Cryptocurrency Q&A
Is USDC backed by real dollars?
Is USDC backed by real dollars?
Michele
Sun May 12 2024
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6 answers
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I've been hearing a lot about USDC, and it's supposed to be a stablecoin. But I'm still a bit confused about its backing. So, could you clarify for me, is USDC really backed by real dollars? I've read that it's supposed to maintain a one-to-one peg with the US dollar, but I want to know how exactly that works. Is there a reserve of US dollars held somewhere that backs every USDC token in circulation? And how do we know that the reserve is actually there and hasn't been tampered with? I'm just trying to understand the mechanics behind it and how reliable it is as a store of value. Thanks for your help!
6 answers
HanbokGlamourQueenEleganceBloom
Tue May 14 2024
BTCC is a UK-based cryptocurrency exchange offering diverse services.
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DondaejiDelightfulCharmingSmileJoy
Tue May 14 2024
These audits are conducted by Grant Thornton LLP.
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noah_wright_author
Tue May 14 2024
Grant Thornton LLP is a renowned accounting firm in the United States.
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CryptoMaven
Tue May 14 2024
The firm issues monthly attestations on the reserves backing USDC.
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Bianca
Tue May 14 2024
USDC accounts are subject to rigorous audits.
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