USD Coin (USDC) is a digital currency that is pegged to the US dollar at a 1:1 ratio. This means that each USDC can always be exchanged for one US dollar, making it a so-called stablecoin. USD Coin was launched in 2018 by Centre, a consortium founded by the American crypto companies Circle and Coinbase. The purpose of USD Coin is to offer a stable and reliable cryptocurrency that can be used for transactions, trading, and saving without the volatility often associated with other cryptocurrencies such as Bitcoin and Ethereum. In August 2023, Circle and Coinbase dissolved the Centre Consortium, giving Circle sole governance of USDC. USDC utilizes proof-of-stake-based blockchains to ensure that transactions are verified and executed in a secure and energy-efficient manner.