USD Coin (USDC) is a stablecoin pegged against the US dollar at a 1:1 ratio. With USDC, you can move dollars anywhere in the world in minutes instead of days, cheaply and securely.
USDC was launched in September 2018 by cryptocurrency exchange Coinbase and Boston-based crypto finance company Circle with the aim to tokenize US dollars and expand their use over the internet and public blockchains.
Notably, USDC is regulated by financial institutions. Besides, it is governed by Centre, a membership-based consortium that sets technical, policy, and financial standards for stablecoins.
Users have several options regarding the use of the coin. They can tokenize USD, redeem USDC, transfer USDC out to ERC20 compatible Ethereum addresses, as well as deposit USDC from external Ethereum wallet addresses. Notably, there are no fees for tokenizing and redeeming services on Circle. However, there is a $50 commission for incorrect and rejected bank transfers. As for Coinbase USDC operations, all the standard fees apply.
USDC has grown into the most popular stablecoin, having attracted numerous companies. The ERC-20 compatible wallets that accept USDC include BitGo, Coinbase Wallet, Tokenary, Fireblocks, Dexwallet, and more.
The USD Coin brings stability to crypto, opening up possibilities for trading, hedging risk, lending, and beyond. It is widely used to avoid hyperinflation in countries like Venezuela or Turkey, to send money instantly, globally, securely and at low costs, and to serve as a hedge for traders.
Following the attack, the Cypher Protocol team highlighted that an internal investigation had been launched to determine the root cause of the exploit.
