USD Coin (USDC) is a stablecoin pegged to the US dollar at a 1:1 ratio. It was created by the Centre Consortium, a collaboration between Coinbase and Circle, to provide a more stable and secure digital currency option. USDC is backed by reserves of US dollars held in segregated accounts, ensuring transparency and reliability. It is commonly used for trading, lending, and other cryptocurrency transactions due to its stable value and quick settlement times.