What is the currency USD (USDC)?
USD Coin (known by its symbol USDC) is a stablecoin pegged to the US dollar on a 1:1 basis. Each unit of this cryptocurrency in circulation is backed by $1 held in reserve, in a mix of cash and Treasury bills. from the US in the short term. The Center consortium, which supports this asset, says that USDC is issued by regulated financial institutions. The stablecoin was originally launched on a limited basis in September 2018. In a nutshell, USD Coin's mantra is "digital money for the digital age," and the stablecoin is designed for a world where cashless transactions are increasingly common. Several use cases for the USD coin have been revealed. As well as providing a safe haven for crypto traders in times of volatility, those behind the stablecoin say it can also enable businesses to accept payments in digital assets and shake up a variety of industries, including decentralized finance and cryptocurrencies. games. Overall, the goal is to create an ecosystem where USDC is accepted by as many wallets, exchanges, service providers, and dApps as possible. Who are the founders of USD Coin?
The Center Consortium has two founding members. One of them is peer-to-peer payment service company Circle, while the other is cryptocurrency exchange Coinbase. Other cryptocurrencies are open to join this consortium. Explaining the rationale behind USDC, Circle co-founders Jeremy Allaire and Sean Neville wrote, "We believe that an open Internet of value exchange can transform and integrate the world more profoundly, ultimately removing the artificial borders of the economy and enabling a more efficient economy and inclusive global market that connects all people on the planet." In 2020, Circle and Coinbase collectively announced a major update to the USDC protocol and smart contract. The goal of these improvements is to make it easier to use USD Coin for everyday payments, trading, and peer-to-peer transactions.