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What is USD Coin (USDC) and how does it work?

by Financial Economy

USD Coin (USDC) is the crypto currency whose price is fixed at $ 1 by its producer Center. USDC was developed by Center, an open source technology project backed by Circle and Coinbase, based in the United States. The Center, which is responsible for the management of USDC, keeps USD 1 for each USDC it releases in a private bank account that is constantly monitored and audited. In this way, it is aimed to fix the price of USDC to 1 USD. Information about USD Coin (USDC) is in rest of the article.

What is USD Coin (USDC) and how does it work?

Centre’s open source and transparent stable cryptocurrency infrastructure enables fiat money to interact with smart contracts and provides software developers with a convenient way to use the money on the blockchain. Regulated by regulations and managed by the Center consortium managed by licensed companies, USD Coin is compliant with the Know Your Customer / Anti-Money Laundering procedures for businesses that want to use USD Coin, crypto currency trading platforms.

Information about Tether (USDT), you can browse here.

Ethereum-based cryptocurrency USD Coin works like USDT. However, the USD Coin is not considered to be affected by any speculation and will not be as fragile as other cryptocurrencies. Produced by the Center as an ERC-20 smart contract in the Ethereum network, USD Coin (USDC) uses the Ethereum blockchain. It can be transferred between wallets that support Ethereum smart contracts.

For details: https://en.wikipedia.org/wiki/USD_Coin

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