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The live USDC price today is $0.99991700 with a 24-hour trading volume of $8,139,797,881.
We update our USDC to USD price in real-time. The price of USDC has changed -0.07% in the last 24 hours.
Currently, USDC is the #6 largest cryptocurrency by market cap, with a live market cap of $33,902,102,613.00. It has a circulating supply of 33,902,503,176 USDC coins but the maximum supply is not available.
See where to buy USDC or use our USDC Profit Calculator to calculate and track the performance of your investment.
What is USDC?
USDC is a digital dollar that runs on a blockchain. It was developed by the Centre Consortium – a partnership involving Circle and Coinbase.
USDC is the tokenized version of the US dollar and facilitates its use over the internet and on public blockchains.
Since it’s fully backed by USD, it can be exchanged back to fiat at any time.
As digital dollar on a blockchain, USDC serves as a stablecoin – a cryptocurrency whose value is pegged to a relatively stable asset, the US dollars. Stablecoins can also be pegged to commodities (like gold and silver) or other cryptocurrencies.
Stablecoins are designed to serve as a hedge against the volatility of other cryptocurrencies. For this reason, they are often pegged to relatively stable assets like fiat money or commodities.
- 1 USDC = 1 US dollar.
- USDC is fully backed by cash and short-dated U.S. treasuries.
- USDC reserves are held in the custody of leading financial institutions.
- USDC is different from a central bank digital currency. Unlike a CBDC, it is issued by an organization in the private sector while a CDBC would be issued by a government.
What determines the price of USDC?
The price of USDC is determined by the price of the US dollar. This means that there is a dollar backing every USDC token in circulation.
When the U.S. dollar rises or falls in value, USDC also gains or loses value in equal amounts.
USDC price history
Unsurprisingly, USDC has mirrored the price of the US dollar for most of its history. During the past year, the highest USDC price was $1.00 and the lowest was $0.97.
As long as USDC is fully backed by the US dollar, this dynamic will continue.
How does USDC work?
USDC is a service that tokenizes the US dollar and allows for its use over the internet and on public blockchains. Unlike fiat money, you can send and receive USDC anywhere in the world instantly.
USDC also facilitates the seamless transfer of assets from volatile cryptocurrencies to relatively stable assets pegged to the US dollar.
To get a USDC token, you would need to send USD to the token Issuer who then uses an ERC-20 smart contract to create an equivalent amount of USDC tokens for you.
The USD substituted for USDC tokens is held in reserve. This ensures that for every USDC token in circulation, there’s a dollar backing it.
It is important to state that USDC is different from a central bank digital currency. Unlike a CBDC, it is issued by an organization in the private sector while a CDBC would be issued by a government.
USDC supports proof-of-stake (PoS) and since it merged with Ethereum in September 2022, it now runs on much more energy-efficient infrastructure.
USDC can’t be mined; rather, new coins are minted every time buys a USD coin. When this occurs, a dollar is added to the bank account of the USD coin.
USDC is not native to a blockchain, so when talking about USDC, we refer to a token that is created within the Ethereum network.
What is USDC used for?
Like the US dollar, USDC can be used to make and receive payments. But one of the main utilities of the stablecoin is the hedge it provides against the volatility inherent in crypto.
In a volatile market subject to wild price swings, it’s hard to benefit from this volatility without protecting your crypto assets from market dips.
USDC – like other stablecoins – allows you to keep your funds within the crypto ecosystem and hedge against the effects of volatility.
You can also earn interest on your tokens by using platforms dedicated to crypto lending.
In general, USDC can be used to:
- Make payments to merchants that accept USDC
- Transfer money across borders
- Earn yields from staking pools
USDC makes it possible to tokenize the US dollar so that it can be used across blockchains and exchanges, as well as other transactions.
Who are the founders of USDC?
USDC was launched in 2018 by the Centre Consortium – A collaboration involving Circle and Coinbase.
The main objective of the Circle Consortium was to create a service that tokenized the US dollar and allowed for easy, fast, and cheap transfers around the globe as well as a way to de-risk from volatile crypto assets.
What makes USDC unique?
Unlike fiat money which moves relatively slowly, USDC can be transferred around the world instantly.
By tokenizing US dollars and putting them on a blockchain, USDC makes it easier and faster to send and receive money globally.
Since it is fully backed by the US dollar, holding USDC is like holding USD. You can always exchange your USDC tokens for USD.
USDC tokens are insured by an ERC-20 smart contract built on Ethereum and fully backed by cash and short-dated US treasuries maintained by regulated and licensed financial institutions. Hence for every USDC in circulation, there’s a dollar held in reserve.
How is USDC secured?
USDC is audited every month by a leading accounting firm. Monthly audits are released via Grant Thornton, proving that users have access to equivalent fiat-backed reserve as the total USDC in supply.
The issuance of USDC tokens is secured through an ERC-20 smart contract built on the Ethereum blockchain. USDC dollar reserves are also maintained by regulated and licensed financial institutions.
In accordance with US regulations, USDC issuers are required to report their USD reserve holdings frequently.
The organizations behind USDC are one of the most transparent in the stablecoin space giving weekly updates on its reserve breakdown as well as monthly attestations done by independent accounting firm Grant Thornton.
