The USDC stablecoin was created by CENTRE, an organization founded by crypto exchange Coinbase and financial technology (FinTech) firm Circle. Each USDC is redeemable for one dollar, and is backed by one dollar or a dollar-denominated asset with equivalent value held in accounts at regulated U.S. financial institutions. Those accounts are audited by U.S. accounting firm Grant Thornton LLP, which issues monthly attestations on the reserves backing USDC. The value of cryptocurrency is determined by supply and demand, just like anything else that people want. If demand increases faster than supply, the price goes up. For example, if there’s a drought, the price of grain and produce increases if demand doesn’t change. The same supply and demand principle applies to cryptocurrencies. Cryptocurrency gains value when demand rises higher than supply.
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Get this delivered to your inbox, and more info about our products and services. Top website in the world when it comes to all things investing. PayPal USD will be available to consumers, merchants and developers to seamlessly connect fiat and digital currencies. As the only stablecoin supported within the PayPal network, PayPal USD leverages PayPal’s decades-long experience in payments at scale, combined with the speed, cost and programmability of blockchain protocols. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will be deployed to power experiences within the PayPal ecosystem.