Memecoins are cryptocurrencies often inspired by internet memes or trends. They are typically characterized by their volatile nature and lack of intrinsic value. Despite their inherent risk, memecoins have gained visibility due to the…
Tl;dr: Cyber criminals bribed and recruited a group of rogue overseas support agents to steal Coinbase customer data to facilitate social engineering attacks.
Rest assured, Coinbase products and services continue to operate as usual - today’s news does not require any changes to our current products or services.
Coinbase Global, Inc. is an American cryptocurrency exchange. [4 ] [5 ] [6 ] It was founded in 2012 by Brian Armstrong and Fred Ehrsam. [1 ] Coinbase has over 100 million users, [7 ] and is the largest U.S.
The live USDC price today is $0.9999 USD with a 24-hour trading volume of $23,381,386,701.41 USD. We update our USDC to USD price in real-time.
What Is USDC (USDC)?USDC is a [stablecoin](https://coinmarketcap.com/alexandria/article/what-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 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds. The Centre consortium, which is behind this asset, says USDC is issued by regulated financial institutions. The stablecoin originally launched on a limited basis in September 2018. Put simply, USDC’s mantra is “digital money for the digital age” — and the stablecoin is designed for a world where cashless transactions are becoming more common. Several use cases have been unveiled for the USDC. As well as providing a safe haven for crypto traders in times of volatility, those behind the stablecoin say it can also allow businesses to accept payments in digital assets, and shake up an array of sectors including decentralized finance and gaming. Overall, the goal is to create an ecosystem where USDC is accepted by as many wallets, exchanges, service providers and dApps as possible.Who Are the Founders of USDC?The Centre Consortium has two founding members. One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange. Other crypto ventures are open to join this consortium. Explaining the rationale behind USDC, Circle co-founders Jeremy Allaire and Sean Neville wrote: “We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet.” In 2020, Circle and Coinbase collectively announced a major upgrade to USDC’s protocol and smart contract. The goal of these enhancements is to make it easier for USDC to be used for everyday payments, commerce and peer-to-peer transactions.What Makes USDC (USDC) Unique?The stablecoin market has become exceedingly crowded over recent years — but USDC has aimed to stand head and shoulders over competitors in several ways. One of them concerns transparency — and giving users the assurance that they will be able to withdraw 1 USDC and receive $1 in return without any issues. To this end, it says a major accounting firm is tasked with verifying the levels of cash that are held in reserve, and ensuring this matches up with the [number of tokens](https://coinmarketcap.com/alexandria/article/what-is-tokenomics) in circulation. Unlike some crypto ventures, Circle and Coinbase have also achieved regulatory compliance — and this has helped pave the way for international expansion. Both projects are also well-funded, giving the stablecoin certainty. [Coinbase](https://coinmarketcap.com/exchanges/coinbase-exchange/) briefly contemplated [diversifying the funds backing USDC](https://coinmarketcap.com/alexandria/article/facing-criticism-coinbase-promises-usdc-stablecoin-will-be-100-dollar-backed-again), but retracted that proposal after heavy community backlash. The transparency over the provenance of its funds has been a big reason for USDC's success. Unlike its rival [USDT](https://coinmarketcap.com/currencies/tether/), which has found itself embroiled in repeated [investigations](https://coinmarketcap.com/alexandria/article/is-tether-untouchable-the-latest-twist-in-a-long-running-drama), USDC has never been accused of any wrongdoing. That has led to USDC gobbling up much of USDT's dominance in the [stablecoin](https://coinmarketcap.com/alexandria/glossary/stablecoin) market: although USDT commanded a 74%:16% lead in market share in February 2021, this has shrunk to a 45%:30% lead in February 2022.
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