USDC is a fully collateralized US Dollar stablecoin, based on the open source fiat stablecoin framework developed by CENTRE. USDC provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.
By using Circle's USDC issuance service, institutional investors and businesses can deposit US dollars from bank accounts, convert those dollars into USDC tokens and deposit them on any supported exchanges to trade crypto assets. Conversely, customers can withdraw USDC tokens from other exchanges into Circle's USDC service and redeem the corresponding amount of US Dollars, which can be transferred to bank accounts.