What is USDC (USDC)?
USDC, sometimes referred to as USD Coin in the past, is a USD stablecoin issued by CENTRE, a consortium created by Coinbase exchange and a fintech company called Circle. Its value is pegged to the US dollar by fiat currencies and commodities at a 1:1 ratio, which means that 1 USDC is equal to 1 USD.
USDC was first launched as a ERC-20 token in 2018, and has since expanded to other major platforms. 2021 was a big year for the stablecoin as Visa started to accept payments made with USDC.
While there are many USD stablecoins in the market, USDC stands out amongst the crowd because it is created by a regulated entity that is registered with the US government as a Money Service Business. Besides being regulated, reserves backing USDC are audited by Grant Thornton on a monthly basis, ensuring the value and liquidity of the cryptocurrency.
How USDC Works
USDC is a fiat and commodity collateralized stablecoin, which means that for every USDC token issued, there is a dollar or a dollar value in dollar-denominated assets. To maintain the balance between the reserve and the amount of USDC, new USDC is minted every time you use fiat to buy USDC and the fiat is deposited into the reserve; likewise, when you sell USDC to get fiat, the fiat is transferred from the reserves to your bank account and the sold USDC is burned.
What is the difference between USDC and USD Coin?
In September 22, 2023, Circle explained that USDC (pronounced U-S-D-C) is now the official name and symbol for Circle's dollar-backed stablecoin. The name “USD Coin” is being phased out. The existing token addresses remain the same; we will not be introducing a separate token.
How Many USDC Tokens Are in Circulation?
According to the data by the parent company Circle, there are $44.31 billion in circulation as of January 2, 2025. And $44.44 billion is kept in USDC reserves. USDC is backed by the equivalent value of US dollar denominated assets held as reserves for the benefit of USDC holders. Cash is held at regulated financial institutions. The portfolio of the Circle Reserve Fund, which can contain short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash, is custodied at The Bank of New York Mellon and is managed by BlackRock.
How to Buy USDC?
Consider investing in USDC? It only takes 2 minutes to create an account on Bitget and start trading USDC.
Check out the available USDC trading pairs on Bitget!
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USDC (USDC) Resources
Simple 3-step guide to buying USDC today in Saudi Arabia
Create your free Bitget account
Select a funding method
Complete your USDC purchase
Step 1: Create a free account on the Bitget website or the app
Step 2: Place an order for USDC using a payment method of your choice:
Buy USDC with a debit/credit card
For Visa or Mastercard, select Credit/Debit card, then click Add New Card under the "Buy" tab
Credit/Debit in the Buy Crypto tab of the Bitget app
Credit/Debit in the Buy Crypto tab of the Bitget websiteSelect your preferred fiat currency, enter the amount you wish to spend, link your credit card, and then complete your payment with zero fees.
Add a new card to complete your payment on the Bitget app
Enter your bank card details to complete your payment on the Bitget websiteFor Diners Club/Discover card, click Buy Crypto > [Third Party] in the top navigation bar to place your USDC order.
How to buy crypto with credit/debit cardBuy USDC with Google Pay or Apple Pay
Converting your Google Pay and Apple Pay balance into USDC is easy and secure on Bitget. Simply click Buy Crypto > [Third Party] in the top navigation bar to place your USDC order.How to buy crypto via third-party gatewayBuy with bank transfer
We accept various payment methods, including iDeal and SEPA for EUR, PIX for BRL, PayID for AUD, UPI for INR, QRIS, DANA, and OVO for IDR, SPEI for MXN, and GCash for PHP. These services are facilitated by Alchemy Pay, Banxa, Mercuryo, and Simplex payment gateways. Simply select Buy Crypto > [Third Party] in the top navigation bar and select a fiat currency to place your USDC order.Buy USDC with the fiat balance in your Bitget account
You can Deposit fiat funds using Advcash, SEPA, Faster Payments, or PIX payment gateways to top up your Bitget fiat balance. Then, click Buy Crypto > [Cash conversion] in the top navigation bar to place your USDC order.P2P trading
With Bitget P2P, you can buy crypto using over 100 payment methods, including bank transfers, cash, and e-wallets like Payeer, Zelle, Perfect Money, Advcash, and Wise. Simply place an order, pay the seller, and receive your crypto. Enjoy secure transactions with escrow protection.How to buy crypto on Bitget P2P
Step 3: Monitor USDC in your Bitget spot wallet
Bitget—where the world trades USDC
How to buy USDC for free
- Learn how to earn USDC for free through the Learn2Earn promotion
- Earn free USDC by inviting friends to join Bitget's Assist2Earn promotion
- Receive free USDC airdrops by joining On-going challenges and promotions
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