USD Coin
About USDC
The price of USD Coin (USDC) is $0.99989964 today, as of Sep 16 08:16 p.m., with a 24-hour trading volume of $6.55B. Over the last 24 hours, the price has decreased by 0.00%. USD Coin currently has a circulating supply of 35.35B and a market cap of $35.34B.
USD coin (USDC) is an Ethereum-based stablecoin – a type of digital asset whose value is pegged 1:1 with the U.S. dollar. That means holders can redeem 1 USD coin for $1 at any time. Every USDC is backed by one dollar or an asset with an equivalent value, held in accounts with U.S. regulated financial institutions.
Launched in late 2018, USDC is designed to maintain a stable value unlike other typically volatile cryptocurrencies. But even stablecoins such as USDC can still be prone to mild changes in price.
USDC’sprice spiked to an all-time high of $1.19 in May 2019, and noted an all-time low of $0.891848 in May 2021. Changes to supply and demand is the main reason stablecoins move off their $1 peg. During bullish market cycles, demand for stable value assets like USDC drops. That causes the price of USDC and other U.S. dollar-backed stablecoins to fall beneath one dollar. Overall, though, USD coin has maintained long periods of stability at $1.
There is no maximum or total supply of USD coin, as new tokens are issued based on demand.
When a user redeems USDC for $1, the team burns (permanently removes) the appropriate amount of USD coin from circulation, and funds from underlying reserves are transferred to the client’s external bank.