Introduction to USDC
USDC ( USD Coin) is a digital dollar, also known as a stablecoin. It was issued by fintech company Circle and aims to provide users worldwide with a faster, safer and more efficient way to send, spend and exchange currencies.
USDC Basic Information
- Pegged currency : USD
- Year issued: 2018
- Issued by: Circle
- Market Cap: Approximately $26 billion (as of 2023.8.28)
In addition to running on the Ethereum network, USDC has also been applied on multiple blockchains, providing wider usage scenarios and higher flexibility.
Advantages of USDC
- Worldwide availability: USDC is available wherever you are, as long as you have an internet connection.
- Instant cash flow: Without relying on cumbersome settlement times, USDC enables payments to arrive as quickly as an email.
- Cost-effective: Using USDC can greatly reduce transfer costs. Compared to traditional telegraphic transfer, USDC costs almost nothing.
Security and transparency
- Trusted Reserve: Each of USDC's tokens is backed by U.S. dollar reserves managed and safeguarded by major US Financial Institutions, including BlackRock and BNY Mellon, ensuring a 1:1 exchange rate.
- Compliance and audit: Like PayPal, Stripe, and Apple Pay, Circle is a licensed money transmitter under US state law and its financial statements are audited annually.
Openness and innovation
- Developer friendly: USDC provides open-source APIs that developers can easily integrate into their applications to provide real-time payments, transactions, and financial services to their users.
- Finance reimagined: USDC is not just a payment instrument, it can also be used for transactions, lending, financing and other financial activities.