Definition of USD Coin
USD Coin (USDC) is the relatively new stable coin pegged to the US dollar. It launched on September 26, 2018, in collaboration between Circle and Coinbase.
Also, USDC is the alternative to other USD-backed cryptocurrencies like Tether (USDT) or TrueUSD (TUSD).
In a nutshell, USD Coin is the service to tokenize US dollars and facilitate internet and public blockchains.
It besides, USDC tokens can change back to USD at any time. The execution issuing and redeeming USDC tokens ensured with ERC-20 smart contract.
And it’s bringing US dollars on the blockchain, allows moving them anywhere in the world within minutes.
And it carries much-needed stability the cryptocurrencies. Also, it opens up new chances for trading, lending, risk-hedging.
Who is the Team Behind the USD Coin?
- Its developed by the Centre consortium, the partnership between Circle and Coinbase.
- Also, the Center developed the technology and governing framework, while Circle and Coinbase are the first commercial issuers of USDC.
- And the circle is the official money transmitter, which makes the company an open financial book.
- Also, money transmitters are US money service businesses that must comply with federal laws and regulations.
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