Launched in October 2018 by the Centre Consortium, USD Coin (USDC) is a fiat-collateralized (fiat and equivalent instruments) stablecoin which is pegged to the US Dollar at 1:1 ratio. The Centre Consortium comprises two founding members: Circle, a global financial technology firm, and Coinbase, the widely-popular US-based cryptocurrency exchange. It is currently issued and made available on multiple blockchain networks.Like other major stablecoins, USDC’s main aim is to serve a couple of important purposes – one, to provide a stable means of value storage during volatile market conditions and two, to offer easy conversion between digital and fiat currency.&nbsp;Unlike its counterparts like USDT and UST, USDC coin has eluded controversy. In fact, transparency and strong governance are believed to be the two major advantages USDC coin has over competitors. Its issuers are fully licensed and regulated financial institutions that are required to maintain reserves equal to the number of USDC coins in circulation and must report their holdings on a regular basis. Grant Thornton LLP, a prominent accounting firm issues monthly reports in this regard.<h2 dir="ltr">USDC price</h2>Being a stablecoin, USDC price is expected to maintain a stable $1 level at all times. That said, just like other stablecoins, USDC price is vulnerable to mild fluctuations, whenever there are noteworthy changes in the coin’s demand and supply. For instance, if the crypto market is in a bullish trend, everyone invests in speculative crypto assets and the demand for stablecoins like USDC goes down. The opposite happens in a bear market.Nonetheless, barring a few exceptions, USDC price has managed to stay mostly in the vicinity of $1 ever since its launch. According to our USDC live price chart, the coin reached its all-time high of $1.17 on May 8, 2019, while its all-time low stood at $0.89 on May 19, 2021.As USDC coins are minted and burnt on a continuous basis, there’s no specific total or maximum supply of these tokens. As a result, USDC’s market cap also keeps changing from time to time.<h2 dir="ltr">How USDC works</h2>USDC is the first fiat-backed stablecoin launched by the Centre Consortium. It was initially launched on the Ethereum blockchain, as an ERC-20 token, and later on multiple blockchains. Users who wish to buy USDC directly from Centre, must use the web application or platform maintained by their licensed token-issuer. You can deposit fiat funds to the token issuer’s account, and the latter then executes a series of commands to mint USDC coins equivalent to the deposited funds. Once issued, you can use your USDC coins any which way you deem fit.The redemption of USDC coins happens through a reverse process. The USDC coins are burnt by the licensed token-issuer, and the corresponding funds are credited back to your account from fiat reserves.The non-controversial and transparent nature of USDC has given it plenty of success over the years, making it as of writing the second-largest stablecoin in the world, by market cap. USDC coin is used widely across the crypto industry today, including by well-known crypto exchanges, service providers, app developers and wallets.<h2 dir="ltr">USDC news, updates and highlights</h2>In an important USDC news, the stablecoin received a <a href="https://cointelegraph.com/news/crypto-com-enables-withdrawals-of-usdc-for-users-worldwide">major boost</a> in Aug 2021, when Crypto.com, one of the top crypto exchanges in the world, enabled both USDC deposits and withdrawals on its platform. This was because of Crypto.com’s partnership with the USDC issuer, Circle.According to a more recent USDC news shared on <a href="https://www.circle.com/blog/usdc-market-cap-grows-to-more-than-50-billion">Circle's official website</a>, USDC coin passed the $50 billion market cap for the first time since its launch on Jan 31, 2022. As a result, it came a step closer to USDT, the front-runner in the stablecoin marketplace.&nbsp;<h2 dir="ltr">Frequently asked questions about USDC</h2><ul><li dir="ltr" aria-level="1">Can I mine or stake USDC?</li></ul>USDC can neither be mined nor staked. However, you can purchase USDC coins from a licensed USDC issuer or a crypto exchange.<ul><li dir="ltr" aria-level="1">Which are the best wallets for USDC storage?</li></ul>Some of the top USDC wallets are Atomic Wallet, Guarda Wallet, MetaMask, Ledger, Exodus and Trust Wallet. You can find more on <a href="https://www.centre.io/usdc">this page</a> on Center’s official website.<ul><li dir="ltr" aria-level="1">What can you do with USDC coins?</li></ul>You can use your USDC coins to pay for goods and services at various merchant establishments. USDC coins can also be traded for other popular crypto assets like <a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, <a href="https://coin360.com/coin/ethereum-eth">ETH</a>, <a href="https://coin360.com/coin/cardano-ada">ADA</a>, <a href="https://coin360.com/coin/solana-sol">SOL</a> etc. USDC can be also be lent through a range of DeFi products, to earn yield.<ul><li dir="ltr" aria-level="1">Where can you buy USDC?</li></ul>Retail users can easily buy USDC by selling typical crypto assets on reputable&nbsp;<a href="https://coin360.com/exchange/" target="_blank">crypto exchange platforms</a>&nbsp;like Binance, OKX and more.

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