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.

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 centre (cent)?

It was launched in 2018 and is backed by the CENTRE Consortium, a partnership between Circle and Coinbase, two well-funded and well-known cryptocurrency brands. The coin is meant to help stabilize volatile crypto prices and compete with Tether (USDT), a competing stablecoin embroiled in controversy.

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.