USD Coin (USDC) is a fully collateralised US dollar stablecoin that acts as a bridge between dollars and crypto trading exchanges. Every unit of USDC in circulation is backed up by $1,which is held in a short-term U.S. Treasury Bond created by The Centre Consortium.
The stablecoin was developed for the aim of a world where cashless transactions in everyday life will become more common. The technology behind the USDC software allows the exchange of value between users, businesses and financial institutions.
The USDC Coin was developed by The Centre Consortium which is a group of digital currency start-ups. The members, all based in the US and China, include Circle, Coinbase and Bitmain. Each company uses its own technology to develop products such as Blockchain services, hardware wallets for crypto storage as well as consumer applications.
USDC was developed with the aim of transforming and integrating the world by introducing an open internet of value exchange, which will eventually "connect every person on the planet."
USDC is the first fiat-collateralised stablecoin to be launched by CENTRE, which was recently created by Circle. The stablecoin market has become crowded over the years, but Circle have achieved regulatory compliance which has aided international expansion.
The asset is designed for use cases that require price stability and it will enable any application accepting payment with USDC at its platform to instantly process payments without having to wait for a deposit to clear.
USDC is a full reserve US dollar-backed stablecoin that provides detailed financial and operational transparency, with regular attestations of escrowed balances by independent auditors. The network also has transparent collateral standards that provide public insight into the required levels of collateralisation for issued coins.