The United States Dollar Coin (USDC) is a digital asset designed to be used for payments, remittances and more. It is the first and only dollar-denominated stablecoin backed by US dollar reserves that have been audited by independent third-party audit firms. As of October 2020, over $1 billion worth of value has been transacted using USDC, making it one of the most widely adopted digital currencies in the world.
Created by CENTRE, a collaboration between Circle and Coinbase, USDC was created to provide people with a reliable and price-stable alternative to fiat money. By anchoring each unit of USDC to the value of one U.S. dollar, users are able to make transactions quickly and securely without needing to worry about currency fluctuations or other potential sources of instability. The ability to send and receive USDC worldwide makes it possible for people around the globe to transact with each other without relying on traditional financial institutions or intermediaries. This opens up new opportunities for users who may not have had access to such services before.
USDC’s origin story dates back to 2018 when Circle teamed up with Coinbase to launch CENTRE, an open source consortium designed to foster innovation within the digital currency space. Through CENTRE, Circle and Coinbase developed technologies such as blockchain-based smart contracts and tokenized assets as well as a regulatory compliant framework for issuing stablecoins like USDC. Since its launch in September 2018, USDC has come a long way in terms of adoption and recognition from both individuals and businesses alike.
In addition to its use in transactions, USDC can also be used as collateral on decentralized finance protocols such as MakerDAO (which uses DAI). This gives users access to loans without having to go through traditional banks or credit unions which can often have lengthy application processes or require certain criteria be met before approval is granted. Because USDC is collateralized 1:1 with USD reserves held at regulated financial institutions, it provides an added level of assurance that funds will always remain safe from potential losses due to volatility or unexpected changes in market conditions.
Furthermore, since its launch in 2018 there has been an increase in existing payment infrastructure providers incorporating USDC into their systems – allowing for faster settlement times for any payments made using this currency compared with regular fiat money transfers. This has opened up additional opportunities for businesses wanting faster access to capital or global customers wanting quicker international payments – particularly those who had previously lacked access due direct banking restrictions that exist in certain countries
Today there are more than 200 organizations supporting CENTRE’s efforts including some big names like Visa, Mastercard, PayPal & Google Pay – all helping drive further adoption & usage of this new form of digital currency across multiple continents & regions across the globe! With this kind of backing & support behind it – plus more financial institutions joining every week – it looks like it won’t be too long until we see widespread usage becoming commonplace amongst everyday citizens wishing they could ditch their cash & cards altogether!
Although still relatively new compared other established payment methods & currencies out there today – if you look at how far things have progressed since its launch back in 2018 – it’s clear that we’re at a tipping point right now where we could see mass adoption across all facets of our daily lives sooner rather than later! As more organizations continue supporting the growth & usage of this type of cryptocurrency – whilst governments around world start recognizing its potential benefits – we could soon find ourselves living within fully digitized economy where money itself becomes nothing more than just 1s & 0s stored away on servers around planet!