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What is USDC

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Sep 23, 2024 pm 06:10 PM

BlockchainBitcoincryptocurrencyEthereumdigital currencyStablecoinexchangeusdc

USD Coin (USDC) is a digital currency fully backed by US dollar assets. USDC is a tokenized U.S. dollar, with the value of one USDC token being as close as possible to the value of one U.S. dollar. The value of USDC is designed to remain stable, making USDC a stablecoin. Stablecoins are typically backed by reserve assets such as the U.S. dollar or euro to achieve price stability. USDC’s price stability stands in stark contrast to the price volatility of other cryptocurrencies such as Bitcoin and Ethereum.

What is USDC

Understanding US Dollar Coin (USDC)

US Dollar Coin (USDC) is a stablecoin that is A cryptocurrency backed by a U.S. dollar-denominated asset such as the U.S. dollar or U.S. Treasury bonds. USDC's cash assets are held in segregated accounts at regulated U.S. financial institutions, and its reserve portfolio is held at The Bank of New York Mellon.

USDC Circle, the company behind it, maintains a 1:1 peg to the U.S. dollar by holding cash or cash equivalents equal to the amount of USDC in circulation. So if you initiate a transaction using 1 A trade to purchase 1 USD token with US dollars, then the US dollars will be deposited and stored, and you will hold 1 USDC. If you sell 1 USDC for 1 USD, then the USDC will be burned (sent to a wallet without access keys) when the fiat currency is transferred back to your bank account.

USDC is compatible with multiple blockchains including:

Ethereum
Algorand
Solana
Stellar
Polkadot
Noble
Near

USD Coin is managed by Center, a consortium of cryptocurrency exchange Coinbase (COIN ) and financial technology company Circle. The partnership was dissolved and Circle became the sole liable party. 4 The company aims to change the global financial landscape by connecting every person, merchant, financial service and currency around the world.

Advantages and Disadvantages of USD Coins

Advantages

Low Price Volatility
Fully backed by U.S. regulated reserve assets
Can be used as a hedge against inflation

Disadvantages

No price appreciation
Not immune to dollar price inflation The influence of

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