USD Coin (USDC) is a type of stablecoin ā a cryptocurrency designed to maintain a stable value by being pegged to a traditional currency, in this case, the U.S. dollar. Here's a concise overview:
š¹ What is USDC?
USDC (USD Coin) is a digital dollar backed 1:1 by U.S. dollar reserves or equivalent assets.
It is issued by Centre Consortium, founded by Circle and Coinbase.
Each USDC token is supposed to be redeemable for $1 USD, making it relatively stable compared to volatile cryptocurrencies like Bitcoin or Ethereum.
š¹ Key Feature
Stable Value Pegged 1:1 to USD to reduce volatility.
Transparency Reserves are regularly audited by independent firms.
Blockchain Use Runs on multiple blockchains: Ethereum (ERC-20), Solana, Avalanche, etc.
Use Cases Trading, remittances, DeFi, payments, and as a hedge against crypto volatility.
