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Explaining USD Coin (USDC) stablecoin backed 1:1 by US dollar reserves
Cryptocurrencies have exploded in popularity in recent years, but their extreme volatility often hinders their use as a medium of exchange. Stablecoins aim to solve this problem by pegging their value to an external asset, like fiat currencies. One such stablecoin that has gained significant traction is USD Coin (USDC)