$USDC USD Coin (USDC) is a prominent U.S. dollar-pegged stablecoin developed by Circle and initially launched in 2018 through the Centre Consortium, co-founded with Coinbase. Designed to maintain a 1:1 value with the U.S. dollar, each USDC token is backed by cash and short-term U.S. Treasury securities held in regulated financial institutions, including the Bank of New York Mellon, with asset management by BlackRock .

USDC operates across multiple blockchain networks, such as Ethereum, Solana, and Polygon, facilitating rapid, low-cost, and borderless transactions. Its stability and transparency have made it a preferred choice for various applications, including decentralized finance (DeFi), cross-border payments, and digital commerce .

The stablecoin's utility has been further enhanced through integrations with major platforms like Apple Pay, enabling seamless crypto-to-fiat transactions for consumers and businesses . Additionally, USDC's adoption has been bolstered by its regulatory compliance and regular attestations of reserves, fostering trust among users .

However, USDC has faced challenges, notably in March 2023 when it temporarily lost its dollar peg due to exposure to the collapse of Silicon Valley Bank, where a portion of its reserves was held. Circle promptly addressed the issue, and USDC quickly regained its peg .

As of early 2025, USDC continues to play a significant role in the digital asset ecosystem, offering a stable and reliable medium of exchange that bridges traditional finance and blockchain technology.