USD Coin (USDC) is a stablecoin pegged to USD on a 1:1 basis, meaning each coin can be redeemed for $1. Fully backed by highly liquid cash and cash-equivalent assets, USDC basically operates as a digital dollar. Launched in September 2018, USDC was designed to offer a reliable, stable asset in times of volatility, which cryptomarkets are known for. It operates as an ERC-20 token, and as of 2024, the coin is managed by Circle, a peer-to-peer payment services company.