What Is USD Coin
USDC or USD Coin is a digital cryptocurrency pegged against the U. S. dollar. Every USDC unit is backed up by US$1 held in reserve, in a mix of cash and short-term U.S. Treasury bonds.
The first announcement of the USDC token was made on the 15th of May, 2018, from Circle, a peer-to-peer payments technology venture.
The USD Coin is an Ethereum token so that you can store it in an Ethereum-compatible wallet. It is designed to let dollars move globally from one cryptocurrency wallet to exchanges, businesses, and people. Users can always redeem 1 USD coin for US$1.00, which gives it its stable price.
Founded by Circle, the USD Coin is managed by the Centre consortium with Coinbase cryptocurrency exchange and Bitmain company members.
Coinbase became part of Circle in the last quarter of 2018 and established the rules for creating stablecoins linked to fiat currencies.
The technology behind the Centre makes it possible to exchange value between people, businesses, and financial institutions, just like texts between SMS providers.
Who Are the Founders of USD Coin
USDC is a stablecoin founded by the Centre consortium, of which Coinbase and Circle are the founding members. The Circle co-founders are Jeremy Allaire and Sean Neville.
In 2020, Circle and Coinbase announced an upgrade to the USDC protocol and smart contracts, making it easier for USD Coin to be used for everyday payments and transactions.
What Is USD Coin Used For
USD Coin or USDC is a stablecoin issued by regulated financial institutions and fully backed by the U.S. dollar as a reserve asset. It is the digital money of our age and is available on many cryptocurrency exchanges.
As a programmable dollar, USDC unlocks new applications and businesses. Developers can create accounts to store money with a single line of code; lending is faster, cheaper, and a lot more transparent; payments are quicker and more affordable.
While the U.S. Dollar Coin is not the first or most popular US-dollar-backed coin, it stands out from other cryptocurrencies due to the following factors:
- Firstly, the USDC's parent company is a registered Money Service Business in the United States and is regulated by FinCEN, the government's Financial Crimes Enforcement Network combats money laundering.
- USDC is audited by Grant Thornton, one of the top 10 accounting firms in the world.
- USDC offers the price stability of traditional fiat currencies with the speed of cryptocurrency transactions.
The USDC creates a more inclusive global economy by removing artificial economic borders. To sum up, USDC allows you to send money cheaply and almost instantly anywhere in the world without a traditional bank account and earn rewards on USC held in a Coinbase account. You can even earn higher yields by lending your USDC via various decentralized finance (or DeFi) applications.
Where Can You Buy USDC
USD Coin has an available supply of 27,547,831,389 and a total supply of 27,552,722,263 coins.
If you want to buy, sell or trade USDC, you can do so on exchanges such as Binance, HitBTC, Uniswap V2, SushiSwap, and Bkex.
