USD Coin (USDC) is a digital currency that falls within the category of a “fiat-backed stablecoin”. Since the USDC is pegged to the US Dollar, one USD Coin can be redeemed for US$1.00. USDC is intended to offer more stability than cryptocurrencies that are not backed by any fiat currencies. USDC is an Ethereum token that can be issued on the Ethereum blockchain and stored in any Ethereum wallet.
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Because stablecoins are designed to maintain a peg to fiat currencies, they can be useful tools. Coins such as USDC, USDT and QCAD generally experience lower volatility than other crypto assets.
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