USD Coin (USDC) was created in September 2018 by Circle in collaboration with Coinbase, as part of a framework called the Centre Consortium. USDC is designed as a stable digital currency (Stablecoin) pegged to the US dollar at a 1:1 ratio, meaning that each USDC unit is backed by one dollar held in bank accounts or equivalent liquid assets. USDC aims to provide a secure and fast digital payment method, especially in the decentralized finance (DeFi) environment and digital applications. It is one of the most widely adopted stablecoins after USDT and enjoys relatively regulatory support in the United States, enhancing user and investor confidence in it.
