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Learn more about USDC
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USDC (USDC) price has increased today.
USDC (USDC) is priced at $1.00 today, with a 24-hour trading volume of $3,742,469,138.31. It is reflecting a 0.01% increase over the last 24 hours and a 0.00% decline over the past 7 days. With a circulating supply of 33.50 Billion USDC, USDC’s current market cap is at $33,500,050,870.44.
Introducing USD Coin (USDC)
USD Coin, or USDC, is a unique stablecoin that maintains a 1:1 peg to the U.S. dollar.
This means that for every unit of USDC in circulation, an equivalent of $1 is held in reserve, comprising a combination of cash and short-term U.S. Treasury bonds.
The Centre consortium, comprised of regulated financial institutions, is responsible for issuing USDC.
Initially launched in September 2018, USD Coin aims to provide a digital solution for the modern age, catering to a world where cashless transactions are becoming increasingly prevalent.
Not only does this stablecoin offer a haven for cryptocurrency traders during market volatility. It also enables businesses to accept payments in digital assets.
Additionally, it can potentially disrupt various industries, including decentralized finance and gaming.
The long-term goal is to establish an expansive ecosystem wherein USDC is widely accepted by wallets, exchanges, service providers, and decentralized applications (dApps).
Discovering the Founders
Two primary entities founded the Centre Alliance. The first is Circle, a company specializing in peer-to-peer financial transfers. The second is Coinbase, a renowned platform for cryptocurrency trading.
The alliance warmly welcomes other crypto-related ventures to be a part of it. In 2020, both Circle and Coinbase jointly proclaimed a significant enhancement to the USDC protocol and its associated smart contract.
These upgrades aim to simplify the use of USDC in routine payments, business dealings, and person-to-person exchanges.
Features of USD Coin (USDC)
One significant feature relates to transparency. USDC gives its users the confidence that they can effortlessly exchange 1 USDC for $1.
In alignment with this promise, they’ve designated an accounting institution to validate the cash reserves, ensuring its congruence with the amount of circulating tokens.
In contrast to a few crypto enterprises, Circle and Coinbase have successfully met regulatory standards. Moreover, the robust financial backing for both these ventures lends further credibility to the stablecoin.
At one point, there was a moment when Coinbase pondered diversifying the assets underpinning USDC. Nevertheless, due to significant community opposition, they quickly reversed this idea. Consequently, the clarity regarding its reserve origins has been pivotal for USDC’s triumph.
Unlike its counterpart, USDT, which has been frequently caught up in investigations, USDC remains untainted by allegations.
Understanding the Reserves of USD Coin
In response to heightened scrutiny surrounding stablecoin reserves in the wake of the TerraUSD collapse, Circle Internet Financial LLC (Circle), the issuer of USDC, has taken a transparent approach.
As of July 31, 2022, Circle released a reserves report detailing the assets backing USDC.
The report reveals that the company holds $42.3 billion worth of US Treasury Securities and $12.2 billion in cash deposits.
Grant Thornton, a leading global accounting firm, independently attested to this August 24, 2022 monthly report.
Their independent attestation confirms that the report fairly states the reserve information and meets the criteria in the USDC Reserve Report.
What is the Circulation of USD Coins
Determining an exact figure can be challenging — theoretically, there’s no ceiling to how many USDC can be in circulation. Whenever an individual chooses to exchange their hard-earned dollar, they mint new tokens based on demand.
However, there have been driving forces that catapulted USDC’s fame, notably in 2020. A significant contributor is the meteoric ascent of decentralized finance. Given its role as a gateway to the broader DeFi world, USDC has become a frequent fixture on numerous DeFi platforms.
Security
Every USDC that’s currently circulating exists as an ERC-20 token on the Ethereum blockchain. This presents a prime benefit, allowing seamless integration with applications built on Ethereum.
As highlighted before, the trust and reliability of this stablecoin are cemented by showcasing that U.S. dollars are securely stashed as reserves.
Where to Purchase USD Coin (USDC)
Unsurprisingly, Coinbase is among the foremost exchanges that support USDC, considering its role in the stablecoin’s inception.
You can also buy and trade USDC on platforms like:
Most Used
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
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Coinbase is one of the largest crypto exchanges in the world and a widely-used platform for buying, selling, and trading over 200 cryptocurrencies. It offers trading solutions for beginner, advanced, and institutional traders alike. Take a look at what makes it an excellent option for individual traders looking to trade in cryptocurrencies and beyond.
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A wide-selection of coin offerings.
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Most secure online crypto platforms.
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Top-rated mobile app.
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Easy interface and user-friendly.
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Expensive and complex fee structure for beginners
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Higher fees as compared to other cryptocurrency exchanges.
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Slow customer support.
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OKX crypto exchange supports over 300 digital assets and over 80 fiat currencies. It is accessible in over 100 countries and territories across the world. It has one of the highest trading volumes in the crypto world and is a fantastic mobile app that offers all services on the go. The trading fees are very low. Its major drawback is its unavailability in certain countries.
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Supports numerous tokens.
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Great Mobile app.
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Extensive educational resources.
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Provision of multi-lingual services.
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Geographical limitation.
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KYC limitations.
Often, people exchange to USDC using Bitcoin. If you’re new to the Bitcoin buying scene, take a moment to see our detailed guide on the subject.
USD Coin, or USDC, is a digital coin that’s always worth about the same as one U.S. dollar because for every USDC coin, $1 is held in reserve.
USDC was created by the Centre consortium, with two main companies: Circle, which focuses on transferring money between people, and Coinbase, a well-known place for trading cryptocurrencies.
Yes, USDC is known for being open about how it works. An accounting firm checks to make sure that for every USDC, there really is a dollar in reserve, and this info is shared in reports.
There isn’t a set number of USDC coins. New coins get made whenever someone trades a dollar for a USDC, so the number can always change based on how much people are using it.
You can buy USDC on several trading platforms, like Coinbase, Binance, OKX, Bitfinex, and Uniswap.
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