USDC (USD Coin) is a stablecoin—a type of cryptocurrency whose value is pegged to the value of fiat currency, in this case, the US dollar (USD). The value of 1 USDC is always maintained at around $1 USD.
Brief Explanation:
Issuer: Circle (and initially together with Coinbase through a consortium called Centre)
Type: Fiat-collateralized stablecoin
Reserves: Backed 100% by cash or cash-equivalent assets and short-term US bonds, which are regularly audited.
Blockchain: Available on various networks such as Ethereum, Solana, Avalanche, Tron, and others.
Uses of USDC:
Fast & cheap transactions globally
Avoiding cryptocurrency volatility like Bitcoin or Ethereum
Used in DeFi (Decentralized Finance), NFTs, and Web3 applications
Easily convertible to US dollars through cryptocurrency exchanges
