USDC is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 of cash or short-term U.S. Treasury bonds.
USD Coin was founded by Circle, a peer-to-peer payment services company, and Coinbase in September 2018 and now it’s the second most important stablecoin on the crypto market as the graph below shows. It can also be noted that during the market crash the dominance of stablecoins increased significantly.
The transparency over the provenance of its funds has been a big reason for USDC's success. Unlike its rival USDT, which has found itself embroiled in repeated investigations, USDC has never been accused of any wrongdoing.
Here you can find the report of the liquidity behind USDC emission: [https://www.centre.io/usdc-transparency?hsLang=en]
In fact, USDC has enjoyed this good reputation in the past by gaining market share over its rival, but, despite this, its circulating currency (in blue) has decreased faster than USDT (in green) in recent weeks.
USDT in green, USDC in blue, BUSD in yellow, and DAI in purple, aggregated stablecoins market cap in red and bitcoin price in black.
Today, USDC’s market cap is 44 billion and its ecosystem is growing very fast. In fact, it’s supported by the most important exchanges, De-Fi and Ce-Fi platforms, wallets, app and service providers. It’s available on Ethereum, Algorand, Binance Smart Chain, Solana, Polygon, Fantom, Avalanche, Tron and many others.