USDC Price Stats
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Market Cap: $48,474,715,162
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Circulating Supply: 48,584,272,182
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Supply Cap: N/A
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All-Time High: $1.17 -14.9% May 08, 2019
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All-Time Low: $0.891848 11.9% May 19, 2021
A Brief History of USDC
USD Coin is a digital stablecoin that is pegged to the United States dollar. It was Launched in September of 2018. It has a circulating supply of 49 Billion USDC coins and a total supply of 48.6 Billion.USDC is Ranked #5 On Coinmarketcap and also Ranked #5 on coingecko. It can be purchased on Binance, Coinbase, Uniswap, and WhiteBIT.
USDC Team
The Centre Consortium has two founding members. One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange. Other crypto ventures are open to joining this consortium.
Explaining the rationale behind USDC, Circle co-founders Jeremy Allaire and Sean Neville wrote: “We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet.”
In 2020, Circle and Coinbase collectively announced a major upgrade to USDC’s protocol and smart contract. The goal of these enhancements is to make it easier for USD Coin to be used for everyday payments, commerce, and peer-to-peer transactions.
Advantages of USDC
Good reputation and is backed by Circle’s assets.
Lots of liquidity
Price stability
Diadvantages of USDC
Fees for withdrawing USDC from exchanges can be high.
No potential for price appreciation
Depending on the current state of the Ethereum network, transaction fees can be high.
Use Cases for USDC
Remittances: USDC can be used to send funds across borders. Recipients can store USDC without using a bank account or being concerned about price volatility.
Stable price-pegging: The price stability of USDC enables the stablecoin to represent equity ownership or fund investments. USDC can also be used to represent liabilities or debt.
Hedge against inflation: Non-U.S. investors concerned about inflation of their local currency can hold a stablecoin like USDC to help protect the value of their money.
Pricing in fiat money: Digital assets listed on cryptocurrency exchanges can be priced in fiat money using a stablecoin like USDC.
Summary
USDC is a stablecoin that claims to have a 1:1 value with the actual US Dollar. Essentially, that means one US Dollar Coin (USDC) should equal one real US Dollar, giving some much-needed stability in the market. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds.
Sources:
https://coinmarketcap.com/currencies/usd-coin/
(https://www.investopedia.com/usd-coin-5210435
