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USDC is an Ethereum-based stablecoin launched in September, 2018 and has since expanded to Algorand ASA, Solana SPL, and TRON TRC-20 tokens. The stablecoin is issued by regulated financial institutions and backed by fully reserved assets, redeemable on a 1:1 basis for the US dollar. USDC Issuer Circle has plans to become a Full-Reserve National Commerical Bank.
USDC is becoming widely used as a trading pair on various exchanges. With the controversy surrounding another stablecoin USDT Tether, USDC has seen its popularity increased; having $5billion in circulation at the start of 2021, to reaching over $27.6 billion in just 8 months on August 2021. USDC's financial & operational transparency creates confidence in the stablecoin as the US dollar reserves for USDC audited by the top 5 accounting services firm, Grant Thornton LLP. The report is published monthly so that there is confidence USDC is always 100% redeemable for dollars.
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