USD Coin (USDC)

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USD Coin
USD Coin icon.png
Founded 2018
Key People Centre Consortium; Circle and Coinbase
Products U.S. dollar-backed stablecoin
Website USDC Homepage
Blog USDC Blog

USD Coin (USDC) is a U.S. dollar-pegged stablecoin created by the Centre Consortium, which is a joint venture between Circle and Coinbase. It was launched by Circle on September 26, 2018.[1]

Coinbase joined Circle in October 2018 to set ground rules for the development of fiat-based stablecoins.[2]

According to CoinMarketCap, a cryptocurrency data reporting service, in mid January 2019 the USD Coin, with more than 381 million coins in circulation, was the 19th largest cryptocurrency by market capitalization.[3] By mid-May 2019, the market capitalization of USDC had fallen to about $347 million, making it the 29th largest cryptocurrency by market capitalization.[4]

On January 17, 2019, the Centre Consortium published an attestation provided by the independent accounting firm Grant Thornton to Circle that there were $251,211,209 held by Circle in custody accounts against the total issuance of 251,211,148 USDC.[5]

In late January 2019, Circle released a report that over 100 crypto-focused businesses, including exchanges, wallets, platforms, apps, and service providers had adopted USDC.[6]

Coinbase announced that as of May 14, 2019, USDC was available for trading in 85 countries.[7]

References