USDC (USDC) currently has a price of $1.00057 and is up 0.016% over the last 24 hours. The cryptocurrency is ranked 8 with a market cap of $28.9B. Over the last 24 hours, it saw $11B of trading volume. The token has a circulating supply of 28.9B tokens out of a total supply of 28.9B tokens.
USDC is a stablecoin cryptocurrency that is pegged to the U.S. dollar, providing users with the stability of traditional fiat currency in the digital world. It is backed by a reserve of U.S. dollars held by regulated financial institutions.
USDC is a stablecoin that offers stability by being pegged to the value of the US dollar. This unique feature ensures that the value of each USDC token remains close to $1, eliminating the price volatility experienced with other cryptocurrencies like Bitcoin or Ethereum.
The stability of USDC is advantageous for users, especially businesses and individuals who need a reliable medium of exchange or store of value. This stability is particularly useful for merchants who accept USDC as a payment method, allowing them to avoid the risks associated with price swings. Additionally, individuals can securely store their wealth in USDC without the fear of losing its value overnight.
USDC is a cryptocurrency is backed by dollars and dollar equivalents. This means that for every USDC in circulation, there is an equivalent amount of US dollars — or equivalents — held in reserve.
The reserves are audited and regularly verified by external auditors, ensuring the authenticity of the assets backing USDC. The advantages of USDC being backed by the US dollar extend beyond stability and security.
USDC offers fast and inexpensive transactions. Unlike traditional banks, which can take days to process transactions, USDC settles transactions in seconds using blockchain technology. This allows for immediate and secure transfers of funds.
In addition to speed, USDC also enables low-cost transactions. Traditional financial institutions often charge fees for transferring money, but with USDC, users can bypass these fees by conducting transactions directly between parties. This not only reduces costs for individuals but also promotes financial inclusion for those without access to traditional banking services.
The fast and low-cost nature of USDC transactions also benefits businesses. By utilizing USDC, companies can streamline payment processes, reduce transaction costs, and improve efficiency. For instance, e-commerce businesses can use USDC to accept payments from customers worldwide, eliminating the need for expensive and time-consuming currency conversions.
Originally known as USD Coin, USDC was created in 2018. It is a stablecoin that was developed through a collaboration between Circle and Coinbase, two prominent companies in the cryptocurrency industry. The aim behind its creation was to provide a digital currency that is pegged to the US dollar, hence providing stability and trust for users.
The founders of USD Coin (USDC) are Jeremy Allaire and Sean Neville. Jeremy Allaire is a well-known entrepreneur and the CEO of Circle, a global financial technology company. He has a strong background in technology and finance, having previously co-founded Allaire Corporation, which developed the web development platform ColdFusion. Sean Neville, on the other hand, is the co-founder and former president of Circle. He has expertise in blockchain technology and has been actively involved in the cryptocurrency industry for several years.
USDC is a stablecoin, a type of cryptocurrency that maintains a stable value by being pegged to a stable asset, in this case, the U.S. dollar and equivalents. The value of USDC is directly linked to the US dollar, as each USDC token is backed by an equivalent amount of U.S. dollars or equivalents held by the issuer. This backing ensures that USDC is a reliable and trustworthy digital representation of the U.S. dollar in the cryptocurrency world.
Disclaimer: The “About” content was generated with the use of AI. For feedback and sponsorship enquiries, email [email protected].
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.