USD Coin


USD Coin

USD Coin (USDC), a fiat-collateralized stablecoin introduced in October 2018, was developed by the Centre consortium, a collaboration between Circle and Coinbase aimed at creating price-stable crypto assets and network protocols. It provides the benefits of using blockchain-based assets for transactions while reducing price risk. An Ethereum network ERC-20 utility coin that is linked 1:1 to the US dollar is called USDC. It functions as a digital payment method and an entrance to DeFi. Similar to how ether or any other ERC-20 asset can be exchanged for USDC on the Ethereum network. Users who want to redeem USDC can send tokens to a Centre member-controlled address, who will then burn the tokens and deposit fiat money into the user's bank account. USDC's presence on open blockchains allows for traders and exchanges to utilize it in place of fiat money.

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