USD Coin (USDC) is a stablecoin that was launched in September 2018. It is a digital currency pegged to the value of the United States dollar on a 1:1 basis. USDC is an ERC-20 token built on the Ethereum blockchain, which means it operates using smart contracts and benefits from the security and transparency of the Ethereum network.

The USDC stablecoin is governed by Centre Consortium, a collaboration between Circle and Coinbase, two well-known cryptocurrency companies. Centre Consortium ensures that USDC is backed by a corresponding amount of US dollars held in reserve bank accounts. These reserves are subject to regular audits by independent third-party firms to ensure transparency and accountability.

USDC was created to provide a stable and secure digital currency that can be easily transferred and used in various applications within the cryptocurrency ecosystem. It aims to offer a reliable store of value and a medium of exchange without the volatility often associated with other cryptocurrencies like Bitcoin or Ethereum.

As a stablecoin, USDC can be used for a range of purposes such as remittances, decentralized finance (DeFi) applications, trading on cryptocurrency exchanges, and as a stable unit of account within blockchain-based systems. It provides users with a convenient way to hold and transact in US dollars in a digital form, allowing for faster and more efficient cross-border transactions.

USDC has gained significant adoption and is supported by various cryptocurrency exchanges, wallets, and platforms. It has become one of the most widely used stablecoins in the cryptocurrency industry due to its reliability, regulatory compliance, and transparency.