USD Coin (USDC) is a stablecoin that is pegged to the US dollar on a 1:1 ratio, designed to maintain stability regardless of fluctuations in the cryptocurrency market. It is fully backed by US dollar reserves held in regulated financial institutions across the United States. These reserves are audited by the accounting firm Grant Thornton, which issues monthly attestation reports to ensure transparency.
Currently, USDC ranks as the second-largest stablecoin and holds the fifth-largest market capitalization in the cryptocurrency market, exceeding $43 billion. This significant market presence has consistently positioned USD Coin among the top five cryptocurrencies.
USDC offers a variety of applications including portfolio balancing, hedging against market volatility, fiat currency pricing, facilitating fast international remittances, enabling peer-to-peer (P2P) payments, and supporting payment interoperability across diverse blockchain platforms.
