USD Coin (USDC) is a blockchain-based cryptocurrency whose tokens in circulation are backed by an equivalent amount of U.S. dollars, making it a stablecoin with a price pegged to USD $1.00. Stablecoins track traditional fiat currencies, like the dollar, the euro, or the Japanese yen, which are held in a designated bank account.
As a stablecoin, USDC should always be equal in value to its underlying currency. In this case, one USDC is equal to one U.S. dollar.
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