About USD Coin
The price USD Coin today is 1.00 USD, and the trading volume in 24 hours - 2,506,736,964 USD. The crypto asset has grown by 0.09% over the day. Currently, the coin’s market capitalization is 27,417,710,613 USD, and has 27,404,282,515 coins in circulation with the max supply of 99,990,333,192 coins USDC.
What is a USD Coin (USDC)?
USD Coin (known by its ticker USDC) is a stablecoin pegged to the US dollar in a 1:1 ratio. Each unit of this cryptocurrency in circulation is backed by $ 1, which is held in reserve, in the form of cash and short-term US Treasury bonds. The Center consortium, which is behind this asset, claims that USDC is issued by regulated financial institutions.
Stablecoin was initially launched on a limited basis in September 2018. Simply put, the USD Coin mantra is "digital money for the digital age," and stablecoin is designed for a world where non-cash transactions are becoming more common.
Several use cases have been presented for the USD coin. The creators of stablecoin say that it not only provides a safe haven for crypto traders during times of instability, but also allows businesses to accept payments with digital assets and shake up a range of sectors, including decentralized finance and gaming.
Overall, the goal is to create an ecosystem in which USDC is accepted by as many wallets, exchanges, service providers, and decentralized applications as possible.
Who are the founders of USD Coin?
The Center's Consortium consists of two founding members. One of them is the company Circle, which provides peer-to-peer payment services, and the other is the cryptocurrency exchange Coinbase. Other cryptocurrency businesses are open to joining this consortium.
Explaining the reasons behind the USDC, Circle co-founders Jeremy Aller and Sean Neville wrote: "We believe that an open Internet of value sharing can transform and integrate the world more deeply, ultimately eliminating artificial economic boundaries and creating a more efficient and inclusive global marketplace. It unites every person on the planet".
In 2020, Circle and Coinbase jointly announced a major update to the USDC protocol and smart contract. The goal of these improvements is to simplify the use of USD Coin for everyday payments, commerce, and peer-to-peer transactions.
What makes USD Coin (USDC) unique?
The stablecoin market has become extremely overflowing in recent years, but USD Coin has sought to stand head and shoulders above the competition in several ways.
One of them is about transparency, and gives users confidence that they will be able to withdraw 1 USDC, and get 1 dollar in return without any problems. To this end, it says that a large accounting firm is tasked with checking the levels of cash held in reserve and ensuring that it matches the number of tokens in circulation.
Unlike some cryptocurrency businesses, Circle and Coinbase have also reached regulatory requirements, and this has helped pave the way for international expansion. Both projects are also well funded, which gives confidence in stablecoin.
How many USDC coins are in circulation?
It's a bit difficult to give an exact number here - since theoretically the amount of USDC that can exist is limitless. New coins are created according to demand when someone wants to buy them for their modest dollar.
However, there have been factors that have helped USD Coin gain explosive popularity growth over the years, especially in 2020. One of them is the sudden sharp rise in the popularity of decentralized finance. USDC is commonplace for many DeFi protocols, given how it serves as a transition to a broader ecosystem.
How is the USDC network protected?
All coins in circulation are actually ERC-20 tokens, which can be found on the Ethereum blockchain. One of the biggest advantages here is how it can be integrated with Ethereum-based applications. As we mentioned earlier, the security and confidence in this stablecoin is provided by proof that US dollars are securely held in reserve.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.