USD Coin (USDC) is a stablecoin overseen by an entity called the Centre Consortium, which was established by Coinbase and Circle. The goal of the stablecoin is to maintain its value so that each 1 USDC is worth $1 issued in the United States.
USD Coin, which uses the ticker symbol USDC, is a stablecoin that was launched in 2018. Stablecoins use underlying measures, such as asset backing, in an effort to provide an asset with a specific and stable price point. A stablecoin of the US dollar (USD), for example, generally aims for a price of $1 per coin or token.
Built using the open-source stablecoin framework from Centre, USD Coin is reported to be backed by a combination of US dollars and short-term obligations of the United States government, with each unit of USDC supposedly redeemable for $1. USDC is said to operate in accordance with regulations. Grant Thornton, an independent accounting firm, routinely verifies the funds backing USDC.
