$USDC This stands for USD Coin, a stablecoin pegged to the U.S. dollar on a 1:1 basis. USDC is issued by Circle Internet Financial, a regulated financial services company.  

USDT: This stands for Tether, another popular stablecoin also pegged to the U.S. dollar on a 1:1 basis. USDT is issued by Tether Limited.  

/: The slash indicates a trading pair. In this case, it means you are trading USD Coin against Tether.

Exchange: This trading happens on a cryptocurrency exchange platform (like Binance, Kraken, Coinbase, etc.).  

How the Trading Works:

When you trade USDC/USDT, you are essentially exchanging USD Coin for Tether, or vice versa. Since both are designed to be stablecoins pegged to the US dollar, the price of this pair is expected to remain very close to 1. However, slight fluctuations can occur due to market demand and supply on the exchange.