USD Coin (USDC) is an open source, smart contract-based stablecoin developed by the Centre consortium that is fully backed by the US dollar. Centre is licensed as a money transmitter in the United States and as an e-money institution in Europe, and issues and redeems USDC without charge.
USDC can be pegged to the U.S. dollar on a 1:1 basis. Funds (for collateral) are kept in separate bank accounts that are watched over and audited by third parties.
USDC in circulation can be found on various blockchains such as Ethereum and Solana.
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