USD Coin (USDC) is an open-source and smart contract-based stablecoin issued by an international fintech firm called Circle and the US-based cryptocurrency exchange, Coinbase. Together they make up the Centre Consortium, which is responsible for generating and redeeming all USDC tokens. Launched in October 2018, USDC is fiat-collateralized and is pegged to the US Dollar at a 1:1 ratio. This is possible because a mix of cash, cash equivalents, and short-term US Treasury bonds backs USDC. Approximately 10 percent of USDC reserves were held in cash and cash equivalents, with the remainder held in short-term US Treasury bonds.