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What is USDC?
USD Coin (USDC) is a stablecoin that is pegged to the US dollar. The description ‘stablecoin’ refers to the fact that it aims to achieve parity with the dollar, although in rarer situations, its value can deviate from the USD. USDC was launched in 2018 and is a collaboration between Coinbase and Circle. USDC is an alternative to other stablecoins such as USDT, TUSD and DAI.
USDC is useful because it acts as a medium to tokenise the US dollar and facilitate their use in the blockchain ecosystem. USDC allows the moving of value to anywhere within the world within minutes, whilst not having the volatility seen in other cryptocurrencies. The aim is for USDC to be redeemable back to the USD at any time.