$USDC
USD Coin (USDC) — a centralized cryptocurrency whose price is pegged to the US dollar (stablecoin).
According to Circle, each USDC coin is backed by a dollar held in reserve or other 'approved investments,' although these are not detailed. In June 2021, the wording of the cryptocurrency on Circle's website changed from 'backed by US dollars' to 'fully backed by reserved assets.'
The exchange of US dollars for USDC occurs in three stages:
The user sends US dollars to the issuer's bank account.
The issuer uses a smart contract to create an equivalent amount of USDC.
USDC is sent to the user, and US dollars are held in reserve.
