It is pegged to the United States dollar, and is distinct from a central bank digital currency (CBDC).

[9] On March 29, 2021, Visa announced its support for USDC, enabling the cryptocurrency to be used for selling transactions within its payment network.

[13] In August 2023, Circle and Coinbase dissolved the Centre Consortium, the entity responsible for managing USDC since 2018.

[14] In February 2024, Circle discontinued USDC on the TRON blockchain following a risk management review.

[8][16] According to data compiled by Visa, USDC overtook Tether in stablecoin transaction volume in August 2024.