USDC is a digital dollar issued by Circle that is fully backed by US dollars and US dollar equivalents. USDC was developed to represent a US Dollar equivalent onchain, and is used to send, store, and receive money between people and businesses without the need for third-party financial institutions.
USDC (USD Coin) is a stablecoin designed to maintain a 1:1 peg to the U.S. dollar, aiming to provide stability in the cryptocurrency market. Each USDC token is backed by reserves consisting of cash and short-term U.S. Treasury bonds. Introduced in 2018 by the Centre Consortium, a collaboration between Circle and regulated financial institutions, USDC seeks to bridge traditional finance with blockchain technology. It is widely used for transactions, decentralized finance (DeFi), and digital payments across multiple blockchain networks.
