What is USDC?
USD Coin (USDC) is a digital currency that is referred to as a Stablecoin (a coin with fixed value). You can always exchange one USD Coin for 1 US Dollar, which makes its price stable at $1. In Coinbase, eligible customers can receive rewards for each USD Coin they hold.
- Stable value: For customers with a US Dollar bank account, 1 USDC can always be exchanged for 1 US Dollar, giving it some price stability.
- Backed by US dollars: Each USDC has a certified US dollar behind it, which is kept in the bank.
- Powered by Ethereum: USD Coin is a token on the Ethereum platform, so you can store it in a suitable wallet like the Coinbase wallet.
- Global transactions: USC Coin is designed to help Dollars circulate globally from your crypto wallet to exchanges, businesses or other users.
- Above is an introduction to what USDC is – A stable coin created by Coinbase.
USDC runs on the Ethereum blockchain as an ERC-20 token. Each USDC token is 100% legally backed by a single USD held in accounts exposed to regular public reserve reporting. The underlying technology behind the USDC was developed in collaboration between Coinbase and the Circle platform.
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