$USDC
$USDC (USD Coin) is a stablecoin, a type of cryptocurrency designed to maintain a stable value relative to a traditional currency, in this case, the US dollar. Launched in September 2018 by the Centre consortium (co-founded by Circle and Coinbase, now solely managed by Circle), USDC aims to provide a digital dollar for the internet age, facilitating faster and cheaper global transactions.
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Each USDC token is designed to be redeemable 1:1 for a US dollar, with the reserves held in regulated US financial institutions in the form of cash and short-term US Treasury bonds. This backing is intended to provide stability and transparency, with regular attestations by accounting firms to verify the reserves.
USDC operates on multiple blockchain networks, including Ethereum, Solana, and others, making it widely accessible for various applications in decentralized finance (DeFi), trading, and payments. Its stability makes it a popular choice for traders seeking to avoid the volatility of other cryptocurrencies and for businesses looking for a reliable digital medium of exchange.