USD Coin price

USD Coin (USDC) is a type of cryptocurrency known as a stablecoin. Stablecoins are designed to maintain a stable price relative to a fiat currency, which, in this case, is the U.S. dollar. In other words, USDC is pegged to the value of the US dollar, with 1 USDC equivalent to 1 USD.

USD Coin operates on the Ethereum blockchain and follows ERC-20 standards. It is issued by Circle, a fintech company, and is backed by a reserve of US dollars held in regulated financial institutions.

USDC is created through a process known as tokenisation, where US dollars are deposited into banks and an equivalent amount of USDC tokens are minted and issued by regulated financial institutions to maintain a 1:1 backing with fiat currency.

USDC maintains its peg to the US dollar through a combination of regular auditing and backing with actual US dollars held in reserve accounts.

If the demand for USDC increases, more tokens can be minted if the equivalent amount of dollars is held in reserve. Although, if there's a surplus of USDC, tokens can be redeemed for US dollars to keep the value stable.

Yes, historical price trends for USD Coin (USDC) are available. Typically, due to its peg to the US dollar, USDC has been relatively stable since its inception, with a price of around 1 USD. However, there have been occasional price fluctuations from this peg.

USDC differs from other stablecoins due to its strong regulatory compliance, value stability, and transparency. It's regulated by financial authorities and complies with recognised standards set by official bodies. This provides users with assurance of its stability and legitimacy.