USD Coin (USDC) is a stablecoin backed by the US dollar. The cryptocurrency is pegged to the fiat currency, meaning that it will always be worth $1, and is backed by a mix of short-term U.S. Treasury bonds and cash.
Making up a valuable sector to the cryptocurrency industry, stablecoins offer a safe haven asset when markets experience high volatility. Users are able to transact with these non-volatile assets while still keeping their funds within the blockchain ecosystem.
Released in September 2018 by the Centre Consortium, the ERC-20 token aims to provide a stable digital cash beyond the crypto industry. The Centre Consortium consists of two founding entities, Circle, a P2P payment services company, and Coinbase, the cryptocurrency exchange. The company enlists the services of a major accounting firm to constantly verify the levels of reserves ensuring that they match up with the number of USDC in circulation.
The USD Coin’s mantra is “digital money for the digital age” and the stablecoin aims to provide a payment method that can be used for everyday payments, commerce and peer-to-peer transactions. There is no limit on the number of USDC that can enter circulation. See the chart above depicting the USDC price data and use the Buy button to start trading.