USDC is a stablecoin that is pegged to the U.S. dollar and is issued by Circle. USDC was first issued on the Ethereum blockchain as an ERC-20 token, but has expanded to others, such as Solana, Flow and Stellar. USDC’s peg mechanism to the dollar uses a 100% collateralisation approach, in which every USDC token in circulation has $1 in cash that is held in collateral. Each month, Circle publishes attestation reports by Grant Thornton regarding its reserves.