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TagsWhat is USDC and how does it work in the cryptocurrency market?
Joseph ReidDec 19, 2021 · 3 years ago1 answersCan you explain what USDC is and how it functions in the cryptocurrency market? I'm interested in learning more about its purpose and how it compares to other cryptocurrencies.
1 answers
- USDC, also known as USD Coin, is a stablecoin that was created by Circle and Coinbase. It is an ERC-20 token built on the Ethereum blockchain. USDC is backed by a reserve of US dollars held in regulated financial institutions, which ensures its stability and redeemability. The main purpose of USDC is to provide a digital representation of the US dollar that can be easily transferred and used in the cryptocurrency market. It offers the benefits of blockchain technology, such as fast and secure transactions, while maintaining a stable value. USDC can be used for various applications, including trading, remittances, and decentralized finance (DeFi) protocols.Dec 19, 2021 · 3 years ago
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