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Launched in September 2018, USDC is an ERC-20 token issued by regulated financial institutions and backed and redeemable on a 1:1 ratio for USD. USDC is governed by Centre, a membership-based consortium that sets technical, policy, and financial standards for stablecoins. It has attained wide adoption since its inception due to its transparency and easy integration with all ERC-20 compatible wallets. One major fundamental tenet upon which USDC was built is to help financial market participants benefit from secure crypto networks through its open-source network. USDC has a defined and open membership scheme in which eligible financial institutions can become issuers of the stablecoin. The affiliation with regulated institutions gives new businesses the confidence to transact using USDC. USDC token holders can initiate a transaction to redeem their tokens for USD that must be verified and validated by already onboarded financial institutions. This process leads to the burning of the USDC tokens and the equivalent amount of USD is sent to the user's bank account. With USDC, Centre hopes to create a system of financial equality and transparency. This is achieved based on a monthly audited report from the top five accounting firm, Grant Thornton LLP.
USDC can be acquired on cryptocurrency exchanges such as Coinbase and transferred to any ERC-20 compatible wallet. It can be stored, traded, or used to make purchases on platforms that support the coin.