#PowellRemarks

USD Coin (USDC) is a stable cryptocurrency pegged to the US dollar. USD Coin is managed by a consortium called Centre[1], founded by Circle and including members from the cryptocurrency exchange Coinbase[2] and the Bitcoin mining company Bitmain[3], an investor in Circle[4]. USDC is issued by a private entity and should not be confused with a central bank digital currency (CBDC).