$USDC
What is USDC and what is it for?
USD Coin (USDC) is a digital currency fully backed by US dollar assets. USDC is a tokenized US dollar, with the value of a USDC coin set as close to the value of a US dollar as possible. The value of USDC is designed to remain stable, making USDC a stablecoin.
You may be wondering how USDC maintains the 1:1 peg to the US dollar. If you initiate a transaction to purchase a USD coin using fiat currency, that fiat currency is deposited and stored as a US dollar and the new USDC is minted. If you sell a USD coin in exchange for fiat currency, the USDC is burned (sent to a wallet without access keys) when the fiat money is transferred back to your bank account.
USDC is supported on several blockchains including:
Algorand
Solarium
USD Coin is managed by Centre, a consortium co-founded by cryptocurrency exchange Coinbase (COIN), and Circle, a financial technology company. The Center aims to change the global financial landscape by connecting every person, merchant, financial service and currency around the world.
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