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USDC
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USDC

USDC
Key Metrics
USDC Price
$1
0.02%
Change 1w
0.00%
24h Volume
$3,758,005,109
Market Cap
$34,954,043,205
Circulating Supply
34,954,764,757

What is USDC?

USD Coin (USDC) is a stablecoin that is pegged to the US dollar, designed to maintain a 1:1 value with USD. It is issued by the licensed financial institutions and it has fully reserved assets as support, thus, it is highly stable and transparent. USDC is deployed across different blockchains, such as Ethereum, Solana, and Algorand, which makes it easy to transact across different platforms.

What Problem Does USDC Solve?

USDC handles the volatility issue that characterizes other coins such as BTC and ETH. Since its launch, USDC acts as a reliable medium of exchange and store of value within the crypto sphere due to its value being pegged to a stable value in the form of the US dollar. This stability is very important for traders, investors, and any business that requires stable asset values for carrying out transactions, paying salaries, and other financial obligations.

Why Does Crypto Market Need USDC?

The crypto market needs USDC for several reasons: Stability: USDC serves as a hedge against the fluctuations in the volatile crypto market, offering stability. Liquidity: It provides a highly liquid environment in trading and settlement for various exchanges. Interoperability: USDC is interoperable and can be adopted across other blockchains, many of which are readily available. Trust: USDC is highly transparent as it is backed by regulated financial institutions.

History of USDC

USDC was created in September 2018 as an attempt by Circle, a P2P payments tech firm, and Coinbase, a leading digital currency exchange. The stablecoin was issued under the initiative of the Centre Consortium, which is set up to set industry standards for fiat-collateralized stablecoins.

Who Created USDC?

USDC was created by Circle and Coinbase. Circle, led by Jeremy Allaire and Sean Neville, aims to reinvent the world economy through blockchain solutions. Coinbase, launched by Brian Armstrong and Fred Ehrsam, is one of the biggest cryptocurrency exchanges.

What Technology Does USDC Use and How Does It Work?

USDC uses blockchain technology to provide transparency, security, and efficiency. USDC is supported by 16 blockchains: Algorand, Arbitrum, Avalanche, Base, Celo, Ethereum, Flow, Hedera, NEAR, Noble, OP Mainnet, Polkadot, Polygon PoS, Solana, Stellar, and zkSync.

Does USDC Maintain a 1:1 USD Peg?

Yes, USDC is designed to maintain a 1:1 peg with the US dollar. This is made possible through full collateralisation, by which each USDC shall be equivalent to one US Dollar which shall be held in reserve. Audits carried out on the circulating digital assets by independent firms make it possible to link the set reserves with the circulating supply of USDC to enhance transparency and buildup trust.

How Many Tokens of USDC Are There?

According to the most recent data, the number of USDC tokens in circulation have hit more than 32 billion. The supply of USDC is dynamic and can increase or decrease based on market demand and issuance/redemption activities.

What is the Maximum Supply of USDC?

USDC does not have a predetermined maximum supply like other cryptocurrencies. The supply is flexible and adapts to the demand for the stablecoin, and Circle and Coinbase manage the issuance/redemption process.

What is USDC Utility?

USDC serves multiple purposes within crypto ecosystem: Medium of Exchange: Used for trading and transactions on different crypto platforms. Store of Value: Provides a stable asset for holding value without exposure to the market's volatility. Remittances: Simplifies cross-border payments with lower fees and faster processing times compared to traditional financial systems. DeFi Participation: Used in decentralized finance (DeFi) applications for lending, borrowing, and earning interest.

Tokenomics of USDC

USDC works on a fully collateralized model where each token is backed by a US dollar held in reserve. The issuance and redemption process ensures that the total supply of USDC in circulation matches the reserves held by issuers.

What is the All-Time High and All-Time Low for USDC?

USDC's all-time high was $1.17 on May 8, 2019. The all-time low was $0.8776 on March 11, 2023. This drop can be attributed to the 2023 US bank crisis and Silicon Valley Bank's bankruptcy.

Where to Buy USDC?

USDC can be bought on almost every crypto exchange, centralized (CEX) and decentralized (DEX), including Coinbase, Binance, Kraken, Bitfinex, Uniswap, and Curve.

Who Invested in USDC at an Early Stage?

Digital Currency Group, Pantera Capital, and Blockchain Capital made early investments in USDC. They realized the potential of a regulated, fiat-backed stablecoin and supported its development and launch.

What is the Income Source of the USDC?

By investing in the securities, USDC earns revenue from interest on the reserves held to back the stablecoin and through partnerships with other financial institutions and platforms.

Final Thoughts on USDC

USDC proved itself a cornerstone among stablecoins, providing a reliable and transparent solution for those seeking stability. Strong technology, regulatory compliance, and broad adoption across various platforms make it a great tool for traders, investors, and businesses.

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Latest News
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Stablecoins to Seize 5% of E-Money Market in 10 Years, Predicts Circle CEO
Aug 05, 2024
Circle CEO Jeremy Allaire (the man in charge of USDC) has made a bold prediction about the future of digital assets. In a recent interview, he suggested stablecoins could capture a significant portion of the electronic money market. Allaire compared stablecoins to online videos. He noted how streaming gradually eroded cable TV's dominance. He believes stablecoins will do the same to bank-held electronic money. "You have currently a total addressable market of about $100 trillion of legal electronic money," Allaire stated. He added, "Most of that is bank-intermediated electronic money." Allaire reckons stablecoins will chip away at this market. He cited their "internet-scale utility" and "programmability" as key advantages. His forecast? In a decade, stablecoins could snag 5% of global electronic money. "That would be extraordinary and seems very achievable," he said. It's a pretty wild claim. But Allaire's not just blowing smoke. He's got some solid reasoning behind it. Stablecoins, he argues, will slash transaction costs. They could make moving money as cheap as sharing information online. "I believe the same principle is going to apply here with blockchain networks and stablecoins," Allaire explained. He predicts the cost of storing and moving value will approach zero. This cost reduction could be a game-changer. Allaire believes it'll ramp up the velocity of money big time. As a result, he expects demand for stablecoins to skyrocket. It could even outstrip demand in the current system. Allaire admits the exact implications are unclear. But he's certain the total addressable market for money will expand. Why? Because "we've restructured the actual economics of how this works." It's a hefty prediction from a major player in the crypto world. Only time will tell if Allaire's crystal ball is on the money.
Stablecoin Market Hits $164B: USDC Surges Amid EU Crypto Shake-up
Aug 05, 2024
The stablecoin market is on a roll. It's grown for ten straight months. In July, it hit $164 billion. That's a 2.11% jump, according to CCData. Tether's still the big dog. It grew 1.61% to $116 billion. That's an all-time high. It's been climbing for eleven months straight. DefiLlama says Tether owns nearly 70% of the market. USDC, the runner-up, is making moves. Its trading volume shot up 48.1% to $135 billion in July. Why? New EU rules and more market funds. The EU's crypto law, MiCA, kicked in last month. It's shaking things up. USDC was ready. It ticked all the boxes. Traders loved that. PayPal's stablecoin is the dark horse. It surged 17.9% to $589 million. That's its highest ever. Not bad for the new kid on the block. But it's not all sunshine and rainbows. Overall stablecoin trading dropped 8.35% to $795 billion. Centralized exchanges are struggling. MiCA's causing headaches for some. Tether's future in Europe? It's up in the air. The new rules are tough. Stablecoin issuers need an EU base. They need to file paperwork. Big players face even stricter rules. USDC and EURC jumped through the hoops. They're compliant. Traders trust them more now. It's paying off. The stablecoin landscape is changing fast. Compliance is key now. It's adapt or die in the EU market. Despite the hurdles, the market's growing. Spot Ethereum ETFs and Bitcoin 2024 Conference vibes are helping. The crypto world never sleeps, does it?
USDC Rides MiCA Wave: 48% Volume Surge Shakes Up Stablecoin Market
Aug 01, 2024
Stablecoins are having a moment. Their market cap hit $164 billion in July. That's the highest since April 2022. It's a 2.1% bump from June. Circle's USDC is the star of the show. Its trading volume on centralized exchanges reached a whopping $135 billion by July 25. That's a 48% jump. Not too shabby. USDC's market cap also rose 5.4% to $33.6 billion. What's behind this surge? Two things: market inflows and new EU rules. On July 1, the EU's Markets in Crypto-Assets (MiCA) framework kicked in. Circle was quick off the mark. They became the first stablecoin issuer to get the regulatory green light in Europe. Tether, the big dog in the stablecoin world, grew too. But slower. Its market cap hit $114 billion, up 1.6% in July. That's 11 months of growth in a row. Pretty solid. Tether's still top dog, though. DefiLlama says it's got nearly 70% of the stablecoin market. And get this – Tether reported record profits of $5.2 billion in the first half of 2024. Not too shabby. But it's not all rosy. Trading volume on centralized exchanges dropped 8.4% to $795 billion by July 25. That's the fourth month in a row it's gone down. Bit of a bummer. The new EU rules are shaking things up. Some crypto exchanges in Europe delisted stablecoins before the June 30 deadline. Talk about a last-minute scramble. The new rules are pretty strict. Stablecoin issuers need to be based in the EU. They've got to notify authorities and submit a white paper for approval. Big stablecoins face even tougher rules. Tether's CEO, Paolo Ardoino, isn't thrilled. He said in May, "Very few banks accept this type of business in Europe. It's already very difficult to get just one!" Sounds like a headache.