Launched USDC in 2018
Now has EURC as well
USDC was managed by Centre consortium a JV between Circle and Coinbase
Aug23, the Centre Consortium is dissolved and Coinbase takes a stake in Circle, Circle becomes the main issuer of USDC
Total Stablecoin Market - 125 B. It is essentially a duopoly (USDT- 91B, USDC - 24B). https://defillama.com/stablecoins
Other notable players - DAI (Algorithmic stable coin - 5 B) and TrueUSD(2.4B)
The dollar reserve of circle is invested in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund. https://www.blackrock.com/cash/en-us/products/329365/
USDC is natively accessible in 15 blockchain networks Algorand, Arbitrum, Avalanche, Base, Ethereum, Flow, Hedera, NEAR, Noble, OP Mainnet, Polkadot, Polygon PoS, Solana, Stellar, and TRON
USDC has also been bridged to other networks leading to creation of wrapped assets like USDC.e
USDC depegged for sometime in Mar 2023 with 3.3B stuck with Silicon valley bank
VS Tether
The question becomes even more important why USDT dominates stablecoin market with about 70% share?
First mover advantage?
China angle - Tether transaction volumes remain high across major Asian exchanges and over-the-counter (OTC) trading desks. It allow Chinese investors to exchange yuan for USDT to circumvent strict capital controls. 5.6 B amd [54 M](https://forkast.news/china-uncover-usdt-money-laundering/#:~:text=Police in China's Shanxi Province,to over US%2454 million.)
Why USDC