Finance / Banking, Decentralized Finance (DeFi), Compound Tokens, Asset-backed Tokens, Ethereum Ecosystem
cUSDC is a decentralized stablecoin project that was launched in 2019 by the Compound protocol.
It is an ERC-20 token built on the Ethereum blockchain and is pegged to the US dollar at a 1:1 ratio. The cUSDC token is designed to provide users with a stable store of value, while also allowing them to take advantage of the benefits of decentralized finance (DeFi). The cUSDC token is fully collateralized by USDC, which is an ERC-20 token issued by Circle and Coinbase.
This means that for every cUSDC token in circulation, there must be an equivalent amount of USDC held in reserve. This ensures that the value of cUSDC remains stable and does not fluctuate with market conditions. The cUSDC token can be used for a variety of purposes, including lending, borrowing, trading, and investing.
It can also be used as collateral for other DeFi protocols such as MakerDAO and Compound.