USD Coin (known by its ticker USDC) is a stable coin pegged to the U.S. dollar on a 1:1 basis. In circulation, every unit of this cryptocurrency is backed by $1 held in reserve, in a mix of cash and short-term U.S. Treasury bonds. The Centre consortium, behind this asset, says regulated financial institutions issue USDC.
The USD stable coin launched on a limited basis in September of 2018. Put simply, USD Coin’s mantra is “digital money for the digital age.” This stable coin was designed for a world where cashless transactions are becoming more common.
Several use cases have been unveiled for the USD Coin. In addition to providing a haven for crypto traders in times of volatility, those behind the stable coin say it can also allow businesses to accept payments in digital assets. As a result, USDC could potentially shake up various sectors, including decentralized finance and gaming.
Overall, the goal is to create an ecosystem where USDC is accepted by as many wallets, exchanges, service providers, and dApps as possible.

The stablecoin market has become exceedingly crowded over recent years — but USD Coin has aimed to stand head and shoulders over competitors in several ways.
One of them concerns transparency — and assuring users that they will withdraw 1 USDC and receive $1 in return without any issues. To this end, it says a major accounting firm is tasked with verifying the levels of cash that are held in reserve and ensuring this matches up with the number of tokens in circulation.
Unlike some crypto ventures, Circle and Coinbase have also achieved regulatory compliance, which has helped pave the way for international expansion. Both projects are also well-funded, giving stablecoin certainty.