ERC-20 USD Coin (USDC)

What is ERC-20 USD Coin (USDC)?

ERC-20 USD Coin (USDC) is a version of USDC, a stablecoin that is pegged 1:1 to the US dollar. ERC-20 USD Coin is built on the Ethereum blockchain and follows the ERC-20 standard, which is the most widely adopted standard for blockchain applications. ERC-20 USD Coin is designed to be a fast, efficient and low-cost cryptocurrency for payments, DeFi and other use cases.

How does ERC-20 USD Coin work?

ERC-20 USD Coin works by using smart contracts and reserves to maintain its stability and functionality. ERC-20 USD Coin is issued by Centre, a consortium of regulated financial institutions that includes Circle and Coinbase. Centre is responsible for minting and redeeming ERC-20 USD Coin tokens according to the demand of the users. Centre also claims that every ERC-20 USD Coin token is backed by a matching amount of fiat currency or asset held in its reserves, which are audited and verified by third parties.

ERC-20 USD Coin operates on the Ethereum blockchain, which provides the infrastructure and security for the creation and transfer of ERC-20 USD Coin tokens. Users can store, send and receive ERC-20 USD Coin tokens using compatible wallets and platforms that support the ERC-20 standard. Users can also exchange ERC-20 USD Coin tokens for other cryptocurrencies or fiat currencies on various exchanges and marketplaces.

Conclusion

ERC-20 USD Coin is a version of USDC, a stablecoin that is pegged 1:1 to the US dollar. ERC-20 USD Coin is built on the Ethereum blockchain and follows the ERC-20 standard, which is the most widely adopted standard for blockchain applications. ERC-20 USD Coin is designed to be a fast, efficient and low-cost cryptocurrency for payments, DeFi and other use cases.