The USD coin (USDC) is an Ethereum-based stable coin that is pegged to the price of exactly one US dollar. At any given time, you can redeem one USDC for one USD. The ratio is one to one, it doesn’t change. On some platforms, you can stake USDC to earn interest just by holding the coin in your wallet. The USDC is backed by real dollars which further validates the tethered price USDC has.

The coin is governed by Centre, which is a membership-based consortium that sets standards for stablecoins. USDC has rapidly grown the largest stablecoin in the entire globe. Using USDC, you can replace your business’s bank account, build applications, and create USDC-based smart contracts. For every month that goes by, US dollar reserves for USDC are audited by Grant Thorton LLP.

Please note, deposits and withdrawals of USDC are currently unavailable on Swyftx.