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 offers 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 often pegged to FIAT currencies with stable values, they are useful tools for currency conversion. Coins such as USDC, USDT and QCAD won't swing wildly up or down in value between withdrawal and funding another account.
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