About USD Coin (USDC)
Launched in October 2018, USD Coin (USDC) is a fiat-collateralized stablecoin built by the Centre consortium, a partnership between Circle and Coinbase created to develop price-stable crypto assets and network protocols. It offers the advantages of transacting with blockchain-based assets while mitigating price risk.
USDC is an ERC-20 utility token compliant with the Ethereum network that is pegged 1:1 to the US dollar. It serves as an onramp to DeFi and as a means of digital payment. USDC can be transacted over the Ethereum blockchain in the same manner as Ether or any other ERC-20 asset.
If a user wishes to redeem USDC they can send tokens to an address controlled by Centre members who will destroy the tokens and transfer fiat currency to the user's bank account. USDC’s existence on public blockchains allows traders and exchanges to use USDC as an alternative to fiat currencies. Gemini does not support or guarantee USDC’s 1:1 peg to the US dollar.
The total supply of USDC is uncapped.
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