$USDC a centralized stablecoin backed by the US dollar at a 1:1 ratio. Despite the controversy surrounding its reserves and transparency, USDT has remained the largest stablecoin by market capitalization for years. In 2018, another major player in the stablecoin market emerged: USD Coin (USDC), a stablecoin developed by Circle and Coinbase, backed by a consortium of regulated financial institutions.