$USDC
latest market snapshot I could retrieve
Note: This reflects a multichain bridged version of USDC on the Fantom network which is not the standard USDC peg to $1 USD. For accurate information on the official USDC stablecoin, pricing tools often don't reflect its unique nature as a stablecoin.
What Is USDC?
USD Coin (USDC) is a regulated, fiat-backed stablecoin pegged 1:1 to the U.S. dollar. It’s designed to maintain a steady value and is fully backed by highly liquid reserves such as cash and short-term U.S. Treasuries. USDC can be redeemed for USD at any time.
Key Facts & History
Launch & Governance: Debuted in September 2018, created by the Centre Consortium—a joint initiative by Circle and Coinbase. As of 2023, Circle took over full governance.
Backing & Transparency: Every USDC is backed 1:1 by USD or cash equivalents held in secure reserves, primarily within Circle’s Reserve Fund. Monthly attestations by independent auditors (e.g., Deloitte or Grant Thornton) confirm reserve coverage.
Blockchain Support: Originally on Ethereum (ERC-20), USDC now runs natively across numerous blockchains including Algorand, Solana, Avalanche, Base, Flow, Hedera, Near, Optimism, Polygon PoS, Stellar, Tron, and more.
Major Milestones:
Surpassed $55 billion in circulation by mid-2022.
In March 2023, briefly lost its $1 peg after $3.3 billion in reserves were tied up in the failed Silicon Valley Bank—but swiftly recovered.
Facilitated over $25 trillion in on-chain transactions since launch.
As of early June 2025, USDC made up around 24% of the global stablecoin market, second only to Tether’s ~60%.
On June 5, 2025, Circle went public on the NYSE under ticker CRCL, raising ~$1.1 billion. At that time, USDC had about $60 billion in circulation.
Regulatory & Market Developments
In June 2025, the U.S. Senate passed the GENIUS Act, establishing a federal regulatory framework for stablecoins. It mandates 1:1 backing, regular disclosures, and audit requirements, which will reinforce USDC’s credibility and could boost broader adoption.