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Market Cap

₹2.85 T 0.2286%

Circulating Supply

34089600000

Max Supply

--

Volume

₹304.68 B

All Time High :

₹87.19

All Time Low :

₹65.31

Price change in 24H :

₹0.00371

24H High :

₹83.89

24H Low :

₹83.56


   USD Coin ( USDC ) Price Live Chart


What is USDC Coin (USDC)?

USD Coin (USDC) stands as a stablecoin tethered to the value of the US dollar, originating from a collaboration between Circle and Coinbase and launched on September 26th, 2018. It competes in the realm of dollar-pegged cryptocurrencies alongside Tether, Binance USD, and similar stablecoins.3

Essentially, USD Coin serves as a platform that tokenizes US dollars, allowing their utilization on public blockchains and the internet. This digital currency maintains a consistent value with the USD and permits conversion to USD at any given moment, facilitated by the ERC-20 smart contract governing the issuance and redemption of USDC coins.

By placing US dollars on the blockchain, this innovation enables swift global transfers and provides much-needed stability to the realm of cryptocurrencies. Moreover, it introduces opportunities for new ventures in lending, trading, risk mitigation, and more.

USDC coin represents a stablecoin linked to the value of the U.S. dollar in a 1:1 ratio. Each unit of this digital currency in circulation is supported by a corresponding $1 held in reserve, consisting of a combination of cash and short-term U.S. Treasury bonds. The Centre consortium, responsible for this asset, affirms that regulated financial institutions issue USDC coins.

Initially launched on a limited scale in September 2018, USDC coin aims to serve as "digital money for the digital age," addressing the growing prevalence of cashless transactions. It offers various utilities, including providing a secure option for cryptocurrency traders during market volatility and enabling businesses to accept digital asset payments, potentially revolutionising sectors like decentralised finance and gaming.

The overarching objective is to establish an expansive ecosystem where USDC coin garners acceptance among numerous wallets, exchanges, service providers, and decentralised applications (dApps).

Who developed the USDC Coin?

Circle unveiled the fiat-backed stable, USDC coin, in September 2018. Before this, Gemini and Paxos had introduced stablecoins on their respective platforms. Circle collaborated with BITMAIN, a leading manufacturer in Bitcoin hardware mining, to create USD Coin. Notably, BITMAIN led a $110 million investment round for Circle in May 2018. USDC was presented as a more regulated option compared to other cryptocurrencies.

In October 2018, USDC coin made history by becoming the first stablecoin listed on the then-largest trading platform, Coinbase. Following this, Circle and Coinbase established a collaborative entity called the Centre Consortium to both develop the foundational technology of the USDC coin and oversee its governance.

How does USDC Coin function?

USD Coins do not originate from thin air. Each USDC coin is backed by an equivalent US dollar, as stated by Circle. Tokenization involves converting US cash into USDC tokens. The process of converting USD to USDC coin involves three steps:

  • Users send USD to the token issuer's bank account.

  • The issuer generates an equal amount of USDC via a USDC smart contract.

  • Users receive the newly issued USDC coin, while the replaced US dollars are held in reserve.

Exchanging USDC Coin for USD is as straightforward as token creation, but in reverse:

  • Users connect with the USDC issuer and request an exchange of an equivalent USD amount for USDC tokens.

  • The issuer instructs the USDC coin smart contract to swap the tokens for USD and remove a corresponding number of tokens from circulation.

  • The issuer returns the necessary USD amount to the user's bank account from reserves. Users receive the net amount, equal to the USDC tokens minus any costs.

What are the use cases of USDC Coins?

USDC coin, an ERC-20 token, opens avenues for payments, lending, investing, and trading. As the ecosystem expands to include other tokens and tokenized goods/services, smart contract facilities become fundamental for value exchange. The Centre Consortium's open-source framework enables interaction between fiat money and smart contracts, allowing real-world currencies in blockchain applications.

USDC coin serves for swift global remittances and payments, requiring only wallets and internet access for uncensorable transactions. Large amounts can be sent at low fees within minutes, making it indispensable for holders. Benefits include almost instant settlement, 24/7 availability, irreversibility, and reduced counterparty risks.

Compared to fiat currencies, USDC coin offers varied uses, including higher leverage trading, low-cost secure transactions, and utilisation in the DeFi sector for buying cryptocurrency products in DApps. It democratises banking for the unbanked, serving as an alternative to traditional finance via blockchain technologies.

Other USDC Coin Features

Transparency is ensured due to regulation and full support by U.S. institutional bodies. USDC issuers are obligated to provide transparency to customers.

Stablecoins like USDC coin and Euro Coin by Centre Consortium are issued by regulated, licensed financial institutions, maintaining reserves equivalent to fiat currencies. USDC reserves are held in monitored, regularly audited bank accounts, with monthly reports available on Circle's official website.

USDC's combination of cryptocurrency traits and value guarantee from leading crypto giants (Coinbase, Circle, Bybit) fosters its global adoption.

USDC Coin transparency is highly regarded, particularly following investigations affecting Tether and Bitfinex by the NY Attorney General’s office. However, this didn't tarnish the reputation of stablecoins but highlighted the necessity for legitimate, regulated stablecoins.

For More Information on USDC Coin, visit Suncrypto Price Explorer.


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