USDC is a US-dollar pegged stablecoin built on the Ethereum network. At all times the value of a single USDC token is one US dollar, hence the term stablecoin.
For every USDC in existence, CENTRE – an open source project bootstrapped by Coinbase and Circle – guarantees that there is one US dollar sitting in their reserves. USDC is, in essence, a tokenized dollar, permitting holders to make transactions on the crypto markets as if they were using actual US dollars.
There are a number of fully licensed, registered issuers of USDC and their US dollar holdings are audited monthly to ensure that the USDC network remains fully backed at all times.
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