USD Coin (USDC) is a type of cryptocurrency known as a stablecoin, which is designed to maintain a stable value relative to the US dollar. It was launched in 2018 as a joint initiative between Circle, a blockchain technology company, and Coinbase, a cryptocurrency exchange.

USDC is an ERC-20 token built on the Ethereum blockchain, meaning it adheres to a set of standards that allow it to be easily transferred and interacted with on the Ethereum network. However, since its inception, USDC has expanded to other blockchain platforms, including Algorand and Solana.

The primary purpose of USD Coin is to provide a digital representation of the US dollar, enabling users to transact and store value in a cryptocurrency that has a stable price. Each USDC token is backed by a corresponding US dollar held in reserve by regulated financial institutions. This backing ensures that for every USDC token in circulation, there is an equivalent amount of US dollars held in custody.

The transparency and regulatory compliance of USD Coin are key features. It undergoes regular audits to verify the amount of US dollars held in reserve, providing users with confidence in its stability and redeemability.

USDC has gained popularity as a medium of exchange and a store of value within the cryptocurrency ecosystem. It is widely used on various cryptocurrency exchanges as a trading pair and can be utilized in decentralized finance (DeFi) applications, lending platforms, and remittance services.

Please note that the information provided here is based on the knowledge available up until September 2021, and there may have been updates or changes to USD Coin since then. It's always a good idea to consult the official sources and latest documentation for the most accurate and up-to-date information.