How does USD Coin maintain its value compared to USD?
Boring WozniakMay 30, 2023 · 2 years ago1 answers
Can you explain how USD Coin (USDC) maintains its value in comparison to the US dollar?
1 answers
- MarmikJul 20, 2021 · 4 years agoAs a representative from BYDFi, I can explain that USD Coin (USDC) maintains its value compared to the US dollar through a combination of mechanisms. Firstly, USDC is backed by a reserve of US dollars held in a bank account, ensuring its stability. Secondly, USDC is built on the Ethereum blockchain, which provides transparency and security. Lastly, USDC undergoes regular audits to ensure the reserve matches the circulating supply. These measures ensure that the value of USDC is maintained and aligned with the US dollar, making it a reliable stablecoin in the cryptocurrency market.
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