#WhiteHouseCryptoSummit
USDC (USD Coin) is a stable digital currency (Stablecoin) pegged to the US dollar at a ratio of 1:1, meaning that each unit of USDC is approximately equal to 1 US dollar. It was developed by Circle and is fully backed by cash assets and transparent reserves.
Features of USDC
Transparency: Periodic reports are issued proving that each unit of USDC is backed by a real dollar or equivalent assets.
Security: It is regulated by financial authorities in the United States.
Speed: It can be used for instant transfers across blockchain networks like Ethereum, Solana, and Polygon.
Adoption: Supported on many trading platforms like Binance, Coinbase, and KuCoin.
Uses of USDC
Trading: Traders use it as a stable alternative to the dollar to avoid the volatility of other cryptocurrencies.
International Transfers: It can be sent anywhere in the world quickly and without the need for banks.
Investment in DeFi: It can be used on decentralized finance (DeFi) platforms to earn returns from interest and lending.
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