What is USD Coin (USDC)?
USD Coin (USDC) is a US dollar stablecoin, meaning each USDC token is designed to always be equal in value to 1 US dollar. Stablecoins aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies. This allows stablecoins to be used as a medium of exchange and a mode of storage of value, instead of being used as a medium of speculative investments.
USDC was created in a joint venture by fintech company Circle and Coinbase. USDC can be used on a range of blockchains which is a big draw for many users.
Real World Example
Users can send USDC tokens to one another using the Ethereum, Stellar, Algorand and Solana blockchains. This is a decentralized method to transfer funds at low rates. Transfers can be sent directly without the need for a governing body or institution to mediate the transaction.
Although it was created relatively recently (May 2018) the USDC market cap currently sits abouve $22 billion. The creators Circle and Coinbase claim this is only the beginning of the virtual asset.
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