USDC (USD Coin) is a digital dollar, also known as a stablecoin, that’s available 24/7 and moves at internet speed. USDC lives natively on the internet, running on many of the world’s most advanced blockchains. Billions of USDC change hands every day1, and every digital dollar of USDC can always be exchanged 1:1 for cash.
Who are the founders of USD Coin?
The Centre Consortium has two founding members. One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange. Other crypto ventures are open to join this consortium.
Purpose of USD Coin
The stablecoin market has become exceedingly crowded over recent years — but USD Coin has aimed to stand head and shoulders over competitors in several ways. One of them concerns transparency — and giving users the assurance that they will be able to withdraw 1 USDC and receive $1 in return without any issues. To this end, it says a major accounting firm is tasked with verifying the levels of cash that are held in reserve, and ensuring this matches up with the number of tokens in circulation.
Key Metrics
| Ticker | USDC |
| Token Name | USD Coin |
| Token Type/Protocol | USDC |
| Total Token Supply | 75,586,611 USD+ |
| Current Circulating Supply | See Coinmarketcap |
| Market Capitalization | See Coinmarketcap |
| Token Creation Date | September 2018 |
| Can it be mined? | No |
Insights
- USDC is part of a global ecosystem that spans traditional and crypto commerce.
- Known as a fully reserved stablecoin, every digital dollar of USDC on the internet is 100% backed by cash and short-dated U.S. treasuries.
- All of the USDCs in circulation are actually ERC-20 tokens, which can be found on the Ethereum blockchain.
Official Website: https://www.circle.com/en/usdc
Whitepaper: https://docs.overnight.fi/advanced/contract-addresses
Note
Cryptocurrency and digital tokens are high risk. You may lose the entire investment amount. Please study and invest appropriately with your acceptable risk level.