USD Coin (USDC)

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USD Coin
USD Coin icon.png
Founded 2018
Key People Centre Consortium; Circle and Coinbase
Products U.S. dollar-backed stablecoin
Website USDC Homepage
Blog USDC Blog

USD Coin (USDC) is a U.S. dollar-pegged stablecoin created by the Centre Consortium, which is a joint venture between Circle and Coinbase. It was launched by Circle on September 26, 2018.[1]

History[edit]

Coinbase joined Circle in October 2018 to set ground rules for the development of fiat-based stablecoins.[2]

According to CoinMarketCap, a cryptocurrency data reporting service, in mid January 2019 the USD Coin, with more than 381 million coins in circulation, was the 19th largest cryptocurrency by market capitalization.[3] By mid-May 2019, the market capitalization of USDC had fallen to about $347 million, making it the 29th largest cryptocurrency by market capitalization.[4]

On January 17, 2019, the Centre Consortium published an attestation provided by the independent accounting firm Grant Thornton to Circle that there were $251,211,209 held by Circle in custody accounts against the total issuance of 251,211,148 USDC.[5]

In late January 2019, Circle released a report that over 100 crypto-focused businesses, including exchanges, wallets, platforms, apps, and service providers had adopted USDC.[6]

Coinbase announced that as of May 14, 2019, USDC was available for trading in 85 countries.[7]

Issuance of USDC reportedly grew at the rate of more than $10 million/10 USDC million per day during the first 20 days of March 2020 against the backdrop of turbulent global equity markets and volatile bitcoin, ether and other cryptocurrency prices.[8]

According to CoinMarketCap, there were 641,840,125 USDC in circulation on March 20, making USD Coin the 19th largest cryptocurrency by market capitalization.[9] On the heels of the 2020 boom in DeFi transactions as well as the run-up of cryptocurrency values across the board, USDC issuance reached 6.7 billion on February 10, 2021 according to online data reporting service CoinGecko.[10]

DeFi[edit]

In 2020, USDC became the biggest stablecoin by total daily value locked (value of stablecoins in USD locked in as collateral per day) on DeFi platforms like Uniswap, according to data from Flipside Crypto.[11]

References[edit]