Cryptocurrency Q&A
Is USDC backed by USD 1 to 1?
Is USDC backed by USD 1 to 1?
amelia_martinez_engineer
Sun May 12 2024
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6 answers
1527
I've been hearing a lot about USDC recently, and I'm trying to understand its underlying mechanism. Could you clarify for me whether USDC is indeed backed by the US dollar in a one-to-one ratio? This is a crucial aspect for me as I'm considering investing in it. I've read some conflicting information on this matter, and I'm hoping you can provide me with a clear and concise answer. I understand that stability is a key factor in cryptocurrency, and if USDC is indeed fully backed by the US dollar, it would certainly give me more confidence in its value. Could you please elaborate on this point?
6 answers
ThunderBreezeHarmony
Tue May 14 2024
Holders of USDC can always redeem it for US dollars at a 1:1 ratio.
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Andrea
Tue May 14 2024
USDC is a digital currency that mirrors the value of the US dollar.
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Caterina
Tue May 14 2024
This feature provides a convenient way to convert digital assets back into fiat currency.
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SakuraFestival
Tue May 14 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services related to digital currencies.
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Martino
Tue May 14 2024
It is fully collateralized, meaning its value is backed 100% by high-liquidity cash and cash-equivalent assets.
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