USD Coin Introduction
Diksia.com - USD Coin (USDC) is a digital currency that is fully backed by U.S. dollar assets. USDC is a tokenized U.S. dollar, with the value of one USDC coin pegged 1:1 to the value of one U.S. dollar. The value of USDC is designed to remain stable, making USDC a stablecoin.
| USD Coin Details | |
|---|---|
| Ticker | USDC |
| Blockchain | Ethereum, Algorand, Solana, Stellar, TRON |
| Standard | ERC-20 |
| Symbol | USDC |
| Price | $1.00 |
| Type | Stablecoin |
| Launch Date | September 2018 |
| Total Supply | No limit |
| Market capitalization | $55.3 billion |
| Trading volume | $2.5 billion |
| All-time high | $1.02 |
| All-time low | $0.98 |
| Website | https://www.centre.io/usdc |
What is USD Coin?
USD Coin (USDC) is a digital currency that is fully backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. USDC’s reserve assets are held in segregated accounts with regulated U.S. financial institutions. The accounting firm Grant Thornton oversees these segregated accounts and provides monthly attestation reports.
You may be wondering about how USDC maintains the 1:1 peg with the U.S. dollar. If you initiate a transaction to buy one USD Coin using fiat currency, then that fiat currency is deposited and stored as one U.S. dollar and the new USDC is minted. If you sell a USD Coin in exchange for fiat currency, then the USDC is burned when the fiat money is transferred back to your bank account.
USDC is compatible with several blockchains, including Ethereum, Algorand, Solana, Stellar and TRON. This means that USDC can be used with various decentralized applications (dApps) and protocols that run on these blockchains.
USD Coin is managed by Centre, a consortium co-founded by the cryptocurrency exchange Coinbase and Circle, a financial technology company. Centre aims to change the global financial landscape by connecting every person, merchant, financial service and currency worldwide.
Who Are the Founders of USD Coin?
USD Coin was co-founded by Coinbase and Circle in 2018 as part of the Centre consortium. Coinbase is one of the largest and most popular cryptocurrency exchanges in the world, offering a platform for buying, selling and storing various digital assets. Circle is a financial technology company that provides payment solutions using blockchain technology and digital currencies.
