USDC

USDC is a fully collateralized stablecoin whose value is pegged one-to-one to the US dollar, meaning each token in circulation is backed by a corresponding dollar-denominated reserve asset held off-chain. It is designed for people, businesses, and financial institutions who want to move US dollar value across cryptocurrency networks without exposure to the price swings typical of other digital assets. The project describes its purpose as removing friction from cross-border value transfer in the same way that email standardized message delivery across different mail services.

USDC is issued and redeemed by a regulated entity that holds reserve assets equal to the circulating supply; when a user deposits dollars, new USDC tokens are minted, and when they are redeemed, the tokens are burned and dollars are returned. The token itself carries no consensus algorithm of its own and instead lives on top of multiple host blockchains, including networks in the Solana, Avalanche, Polygon, Near Protocol, Arbitrum, and Celo ecosystems, among others, using each chain's own settlement mechanism. The circulating supply of 72,980,060,108.82 tokens, against a stablecoin circulating figure of 73,114,059,349.18 recorded at the same point in time, reflects the cross-chain nature of issuance.

The data stored for USDC does not include a protocol fee stream, revenue figure, or any on-chain fee metric, which means fee-based measures commonly shown on this site for other assets are not applicable here. The economic model of a fully collateralized stablecoin issuer typically involves the yield earned on the reserve assets rather than fees charged to token users, but no such figure appears in the data provided, so none can be reported. The 24-hour turnover ratio of 22.768003 and the 30-day average turnover ratio of 23.476176, both expressed as volume relative to market capitalization, indicate that a large volume of USDC moves relative to the total amount outstanding, though these ratios describe activity levels rather than fee generation.