USD Coin Ethereum Chain (USDC) Price

Who Stands Behind USDC?

USD Coin USDC is a stablecoin created by a collaboration between Circle and Coinbase. These two companies are leading FinTech firms in the cryptocurrency space.

Circle, founded in 2013, operates as a global financial technology company that provides payments and treasury infrastructure for internet businesses.

Coinbase, established in 2012, is a prominent cryptocurrency exchange platform. Together, they form the Centre Consortium, which oversees the development and governance of USDC. This collaboration ensures the stability and credibility of USDC as a widely used stablecoin in the cryptocurrency market.

You learn about the current USD Coin price, as well as the asset’s market performance, from the chart above. Changelly also facilitates immediate and secure purchases of cryptocurrencies if you want to buy USDC. With us, you can employ your debit card, credit card, wire transfer, and a variety of other traditional payment options to fund your investment in a digital currency, using fiat money.

How Is USDC Secured?

USDC (USD Coin) is secured by being backed 100% by highly liquid cash and cash-equivalent assets, ensuring that one USDC stablecoin can always be redeemed for one US dollar. A portion of the reserves supporting USDC is invested in the Circle Reserve Fund (USDXX), an SEC-regulated money market fund managed by BlackRock.

This strategy provides a high level of security and stability, as the assets are held in a transparent and regulated manner, helping to maintain the value of the USDC coin. This structure aims to minimize risk and maintain a solid foundation for the digital dollar.

How Does USDC Work?

USD Coin (USDC) is a stablecoin that employs blockchain technology and is governed by the Centre Consortium, which is a partnership between Coinbase and Circle. Dollar-denominated assets held in segregated accounts with US regulated financial institutions back each USDC.

Its primary aim is to make crypto payments via the blockchain network more reliable by avoiding the volatility of digital assets. The crypto asset also allows for tokenized dollars to be sent across a blockchain network – a process that's much faster and cheaper than sending money through traditional banks.

Here's how USDC works and how new USD Coins are issued:

• Issuance Process. The creation of new USDC begins with a regulated financial institution that holds and manages the corresponding amount of U.S. dollars in a reserve account. These institutions, known as "reserves holders," undergo regular audits to ensure transparency and verify the proper backing of every USDC in circulation.

• Token Minting. When someone wishes to mint new USDC tokens, they send U.S. dollars to one of the authorized reserves holders, such as Silvergate Bank or Coinbase. The reserves holder then generates an equivalent amount of USDC tokens and sends them to the user's Ethereum wallet address.

• Reserve Account Transparency. The Centre Consortium ensures that the funds backing USDC are held with high-quality and regulated financial institutions. Grant Thornton LLP, a global accounting firm, conducts monthly audits to verify the reserves' holdings and publishes the corresponding attestation reports for public access.

• Token Burn. Conversely, when users no longer wish to hold USDC and want to redeem their tokens for U.S. dollars, they can initiate a redemption process. The USDC tokens are sent back to the reserves’ holder, and the corresponding U.S. dollars are returned to the user's bank account.

• Transparency and Compliance. USDC operates in compliance with regulatory requirements, including Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This ensures a high level of transparency and accountability in the issuance and redemption process, making USDC a trusted, regulated, and fully collateralized stablecoin.

By following this strict issuance and redemption process, USDC maintains a 1:1 ratio with the U.S. dollar reserves held by the authorized financial institutions. This stability and transparency make USDC a popular choice for users who need a digital asset that is tied to the value of the US dollar and saved from the price volatility of the crypto market.

Our interactive chart reflects live USDC price and provides a spotlight on the USD Coin market performance, including the coin’s market capitalization, total supply, circulating supply, and USDC price history. You can use this data to design your own USDC price prediction.

What Are USD Coins Used For?

USD Coin (USDC) is digital money used for various purposes, including facilitating digital payments, serving as a stable store of value during market volatility, and enabling transactions within decentralized finance (DeFi) and gaming industries.

It aims to create an ecosystem where USDC is widely accepted by wallets, cryptocurrency exchanges, service providers, and decentralized applications. USDC also provides liquidity to global crypto capital markets, enabling a range of financial activities, such as trading, lending, borrowing, and fundraising.

USDC for Developers

USDC (USD Coin) offers developers a stable, programmable liquidity solution that goes beyond being just a stablecoin. With its open-source and composable nature, USDC enables developers to integrate it into various applications and smart contract apps (dApps) easily.

Circle, the issuer of USDC, provides always-on infrastructure, ensuring 24/7 liquidity and near-instant payments globally. By building on USDC's platform, developers can tap into its expansive ecosystem and submit their projects for users to discover and explore.

USDC's multi-chain capabilities allow it to be bridged across different blockchain networks, maximizing developers' vision and enabling them to do more. With Circle's support, developers can benefit from stable, programmable liquidity and unlock growth potential in the ever-evolving world of Web3.