USD Coin (commonly known by its ticker symbol USDC) is a stablecoin pegged to the US dollar at a 1:1 ratio. For every unit of USDC issued, there is a reserve of one US dollar in cash or short-term US Treasury bonds backing it. The Centre Consortium, which oversees this asset, states that USDC is issued by regulated financial institutions.
The stablecoin was launched in a limited capacity in September 2018. Simply put, USD Coin's slogan is "Digital money for the digital age," and the stablecoin is designed for a future where cashless transactions become more widespread.
USD Coin also has a variety of uses. In addition to providing a safe haven for cryptocurrency traders during periods of price volatility, supporters of stablecoins point out that USD Coin allows businesses to receive payments in the form of digital assets, while also disrupting industries such as decentralized finance and gaming.
In summary, the goal of the project is to create an ecosystem that increases the number of wallets, exchanges, service providers, and dApps that accept USDC.
Source: CoinMarketCap