What are USDC and USDT?
What is USDC?
Coins that are tied to the US dollar are called USD Coins (USDC). Known as USDC, the Center Consortium has been a major supporter of USD Coin since its inception in 2018. (led by Coinbase and Circle). The consortium’s stated goal is to produce a stable digital currency and develop an environment where financial partners, wallets, exchanges, and crypto firms may engage under current global financial rules..
In addition to Ethereum, Avalanche (AVAX), Algorand, Solana, Hedera Hashgraph (HBAR), Tron, Stellar, and many more, USDC may be found on a variety of other decentralized platforms. US-based financial institutions are said to hold USD 1 or an asset of equal value for each USDC, according to the consortium.
Transferring fiat cash to get USDC is possible for those who onramp via a USDC issuer. To verify, confirm, and manufacture USDC tokens, the issuer will work with the Center to carry out a sequence of instructions. The user may then transfer the tokens to other parties outside of the platform.
An issuer must be requested in order to redeem USDC. The USDC tokens are “burned” and the underlying reserves are sent to the user’s bank account when they have been confirmed and validated.
USDC has a market valuation of 48.7 billion dollars at the time of this writing.
