What do you know about the digital currency USDC?
The USDC currency (short for USD Coin) is a **stable digital currency pegged to the US dollar at a 1:1 ratio**, meaning that every USDC unit is backed by a real US dollar or equivalent assets held in reserve. It was launched in 2018 by the **Centre Consortium** established by Circle and Coinbase, which manage its issuance and administration, with a clear commitment to transparency and quality through independent audits to comply with financial standards.
USDC is characterized by being built on **blockchain** technology, operating across multiple networks such as Ethereum, Solana, and Avalanche, allowing transactions to be fast and secure without the intervention of banking intermediaries. Users buy USDC by paying traditional US dollars, and they are issued the corresponding digital currency, and when they wish to redeem their dollars, the issuer applies a burning process of the digital currency in exchange for converting real dollars to them.
USDC is used in multiple fields including trading, payments, decentralized finance (DeFi), and digital loans, and it is considered 'digital money for the digital age' due to its value stability and efficiency in transfers across digital networks.
The currency management is subject to a transparent regulatory system, and the financial reserves backing it are audited periodically to ensure cash backing for the circulating USDC assets. The total market capitalization of the currency exceeds $63 billion, with a daily trading volume surpassing $10 billion, reflecting its widespread adoption and acceptance in the global cryptocurrency market.
In short, USDC is a stable and popular digital currency that provides a digital representation of the US dollar, combining ease of digital use with financial value stability.
