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USDC

USDC, short for USD Coin, is a stablecoin issued by Circle that is designed to hold a value of one US dollar. It is a digital token that people can send, hold, and trade on public blockchains, and it aims to move like cash while settling on-chain.

Each USDC token is meant to be backed one-to-one by reserves. Circle states that these reserves are held in cash and short-term US Treasuries. Independent accounting firms publish regular attestations that report on the reserves supporting the tokens in circulation.

USDC runs on several blockchains, and the same dollar peg is intended to apply across each one. Holding it carries risk. A stablecoin can trade below its intended value during periods of stress, an event known as a depeg, and on-chain holdings depend on the security of the wallets and smart contracts that store them.

Related terms: Stablecoin · Circle · Depeg

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