USDC is a fully regulated dollar digital stablecoin launched by Circle and Coinbase. USDC is fully backed by cash and short-dated U.S. government obligations, so that it is always redeemable 1:1 for U.S. dollars.
Launched in 2018, USD Coin (USDC) is a fiat-collateralized stablecoin by the CENTRE consortium, a partnership between Circle and Coinbase created to develop price-stable crypto assets and network protocols. The project was launched from the realization that the industry needed a fiat-collateralized stablecoin with strong governance and transparency, in contrast to previous stablecoins.
As described by the whitepaper, USDC exists to serve global payments and crypto exchange use cases as a price stable token. Each month, Circle publishes attestation reports by Grant Thornton regarding the reserve balances backing USDC.