What is USD Coin (USDC)?

USD Coin (USDC) is a USD stablecoin issued by CENTRE, a consortium created by Coinbase exchange and a fintech company called Circle. Its value is pegged to the US dollar by fiat currencies and commodities at a 1:1 ratio, which means that 1 USDT is equal to 1 USD.

USDC was first launched as a ERC-20 token in 2018, and has since expanded to other major platforms. 2021 was a big year for the stablecoin as Visa started to accept payments made with USDC.

While there are many USD stablecoins in the market, USDC stands out amongst the crowd because it is created by a regulated entity that is registered with the US government as a Money Service Business. Besides being regulated, reserves backing USDC are audited by Grant Thornton on a monthly basis, ensuring the value and liquidity of the cryptocurrency.

How USD Coin (USDC) Works

USDC is a fiat and commodity collateralized stablecoin, which means that for every USDC token issued, there is a dollar or a dollar value in dollar-denominated assets. To maintain the balance between the reserve and the amount of USDC, new USDC is minted every time you use fiat to buy USDC and the fiat is deposited into the reserve; likewise, when you sell USDC to get fiat, the fiat is transferred from the reserves to your bank account and the sold USDC is burned.

How Many USD Coin (USDC) Tokens Are in Circulation?

According to the data by the parent company Circle, there are 48.7 billion USDC in circulation as of September 2022. USD 48.8 billion is kept in USDC reserves, in which 10.2 billion is in cash and the remaining 38.6 billion in short-duration US treasuries.

How to Buy USD Coin (USDC)

Consider investing in USD Coin (USDC)? It only takes 2 minutes to create an account on Bitget and start trading USDC. 

Check out the available USDC trading pairs on Bitget!

Futures market

BTCUSDC

ETHUSDC

Spot market

BTCUSDC

ETHUSDC

BGBUSDC

USD Coin (USDC) Resources

CENTRE's Official Website

Official Website

Official Whitepaper