What are circle and Coinbase doing with USDC?

Both Circle and Coinbase are increasing the capabilities of USDC as a currency and dual-layer blockchain network working toward interoperability with other chains. And they’re using the stablecoin to expand on their own offerings.

What is USD Coin (USDC)?

USD Coin (USDC) is a stablecoin redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US regulated financial institutions. The launch of USDC was powered by a collaboration between Coinbase and Circle through the co-founding of the CENTRE Consortium.

Is circle the only issuer of USDC?

Circle remains the sole issuer of USDC. Any other token claiming to be, or to be affiliated with, USDC or its members is not supported by Centre and Coinbase or redeemable by Circle. Please be vigilant for bad actors' scams & phishing attempts that encourage you to interact with unsupported assets on the ETH PoW chain.

How does Coinbase work?

On Coinbase, eligible customers can earn rewards for every USD Coin they hold. For customers with a US dollar bank account, 1 USDC can always be redeemed for US$1.00, giving it a stable price. Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions.