$USDC Circle USD (USDC)

USDC is the second largest stablecoin in terms of market capitalization, after Tether's USDT. Like USDT, USDC is a centralized stablecoin, backed by fiat currency and pegged to the US dollar. Circle issues and manages USDC. Since 2018, the company has issued USDC worth over 50 billion dollars. USDC operates similarly to USDT; however, there are significant differences in their reserve structure. According to a recent audit report, Circle's collateralization for USDC is limited to US Treasury securities and cash.