USDC cryptocurrency is a stable coin which is denoted the same as USD on a 1:1 basis. This means that each unit of this crypto that is circulating is being backed up by $1 that is kept in the reserve. The Centre consortium says that USDC is produced by legitimate financial institutions.
This USDC crypto coin was originally launched in September 2018 on a limited basis. If we talk about its mantra, it is "digital money for the digital age." Moreover, this coin is basically designed to provide cashless transactions to the world.
The tokenomics of this coin:
Total Supply: 34,813,867,352 USDC
Circulating Supply: 34,813,867,352 USDC
Maximum Supply: No limit set
Fully DIluted Market Cap: $34,813,130,778
Current Price: $1
There is no limit set to the production of USDC crypto coins and limitless coins can exist. While discussing how many coins there are in circulation, there is no exact number to be mentioned. The USDC company creates news coins as per the demand of the users.
There are various use cases where USDC has been very useful and has provided a safe haven to the traders during high volatility. Those behind this cryptocurrency are sure that the businesses will also be allowed to accept payments in digital assets. Overall, the aim is to build an ecosystem in which various wallets, exchanges, service providers, and DApps accept USDC.
There has come a lot of crowd in the stable coin market over the years but USDC has the aim to stand shoulder to shoulder with the competitors in various ways.
The major reason for concern is transparency and assurance to the users that they can withdraw 1 USDC coin and get $1 in return. A major accounting firm has the responsibility of verifying all the cashing levels and ensuring that the number of tokens in circulation matches it.
There are various crypto ventures but Circle and Coinbase have achieved regulatory compliance and have helped USDC to pave the way for expanding internationally.
While both USDT and USDC serve the same purpose, they differ in a few key aspects - most notably, in transparency, adoption, and reserves.
Both USDT and USDC differ is a few key aspects:
Adoption
People have adopted Tether, launched in 2014, more than USDC, launched in 2018. Due to a longer presence in the crypto space, Tether attracts a larger user base.
Reserve Assets & Transparency
There have come various scrutiny issues and fines towards Tether for misleading users about the reserves it has. It has been investigated that Tether had been holding on to 27.6% of the value of the stablecoin USDT in its reserves. However, even though USDC has faced a lot of challenges, it still offers third-party assurances to users every month for the reserves.
Regulatory Compliance
Regulated financial institutions hold the reserves that are backing USDC to ensure compliance while following financial regulations. Even though Tether claims that they follow world-class compliance measures, the lack of transparency in regards to those measures says otherwise.
