What is USD Coin?

Launched in 2018 by Centre, a consortium founded by Circle and Coinbase, USD Coin was created as a regulated stablecoin that runs on blockchain technology. Stablecoins are a type of cryptocurrency whose value is pegged to another asset, such as a fiat currency, a commodity or even another crypto coin.

What is a coin used for?

A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them.

Who issued USD Coin?

USD Coin was issued by Circle, a peer-to-peer payments company, and Coinbase Global ( COIN -2.85% ), a cryptocurrency exchange. Circle first announced plans to launch USD Coin on May 15, 2018, and raised $110 million. The Centre consortium was established in 2018 to manage USD Coin.

Is USD Coin a stablecoin?

USD Coin (USDC) is the second largest stablecoin by market cap. Pegged to the U.S. dollar one-to-one, USDC claims to be backed by U.S. dollar assets held in U.S.-regulated financial institutions. Binance USD (BUSD) is the third largest stablecoin by market cap and is pegged to the dollar on a one-to-one basis.