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- 1 USDC crypto is a stablecoin that is fully backed by assets denominated in dollars
- 2 USDC works like a digital version of the U.S. dollar, keeping a 1:1 peg with the U.S. dollar
USD Coin (USDC) is a stablecoin that is fully backed by assets denominated in dollars. It works like a digital version of the U.S. dollar, keeping a 1:1 peg with the U.S. dollar. It can be used on several blockchains, such as Ethereum, Algorand, BNB Chain, Polygon Avalanche, Cronos, Solana, Stellar, and TRON, and it is important for the decentralized finance (DeFi) space.
Investors can get USDC by using fiat currency, which is then stored at a U.S. financial institution while the same amount of USDC tokens are created. If investors want to get fiat currency back, the tokens are destroyed, and the dollars are sent to their bank accounts. This mechanism helps keep its 1:1 peg to the U.S. dollar, as explained in the USDC whitepaper.
USDC is an open-source project, run by the Centre consortium, which was founded by fintech firm Circle and cryptocurrency exchange Coinbase, which is listed on Nasdaq. Accounting firm Grant Thornton checks the separate accounts with regulated U.S. financial institutions that have USDC’s reserves in dollars and dollar-denominated assets like short-term U.S. Treasury securities.
Price Overview of USDC Crypto
As per the data CoinGecko USDC crypto has a price of $1.00 today with a market cap of $24.9 Billion and a circulating supply of 25 Billion USDC. The price has gone up by 0.05% in the last 24 hours and by 0.20% in the last 7 days. The trading volume has risen by 452.50% in the last 24 hours to $52.7 Billion, showing more market activity.
USDC crypto reached its highest price of $1.17 on May 08, 2019 (over 4 years ago). The current price is 14.70% lower than that. USDC reached its lowest price of $0.877647 on Mar 11, 2023 (10 months ago). The current price is 13.90% higher than that.
USDC has a fully diluted valuation of $24.9 Billion. This is the theoretical maximum market cap, assuming all 25 Billion USDC tokens are in circulation today. However, it may take several years for the FDV to be reached, depending on how the USDC tokens are distributed.
USDC crypto is performing worse than the global cryptocurrency market, which is up 0.90%, and worse than similar Stablecoins cryptocurrencies, which are up 1.00%, in the last 7 days. The price has increased by 0.10% in that period.
Conclusion
USDC crypto is a stablecoin that is fully supported by dollar-denominated assets. It works like a digital version of the U.S. dollar, keeping a 1:1 peg with the U.S. dollar. It can be used on several blockchains, and it is important for the DeFi space. Investors can get USDC by using fiat currency, and get fiat currency back by destroying the USDC tokens. This mechanism helps keep its 1:1 peg to the U.S. dollar, as detailed in USDC’s whitepaper. USDC is an open-source project, run by the Centre consortium, which was founded by fintech firm Circle and cryptocurrency exchange Coinbase.
Accounting firm Grant Thornton oversees the accounts that hold USDC’s reserves. USDC crypto has a low price and market cap and has risen in value in the last 7 days. USDC has a high fully diluted valuation, which may take several years to be reached. USDC has been underperforming the global cryptocurrency market and similar Stablecoins cryptocurrencies in the last 7 days.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
