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USD Coin (abbreviated USDC) is a stablecoin that is pegged to the US dollar at a 1:1 ratio. Every unit of this cryptocurrency in circulation is backed by $1 in reserve, which is held in a combination of cash and short-term US Treasury bonds. According to the Centre consortium, which created this asset, USDC is issued by regulated financial institutions.
The stablecoin first became available in limited quantities in September 2018. Simply put, USD Coin’s slogan is “digital money for the digital age,” and the stablecoin is intended for a world in which cashless transactions are becoming more common.
The Centre Consortium was founded by two individuals. Circle, a peer-to-peer payment services company, and Coinbase, a cryptocurrency exchange, are two of them. Other cryptocurrency ventures are welcome to join this consortium.
“We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet,” wrote Circle co-founders Jeremy Allaire and Sean Neville.
Circle and Coinbase jointly announced a significant upgrade to USDC’s protocol and smart contract in 2020. These improvements aim to make it easier to use USD Coin for everyday payments, commerce, and peer-to-peer transactions.
