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The Centre Consortium, a collaborative effort between Circle and Coinbase, produced USD Coin (USDC), a dollar-pegged stablecoin. Circle released it on September 26, 2018.

In October 2018, Coinbase joined Circle to establish ground rules for the creation of fiat-based stablecoins.

According to CoinMarketCap, a cryptocurrency data reporting service, the USD Coin was the 19th biggest cryptocurrency by market capitalization in mid-January 2019, with over 381 million units in circulation. USDC’s market value has decreased to around $347 million by mid-May 2019, making it the 29th biggest cryptocurrency by market capitalization.

The Centre Consortium issued an attestation submitted to Circle by the independent accounting firm Grant Thornton on January 17, 2019, stating that Circle has $251,211,209 in custody accounts against a total issuance of 251,211,148 USDC.

Circle announced in late January 2019 that USDC has been accepted by over 100 crypto-focused organisations, including exchanges, wallets, platforms, applications, and service providers.

USDC was available for trade in 85 countries as of May 14, 2019, according to Coinbase.

During the first 20 days of March 2020, USDC issuance allegedly increased at a rate of more than $10 million/10 USDC million each day, despite tumultuous global equity markets and fluctuating bitcoin, ether, and other cryptocurrency values.

On March 20, there were 641,840,125 USDC in circulation, according to CoinMarketCap, making USD Coin the 19th most valuable cryptocurrency by market value. According to online data reporting service CoinGecko, USDC issuance surpassed 6.7 billion on February 10, 2021, following the surge in DeFi transactions in 2020 and the rise in cryptocurrency values across the board.

On March 29, 2021, credit card processor VISA stated that it will begin utilising USDC to settle fiat payments with select partners later that year. There were $10,839,408,201 USDC in circulation at the time of the announcement.

USDC is still a cryptocurrency for which you don’t have a private key, but it’s marketed as a stable coin, which makes most people feel better about it.

If you keep your money in USDC, it’s the same as if you kept it in Bitcoin or any other Coinbase cryptocurrency. Because you don’t own your USDC physically, you only possess a guarantee that it’s held in your custodian’s, there’s a danger of losing your money and/or being unable to move it if the exchange goes tits up at some time.

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