#OFTHEDAY USDC stands for USD Coin. Here's a breakdown of what it is:

What it is:

* Stablecoin: USDC is a type of cryptocurrency known as a stablecoin. Its value is designed to be pegged to a stable asset, in this case, the US dollar (USD). The goal is for 1 USDC to always be worth approximately 1 USD.

* Backed by US Dollars: To maintain this peg, each USDC is backed by reserves of US dollars or assets with equivalent fair value held in accounts with regulated US financial institutions.

* Issued by Circle: USDC was developed by Circle, a regulated financial technology company. Initially, it was a joint project with Coinbase under the Centre Consortium, but Circle is now the sole responsible entity.