About USD Coin
USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open source project bootstrapped by contributions from Circle and Coinbase. USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC:1 USD ratio. Issuers are required to report their USD reserve holdings frequently, and Grant Thornton LLP issues reports on those holdings every month.
Data source: Coinmarketcap.com
In addition, USD Coin (USDC) is a digital stablecoin that is pegged to the United States dollar. Each USDC is backed by a dollar held in reserve. USD Coin is managed by a consortium called Centre, founded by Circle and including cryptocurrency exchange Coinbase and Bitcoin miner company Bitmain, which is an investor in Circle.
What is the purpose of USD coin?
In a nutshell, USD Coin is a service to tokenize US dollars and facilitate their use over the internet and public blockchains. Besides, USDC tokens can be changed back to USD at any time. The execution of issuing and redeeming USDC tokens is ensured with ERC-20 smart contract.
Data source: Cryptonews.com