The USDC (USD Coin) currency is a stable digital currency (stablecoin), meaning its value is tied to the US dollar at a 1:1 ratio. In other words, every 1 USDC is supposed to equal 1 US dollar.

Here are the key facts about USDC without embellishment:

Issuer: Circle in collaboration with Coinbase through the Centre Consortium.

Backing: Every USDC is supposed to be fully backed by cash reserves or equivalents (short-term bonds, secured bank accounts).

Uses:

Trading and quick transfers on blockchain networks.

Hedging against market volatility (especially when exiting volatile currencies like BTC or ETH).