USDC (USD Coin) is a stablecoin, which means it's a type of cryptocurrency designed to maintain a stable value, in this case pegged 1:1 to the U.S. dollar. Here are the key facts:
🔹 What is USDC?
Issuer: Created by Circle and Coinbase through the Centre Consortium.
Value: 1 USDC = 1 USD (intended peg).
Blockchain: Operates on multiple blockchains including Ethereum, Solana, Avalanche, and others.
Use cases:
Digital payments and remittances.
Trading on crypto exchanges.
Decentralized finance (DeFi) apps.
On/off ramps for fiat.
🔹 How is USDC backed?
USDC is backed by cash and short-term U.S. Treasury bonds, and Circle publishes monthly reserve attestations audited by third parties to confirm backing.