#USDC What it is:

* Stablecoin: A cryptocurrency whose value is designed to be pegged to a more stable asset, in this case, the US dollar. This aims to provide the benefits of cryptocurrency (like fast, low-cost transactions) without the price volatility often associated with crypto assets like Bitcoin or Ethereum.

* Issued by Circle: USDC is primarily issued and governed by Circle, a regulated financial technology company. It was initially launched in 2018 by the Centre Consortium, a partnership between Circle and Coinbase, although Circle now manages it independently.

* ERC-20 Token: USDC operates as an ERC-20 token on the Ethereum blockchain, meaning it adheres to a specific set of standards for tokens issued on the Ethereum network. It's also available on several other blockchains like Solana, Avalanche, TRON, and more.

How it Works and Backing:

* 1:1 Peg: The goal of USDC is to maintain a value of one USD Coin equal to one U.S. dollar.

* Fully Backed: Circle states that each USDC is 100% backed by reserves held in regulated U.S. financial institutions. These reserves primarily consist of cash and short-term U.S. Treasury bonds.

* Transparency: To ensure transparency, Circle publishes monthly attestations of its reserves by a Big Four accounting firm, providing independent verification of the backing.