|Initial release||September 2018|
|Market cap||US$54 billion (August 2022) |
USD Coin (USDC) is a digital stablecoin pegged to the United States dollar. USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle. USDC is issued by a private entity and should not be confused with a central bank digital currency (CBDC).
USDC is primarily available as an Ethereum ERC-20 token, and on blockchains including Hedera Hashgraph, Algorand, Avalanche, Solana, Stellar, and TRON.
Circle claims that each USDC is backed by a dollar held in reserve, or by other "approved investments", though these are not detailed. The wording on the Circle website changed from the previous "backed by US dollars" to "backed by fully reserved assets" in June 2021.
USDC reserves are regularly attested (but not audited) by Grant Thornton, LLP, and the monthly attestations can be found on the Centre Consortium's website.
USDC was first announced on 15 May 2018 by Circle, and was launched in September 2018.
On March 29, 2021, Visa announced that it would allow the use of USDC to settle transactions on its payment network.
As of July 2022[update], Circle states that there are 55 billion USDC in circulation.
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