DownloadIcon
TO

Linear
Log

About USD Coin

Category

Stablecoin


USD Coin Value Proposition

Digital fiat


The USD Coin price is $1.00, a change of -0.06% over the past 24 hours as of 2:49 p.m. The recent price action in USD Coin left the token’s market capitalization at $46,799,639,138.84 USD. So far this year, USD Coin has a change of 0.01%. USD Coin is classified as a Stablecoin under CoinDesk's Digital Asset Classification Standard (DACS).


USD coin (USDC) is an Ethereum-based stablecoin – a type of digital asset whose value is pegged 1:1 with the U.S. dollar. That means holders can redeem 1 USD coin for $1 at any time. Every USDC is backed by one dollar or an asset with an equivalent value, held in accounts with U.S. regulated financial institutions.

USDC price

Launched in late 2018, USDC is designed to maintain a stable value unlike other typically volatile cryptocurrencies. But even stablecoins such as USDC can still be prone to mild changes in price.

USDC’s price spiked to an all-time high of $1.19 in May 2019, and noted an all-time low of $0.891848 in May 2021. Changes to supply and demand is the main reason stablecoins move off their $1 peg. During bullish market cycles, demand for stable value assets like USDC drops. That causes the price of USDC and other U.S. dollar-backed stablecoins to fall beneath one dollar. Overall, though, USD coin has maintained long periods of stability at $1.

There is no maximum or total supply of USD coin, as new tokens are issued based on demand.

When a user redeems USDC for $1, the team burns (permanently removes) the appropriate amount of USD coin from circulation, and funds from underlying reserves are transferred to the client’s external bank.

How does USD coin work?

USD coin serves to tokenize U.S.dollars on a blockchain. The service is a collaboration between crypto exchange Coinbase and financial services provider Circle. Their shared vision to bring U.S. dollars onto a blockchain means traders can preserve their portfolio’s dollar value during periods of high volatility without having to exchange their crypto assets for a fiat currency. It also allows for tokenized dollars to be sent across a blockchain network – something that’s much faster and cheaper than sending dollars through the legacy banking system.

USD coin can be generated only by sending USD to the token issuer’s bank account and interacting with the smart contract on the blockchain one wants to use. To redeem USDC for USD, the process is reversed.

USDC is found on multiple public blockchains, including Ethereum, Solana, Algorand, Stellar, Tron and Hedera. The token is interoperable with all features on the public blockchains it resides on, including decentralized finance (DeFi) and smart contracts.

Key events and management

USD coin was developed by the Centre Consortium, a company that represents the partnership between Circle and Coinbase. Centre develops the technology and governing framework of USD coin, and Circle and Coinbase issue the coin.

Centre was founded in 2017 by Wall Street veteran David Puth, who was still the CEO as of November 2021. The company raised $20 million during an initial funding round in December 2017 and another $20 million through a November 2018 venture round led by Digital Finance Group, according to Crunchbase.

USD coin is available on the Optimism layer 2 scaling product for the Ethereum network. Because the project is open to collaboration, Centre and USDC issuers may explore other layer 2 opportunities in the future.


USD Coin Market Cap

$46.80B

USD Coin 24H Volume

$4.43B


USD Coin Price

24H Open
$1.00
24H Change
$-0.000591
52 Week Low
$0.995407
52 Week High
$1.13
All Time High
$1.19
Returns (YTD)
0.01%

USD Coin Market Stats

Total Supply
46.78B
Max Supply
N/A
24H Value Transacted
$10.20B
30D Volatility
0.024361
24H Transaction Count
69,632
24H Average Transaction Fee
N/A

About USD Coin

Category

Stablecoin


USD Coin Value Proposition

Digital fiat


The USD Coin price is $1.00, a change of -0.06% over the past 24 hours as of 2:49 p.m. The recent price action in USD Coin left the token’s market capitalization at $46,799,639,138.84 USD. So far this year, USD Coin has a change of 0.01%. USD Coin is classified as a Stablecoin under CoinDesk's Digital Asset Classification Standard (DACS).


USD coin (USDC) is an Ethereum-based stablecoin – a type of digital asset whose value is pegged 1:1 with the U.S. dollar. That means holders can redeem 1 USD coin for $1 at any time. Every USDC is backed by one dollar or an asset with an equivalent value, held in accounts with U.S. regulated financial institutions.

USDC price

Launched in late 2018, USDC is designed to maintain a stable value unlike other typically volatile cryptocurrencies. But even stablecoins such as USDC can still be prone to mild changes in price.

USDC’s price spiked to an all-time high of $1.19 in May 2019, and noted an all-time low of $0.891848 in May 2021. Changes to supply and demand is the main reason stablecoins move off their $1 peg. During bullish market cycles, demand for stable value assets like USDC drops. That causes the price of USDC and other U.S. dollar-backed stablecoins to fall beneath one dollar. Overall, though, USD coin has maintained long periods of stability at $1.

There is no maximum or total supply of USD coin, as new tokens are issued based on demand.

When a user redeems USDC for $1, the team burns (permanently removes) the appropriate amount of USD coin from circulation, and funds from underlying reserves are transferred to the client’s external bank.

How does USD coin work?

USD coin serves to tokenize U.S.dollars on a blockchain. The service is a collaboration between crypto exchange Coinbase and financial services provider Circle. Their shared vision to bring U.S. dollars onto a blockchain means traders can preserve their portfolio’s dollar value during periods of high volatility without having to exchange their crypto assets for a fiat currency. It also allows for tokenized dollars to be sent across a blockchain network – something that’s much faster and cheaper than sending dollars through the legacy banking system.

USD coin can be generated only by sending USD to the token issuer’s bank account and interacting with the smart contract on the blockchain one wants to use. To redeem USDC for USD, the process is reversed.

USDC is found on multiple public blockchains, including Ethereum, Solana, Algorand, Stellar, Tron and Hedera. The token is interoperable with all features on the public blockchains it resides on, including decentralized finance (DeFi) and smart contracts.

Key events and management

USD coin was developed by the Centre Consortium, a company that represents the partnership between Circle and Coinbase. Centre develops the technology and governing framework of USD coin, and Circle and Coinbase issue the coin.

Centre was founded in 2017 by Wall Street veteran David Puth, who was still the CEO as of November 2021. The company raised $20 million during an initial funding round in December 2017 and another $20 million through a November 2018 venture round led by Digital Finance Group, according to Crunchbase.

USD coin is available on the Optimism layer 2 scaling product for the Ethereum network. Because the project is open to collaboration, Centre and USDC issuers may explore other layer 2 opportunities in the future.


Market Analysis
Social Analysis

Trending Assets

Bitcoin Calculator

Last Updated on 07/02/22 2:49 PM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.


Latest About USD Coin

CoinDesk - Unknown
First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K

Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading.

CoinDesk - Unknown
CoinDesk - Unknown
Tron’s Stablecoin Peg to Dollar Wobbles; Justin Sun Swears to Deploy $2B to Prop Up

Decentralized USD (USDD) fell to as low as 91 cents on crypto exchanges early Monday and was changing hands around 99 cents at press time.

CoinDesk - Unknown
CoinDesk - Unknown
Cathie Wood's Ark Invest Grabs More Than Half a Million Coinbase Shares as Exchange's Stock Plummets

COIN plunged after reporting disappointing first-quarter earnings on Tuesday.

CoinDesk - Unknown

Research Reports

All

Diving in deeper on cryptocurrency.

CoinDesk - Unknown
CoinDesk 2021 Annual Crypto Review

Thanks to 2021 most people have at least heard of crypto by now not just Bitcoin and Ethereum but altcoins like DOGE and SHIB as well as terms like NF Ts and the metaverse In Coin Desk Research’s 2021 Annual Crypto Review we aim to summarize some of the key themes and metrics that marked [...]

CoinDesk - Unknown
CoinDesk - Unknown
Building on the News: Introducing Layer 2 by CoinDesk

Our new digital magazine goes beyond the daily headlines to put crypto and blockchain developments in perspective.

CoinDesk - Unknown

Disclaimer
Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or duration of CoinDesk content in all its forms.