USD Coin is a digital stablecoin pegged to the value of the US Dollar.
USDC is backed by USD cash and treasuries held in reserve.
USDC is designed to maintain a 1:1 value with the US Dollar. Created on the Ethereum blockchain, USDC is ERC-20 compatible. Multiple other blockchains such as Algorand, TRON and Solana have also adopted its use.
Coinbase and fintech firm Circle collaborated to create the Centre Consortium, subsequently producing USDC, launching on September 28, 2018.
How does it work?
Each unit of USDC in circulation is backed by USD cash and treasuries held in reserve. USDC generates by sending USD to the token issuer’s bank account and interacting with the smart contract on the desired blockchain. To redeem USDC for USD, the process is reversed.
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