USD Coin (USDC) is a digital asset and stablecoin that is pegged to the value of the US dollar. It is issued by the CENTRE consortium, a joint venture between Circle and Coinbase, two of the largest cryptocurrency companies in the world. Each USDC token is backed by a corresponding US dollar held in reserve, allowing it to maintain a stable value.
As of December 10, 2022, USDC has a market capitalization of over $10 billion, making it the fifth-largest digital asset. It has a total supply of over 11 billion USDC, with over 11 billion currently in circulation.
One of the key features of USDC is its stability. Since each USDC token is backed by a corresponding US dollar, it maintains a stable value and is not subject to the same volatility as other cryptocurrencies. This makes USDC a popular choice for traders who want to hedge against market fluctuations or who want to avoid the need to convert between different cryptocurrencies.
USDC is also widely used as a means of payment and a store of value on cryptocurrency platforms and exchanges. Many exchanges offer USDC as a trading pair, allowing users to buy and sell other cryptocurrencies using USDC. In addition, USDC is accepted by a growing number of merchants and retailers as a form of payment.
In addition to its use on cryptocurrency platforms, USDC is also being used in the traditional financial sector. In 2021, the Office of the Comptroller of the Currency (OCC) approved the use of stablecoins like USDC for bank settlements, and several major banks have begun using USDC for cross-border payments.
Overall, USDC is a prominent and widely used digital asset, and its stability and growing adoption make it an important player in the world of cryptocurrency.