USDC

USD Coin

USDC
Performance
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7D
1M
6M
1Y
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All time high price
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Maximum supply
Created or burnt based on demand.

Project overview

USD Coin (USDC) is a stablecoin that is pegged 1:1 to the US dollar, designed to combine the stability of fiat with the technological advantages of digital currency. It aims to provide a stable and transparent digital dollar that can be used globally for a wide range of financial applications. 

Launched in September 2018 by the Centre consortium, a collaboration between Circle and Coinbase, USDC currently operates on a number of blockchains including Ethereum, Arbitrum, Avalanche, NEAR, Polkadot, and Solana, to name a few. The token is widely utilised for everyday transactions, trading, on/off-ramps to the crypto market and for stablecoin settlements. 

Technology

USDC leverages the blockchain to provide a tokenised version of the US dollar. Each USDC token is fully backed by a corresponding dollar held in reserve in the form of cash or short-term U.S. Treasury bonds. The amount and composition of the reserves are attested to monthly by independent third parties.  

The underlying technology of USDC allows for quick and secure transactions across different blockchains. Furthermore, USDC supports smart contract capabilities, making it suitable for automated financial services and applications in decentralised finance (DeFi). 

Token supply model

The supply of USDC is regulated by user demand and the actual amount of USD held in reserves. This means that new tokens can only be minted when there are additional US dollars deposited into the reserve and this is what ensures its 1:1 peg to the US dollar.

Key value drivers

USDC addresses key demands within the financial and cryptocurrency sectors by offering a stable, digital version of fiat. It serves as a vital on/off-ramp for the cryptocurrency market, providing a reliable medium for users to enter and exit their positions. The 1:1 peg to the US dollar makes it an effective tool for managing crypto asset exposure and avoiding volatility. Additionally, USDC allows for rapid settlement of transactions, which is crucial for large entities trading digital assets with size. With its commitment to transparency and regulatory compliance, it may be suitable for institutions operating in highly regulated jurisdictions.  

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