All about USDC
- 1 mins
Digital dollars work like other digital content; it moves at the speed of the internet. And can be exchanged in the same way we share content and are cheaper and more secure than existing payment systems.
Digital dollars can also be called stable coins.
What are stable coins?
A stablecoin are cryptocurrencies that mimic the price stability of fiat currencies and backed by a reserve asset. They attempt to offer the best of both worlds; the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.
Read more on stable coins here.
What is a US Dollar Coin?
The US Dollar Coin is a stablecoin that claims to have a 1:1 value with the actual US Dollar. Essentially, that means one US Dollar Coin (USDC) should equal one real US Dollar, giving some much-needed stability in the market.
What does it mean to be a programmable dollar?
Being programmable unlocks a whole new world of applications and businesses: developers can create accounts to store money with one line of code; faster lending, cheaper payments, transparent and stable donations to charity.
What’s so special about USDC?
🏛 Regulated: USDC’s parent company is a registered Money Service Business in the United States. That means it’s regulated by the government’s Financial Crimes Enforcement Network (FinCEN), which combats money laundering.
⚖️ Audited: USDC is audited by Grant Thornton, one of the top 10 accounting firms in the world.
⚡️ Fast: It can take a long time to send US Dollars to people and institutions when banks are involved. USDC offers the stability and desirability of the US Dollar with the speed of cryptocurrency transactions.
How is the US Dollar Coin produced?
The US Dollar Coin isn’t mined like a lot of other cryptocurrencies. It is available as Ethereum ERC-20, Algorand ASA, and Solana SPL tokens that can be purchased using US Dollars on several major exchanges, including Patricia Technologies.
Currently, there are about four billion USDC in circulation.
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