HISTORY 💰
$USDC is a cryptocurrency stablecoin which is issued by Circle. It is pegged to the United States dollar, and is distinct from a central bank digital currency (CBDC).

Circle announced USDC on May 15, 2018, and it was subsequently launched in September of the same year by Centre, a consortium formed through a joint venture between Circle and Coinbase.

On March 29, 2021, Visa announced its support for USDC, enabling the cryptocurrency to be used for selling transactions within its payment network.

In July 2022, Circle reported that the circulation of USDC had reached $55 billion.

On March 11, 2023, USDC temporarily lost its peg to the US dollar after Circle revealed that $3.3 billion dollars, about 8% of its reserves, were jeopardized due to the collapse of Silicon Valley Bank the day before. USDC regained its dollar peg four days later.

According to Forbes in December 2024, USDC primarily competes with Tether, which dominates the market by market capitalization. USDC and Tether nearly reached parity in 2022, but USDC declined coinciding with the Collapse of Silicon Valley Bank, where Circle held reserves. According to data compiled by Visa, USDC overtook Tether in stablecoin transaction volume in August 2024.