USD Coin (USDC), a stablecoin pegged 1:1 to the U.S. dollar, was announced on May 15, 2018, by Circle and launched on September 26, 2018, through the Centre Consortium, a joint venture with Coinbase. Initially built on Ethereum as an ERC-20 token, USDC aimed to provide stability for digital transactions, addressing cryptocurrency volatility. Backed by cash and U.S. Treasury bonds, it ensures transparency with monthly attestations. By 2020, smart contract upgrades enhanced its use for payments and DeFi. USDC has since expanded to over 20 blockchains, including Solana and Polygon, becoming a leading regulated stablecoin for global payments and trading.
