- What is USD Coin?
USD Coin (USDC) is a digital stablecoin that is pegged to the United States dollar on a 1:1 basis. Each USDC is backed by a dollar held in reserve, and USDC reserves are regularly audited by Grant Thornton, LLP. USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain.
All of the USD Coins in circulation are actually ERC-20 tokens, which can be found on the Ethereum blockchain. In a nutshell, USD Coin is a service to tokenize US dollars and facilitate their use over the internet and public blockchains. Besides, USDC tokens can be changed back to USD at any time.
The number of USDC that can exist is limitless.