What is USD Coin (USDC)? USD Coin (USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. It is backed by $1 held in reserve, in a mix of cash and short-term U.S. Treasury bonds. USDC is issued by regulated financial institutions through the Centre consortium. The stablecoin was launched in September 2018 and aims to provide digital money for the digital age. It has various use cases, including providing a safe haven for crypto traders, enabling businesses to accept payments in digital assets, and disrupting sectors like decentralized finance and gaming. The founders of USD Coin are Circle and Coinbase, and the Centre consortium is open to other crypto ventures joining. Circle co-founders Jeremy Allaire and Sean Neville believe in the potential of an open internet of value exchange to transform and integrate the world. In 2020, Circle and Coinbase announced upgrades to USDC's protocol and smart contract to enhance its usability for everyday payments and peer-to-peer transactions.