USD Coin (USDC) is a fiat-pegged stablecoin launched as a ERC-20 token on the Ethereum blockchain in October 2018. USDC is pegged to the US dollar and can easily be redeemed for US dollars.
Each USDC is backed by a 1:1 ratio with the equivalent amount of fiat currency held in custodial accounts by members of Centre, a consortium founded by Circle and Coinbase. Members of Centre are regulated financial institutions based in the US. Monthly audits of reserves are published by Grant Thornton LLP.
USDC is the world's second-largest stablecoin after USDT and has quickly grown to over $1 billion in circulation. However, USDC remains far behind USDT's $12+ billion in circulation.