![]() So far, USD Coin has been easily the most successful among the “class” of stablecoins launched in 2018. The issuers of these stablecoins sought to compete with USDT by providing additional transparency about the reserves backing their stablecoins, therefore establishing more trust. Besides USD Coin, other stablecoins also made their debut in 2018- Pax Dollar (PAX), True USD (TUSD) and Gemini Dollar (GUSD) are notable examples. USD Coin was launched after Tether’s USDT stablecoin already achieved widespread success in the cryptocurrency market. Used in decentralized finance protocols and on centralized crypto exchanges.Reserve-backed stablecoin, can be converted to USD on a 1:1 basis.Initially launched as an ERC-20 token on the Ethereum blockchain.Here’s a quick summary of some of USDC’s most important features: However, users should be aware that USDC, like most other stablecoins, is issued by a centralized entity which has the power to blacklist addresses and freeze tokens. You can view all the attestations released so far on the official CENTRE website.Īs a stablecoin, the idea behind USDC is to provide the benefits of blockchain technology (24/7, global and fast transactions) without the downside of price volatility. The USDC/USD exchange rate is typically very close to 1 dollar.Įach month, the issuer of USD Coin releases an attestation by accounting firm Grant Thornton LLP, showing that the issuer holds enough US dollars to back all of the circulating USDC tokens on a 1:1 basis. USDC can be redeemed for USD on a 1:1 basis with the coin's issuer. ![]() As of May 2022, Circle said that the reserves backing USDC consist entirely of “cash and short-dated U.S. USD Coin employs a traditional centralized stablecoin design, and derives its value from reserves held by its issuer. ![]() What is the USDC stablecoin and how does it work? USDC is used extensively in popular decentralized finance (DeFi) apps such as Compound and Aave, and is also accepted as collateral for Dai in the MakerDAO system. USDC was initially launched on Ethereum as an ERC-20 standard token, but was later also made available on other blockchain platforms. So far, the USD Coin price has largely stayed close to the targeted $1 peg. USDC was launched in September of 2018 by CENTRE, a consortium established by prominent cryptocurrency industry companies Coinbase and Circle. USD Coin (USDC) is a stablecoin that’s designed to maintain a value as close to $1 as possible. In terms of market cap, USD Coin is currently ranked #2 in the Stablecoins sector and ranked #2 in the Algorand Network sector. The current yearly supply inflation rate is -44.07% meaning -19.34B USDC were created in the last year. USD Coin's current circulating supply is 24.54B USDC out of max supply of 17.82B USDC. The highest USDC price since the last cycle low was $ 1.013020 (cycle high). The lowest price since it's ATH was $ 0.880000 (cycle low). USD Coin reached its highest price on when it was trading at its all-time high of $ 1.480650, while USD Coin's lowest price was recorded on when it was trading at its all-time low of $ 0.880000. The USDC price increased 0.00% in the last 24 hours. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War.USD Coin price today is $ 1.00 with a 24-hour trading volume of $ 2.70B, market cap of $ 24.54B, and market dominance of 1.49%. Since 1971, all links to gold have been repealed. From 1934, its equivalence to gold was revised to $35 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. dollar was originally defined under a bimetallic standard of 371.25 grains fine silver or, from 1837, 23.22 grains fine gold, or $20.67 per troy ounce. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. The Coinage Act of 1792 introduced the U.S. The United States dollar is the official currency of the United States and several other countries.
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