What is USDC? Stablecoins like USDC have a number of advantages over cash: you can earn above market interest rates, stable coins can be transferred near-instantly and globally, USDC is used in a wide variety of dapps, and USD coin can be stored securely and privately in a crypto wallet. Unlike other cryptocurrencies, each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing in reserves.
USD Coin (USDC) is a centralized digital stablecoin that lives on the blockchain and is pegged to the United States dollar.
Being pegged to the US dollar stabilizes it as compared to the volatility of other crypto currencies. Each USDC coin is worth one US dollar.
The launch of USDC in September 2018 was powered by a collaboration between cryptocurrency exchange Coinbase and Fintech firm Circle through the co-founding of the CENTRE Consortium.
USDC is an ERC-20 token issued on the Ethereum network.
USDC follows the ERC-20 standard and can be used with any app that accepts tokens based on that standard.
This gives USDC the stability of the US Dollar with the power of smart contracts to enable a new set of possibilities of financial services – including lending, borrowing, derivatives and payments.
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