The live price of USD Coin today is $1.00 USD. USD Coin is up 0.04% in the last 24 hours compared to $USD. USD Coin has a live market cap of $34,698,393,138.57 USD, and a circulating supply of 34,729,649,823 USDC.
What Is USD Coin (USDC)?
USD Coin is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. For every USD Coin in circulation, there is $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds. The Centre consortium, which created this asset, says that US
USD Coin is a stablecoin that was released in a limited way in September of 2018. The goal of this coin is to be “digital money for the digital age” – perfect for a world where cashless transactions are becoming more common.
The USD Coin has multiple uses. People say that it can help protect people’s money during times when the value of other cryptocurrencies changes a lot. It can also help businesses accept payments in digital assets. This could change a lot of different areas, including decentralized finance and gaming.
The goal is to get USDC accepted by as many wallets, exchanges, service providers and dApps as possible.
Who Are the Founders of USD Coin?
The Centre Consortium is made up of 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 welcome to join this consortium.
The co-founders of Circle, Jeremy Allaire and Sean Neville, wrote that they believe that an open internet can help to integrate the world more deeply. They also think that this will eventually lead to the elimination of artificial economic borders. This would create a more efficient global marketplace that connects everyone on the planet.
In 2020, Circle and Coinbase announced an upgrade to the USDC protocol and smart contract. The goal of these enhancements is to make it easier for people to use USDC for everyday payments, commerce, and peer-to-peer transactions.
What Makes USD Coin (USDC) Unique?
The stablecoin market has become very crowded in recent years. But USD Coin has been different from other coins in a few ways.
One of the concerns people have about USDC is that it will be hard to withdraw 1 USDC and get $1 back. This is why a major accounting firm is being hired to make sure that the amount of cash held in reserve matches the number of tokens in circulation.
Unlike some other crypto ventures, Circle and Coinbase have achieved regulatory compliance. This has helped them pave the way for international expansion. Both projects are also well-funded, which gives the stablecoin certainty.
Coinbase considered diversifying the funds backing USDC, but withdrew the proposal after community backlash. People trust that USDC is backed by transparent funds. Unlike its rival USDT, which has been investigated multiple times, USDC has never been accused of any wrongdoing. This has led to USDC gaining a lot of market share from USDT
Find out about USDT, one of USDC’s biggest competitors
How Many USD Coins (USDC) Are There in Circulation?
It’s hard to say exactly how many USDC can exist. New coins are created when someone wants one and pays with a dollar.
Despite this, there are several factors that have helped USD Coin become popular over the years — especially in 2020. One of these is the sudden, sharp rise in the popularity of decentralized finance. USDC is a common sight on many DeFi protocols given how it serves as an onramp to the wider ecosystem.
How Is the USD Coin Network Secured?
All of the USDCs in circulation are actually ERC-20 tokens, which can be found on the Ethereum blockchain. One of the benefits of this is that it can be integrated with Ethereum-based applications, like wallets and exchanges. Another benefit is that it provides security and confidence by proving that U.S. dollars are backing it up.
Where Can You Buy USD Coin (USDC)?
Because of its association with the USDC, Coinbase is one of the most enthusiastic exchanges that supports it. USD Coin may also be purchased and sold on Poloniex, Binance, OKEx, and Bitfinex, as well as decentralized exchanges such as Uniswap. Bitcoin is often used to purchase USDC – if you’re new to Bitcoin, check out our step-by-step guide here.
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