The current price of USDC is $ 1.00, which has decreased in the past 24 hours. The total 24 hour trading volume stands at 4.3B.
USDC is a fully collateralized stablecoin, backed by the US dollar. This means that for every USDC token in circulation, there is an equivalent amount of US dollars held in reserve. The purpose of USDC is to bridge the gap between traditional currency markets and cryptocurrency exchanges, offering the price stability of the US dollar with the technological benefits of cryptocurrency.
USDC is a product of the CENTRE consortium, a collaboration between leading fintech companies. CENTRE is focused on establishing a standard for money that works anywhere on the internet, aiming to create a more inclusive global economy by eliminating economic borders.
USDC, like other stablecoins, operates on the premise of maintaining a 1:1 exchange rate with the US dollar. When users buy USDC, their dollars go into a reserve bank account, and an equivalent amount of USDC is minted. Conversely, when users redeem USDC for US dollars, the corresponding amount of USDC is burned or removed from circulation.
The supply of USDC is fully regulated, based on the underlying US dollar reserves. CENTRE ensures that the total supply of USDC is always equivalent to the total value of dollars in reserve. The organization frequently undergoes audits to ensure transparency and prove the existence of necessary reserves. Currently, the circulating supply of USDC is 28.2B.
CENTRE's technology is designed to facilitate the seamless exchange of value between individuals, businesses, and financial institutions, just as emails can be exchanged between different mail services. Essentially, it facilitates the transfer of USDC between different parties and validates that every token is fully backed by real, physical dollars stored securely.
USDC stands out in the crypto world as a stablecoin. Unlike other cryptocurrencies which are often subject to significant volatility, USDC maintains steady value due to its collateral in US dollars. This stability allows it to serve as a reliable medium of exchange in the crypto market, providing a secure way for users to move funds between different crypto assets without being exposed directly to volatility.
USDC can be bought on the Binance, Kraken, Gate.io exchanges. Since it is a stablecoin, its price is fixed to the US dollar, and hence, its value remains consistent across all exchanges. It's important to remember to only use trusted and secure platforms to buy, sell, and store your digital assets.
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