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About USD Coin
“The power of the dollar at the speed of crypto”
USD Coin (USDC) is a stablecoin meant to allow for dollars to move as quickly as crypto does. Built as a token on the Ethereum network, USDC is always worth $1 thus bringing value stability in a market that is often far too volatile. Created by Circle, one of the largest blockchain-based companies in the world and backed by Goldman Sachs, USDC coin brings a new regulated, transparent way to send dollars over a blockchain-based network. Generally, moving dollars between exchanges or banks is complicated or can take too long; instead, USDC moves these same funds over the Ethereum network which are transferred with just 30 confirmations.
USDC is accessed by depositing USD through one of Circle’s accredited bank partners. Grant Thornton LLP is responsible for reporting on these reserve holdings and produces monthly attestation reports.
USDC is currently mass-available on many exchanges, with the most prominent supporters being Coinbase and Binance. In fact, Coinbase is one of the founding members behind USDC. Most if not all the major wallets support USDC and it has become the best alternative to stablecoins like Tether. Although Tether is still the largest stablecoin by market capitalization, its lack of transparency has caused many in the crypto space to pause: USDC, on the other hand, has all of their coins backed by real dollars which have been vetted by American regulators.
Currently, USDC is an ERC-20 token on the Ethereum blockchain and will remain so. USDC today is the most reputable stablecoin on the market, rivaled by only the Gemini Dollar which is backed by the Winklevoss Twins.
Because USDC and its circulation is merely a reflection of dollars deposited, USDC is not like other coins: it is not mined or sold via an ICO. Instead, it is a token exchangeable for real dollars and its circulating supply is merely a reflection of how many dollars are deposited into its reserve.
USDC is the most transparent and reputable stablecoin on the crypto market today.
- Fully compliant and financially transparent: All USDC is backed by real dollars.
- Bridges the gap between blockchain and fiat.
- High liquidity on all exchanges.
- ERC-20 token on the Ethereum network.
- Backed by major players like Goldman Sachs and others.
You can read more about the features of USDC in its whitepaper.
USDC’s development mirrors that of Ethereum since it is mainly just a token used to represent dollars on the network. However, USDC does boast a thorough financial and management team which allows for transparent audits of its reserves. For example, multiple third-party audits have been conducted on USDC to ensure that they are being honest with traders.
Circle, the company responsible for creating USDC, is also well-respected in the crypto community with its global presence. Formed in 2013, it has a license from the New York State Department of Financial Services. It has received over $135 million in funding from investors between 2013 to 2016.
USDC will always be worth $1. Currently, all the USDC in circulation amounts to around $334 million in market capitalization.
Social Media and Website
If you want to find out more about USDC, you can check out their official website. Although USDC does not have its own discussion or social media channels, you can follow Circle’s own Twitter for the latest updates.
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