptocurrency market. Each USDC token is backed by reserves consisting of cash and short-term U.S. Treasury bonds. Recent data indicates that the price of USDC is around $1, with a circulating supply of approximately 62 billion. Trading volumes have been significant, reflecting its use in various cryptocurrency applications, including DeFi protocols and payment processing. Circle, the company behind USDC, has filed for a U.S. initial public offering (IPO), signaling its continued growth.
