What is usdc coin?
USDC Coin (USDC) is a type of cryptocurrency known as a stablecoin, which is designed to maintain a stable value by pegging it to a reserve of real-world assets, typically the US dollar. It operates as an ERC-20 token on the Ethereum blockchain, meaning it benefits from the security, transparency, and interoperability of the Ethereum network. USDC is issued and regulated by Circle, a leading financial technology company, in collaboration with Coinbase, a well-known cryptocurrency exchange. The main purpose of USDC is to provide a digital representation of the US dollar that can be easily transacted and traded on various cryptocurrency platforms.
Key features of USDC:
- Backed by a reserve of US dollars held in auditable bank accounts.
- Provides stability with a 1:1 peg to the US dollar.
- Enables fast and low-cost transactions on the Ethereum blockchain.
- Can be used for various applications, including remittances, decentralized finance (DeFi), and online payments.
Last updated 10/16/2023, 5:58:05 AM
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