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The information about Bullish exchange on this website is not available to persons located in Canada, China, Japan, the United States, Israel, The Russian Federation or any jurisdiction subject to sanction. Users from these locations are advised that their access to those portions of the website falls outside our terms of use.

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USDC

Introduction
Introduction Background History What is USDC’s place in the ecosystem Resources
USD Coin (USDC) is a digital stablecoin pegged to the value of the US Dollar. Stablecoins offer the benefits of digital assets while providing the stability of state-backed fiat currencies.

They are commonly used by digital asset traders to move money between exchanges. USDC is backed by USD cash and treasuries held in reserve.

Background

USDC is issued as a fiat-backed stablecoin designed to maintain a 1:1 value with the US Dollar. Created on the Ethereum blockchain, USDC is ERC-20 compatible.

History

In 2018, cryptocurrency exchange Coinbase and fintech firm Circle collaborated to create the Centre Consortium, subsequently producing USDC. As USDC is an open source project, several other blockchains have adopted its use. As of 2021, USDC runs on the Ethereum, Stellar, Algorand, and Solana blockchains.

What is USDC’s place in the ecosystem

Each unit of USDC in circulation is backed by USD cash and treasuries held in reserve. Monthly attestation reports are provided to the public by accounting firm Grant Thornton that each unit of USDC in circulation is backed by $1.00 held in reserve, in a combination of US dollars, short-term US Treasury bonds, investment-grade corporate bonds, commercial paper, and municipal bonds.

Last updated: Dec 21, 2021

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