USD Coin (usually called by its short name, USDC) is a stablecoin pegged to the US dollar in a ratio of 1 to 1. Each unit of this cryptocurrency in circulation is backed by 1 dollar, which is stored in reserve in the form of a mix of cash and short—term US Treasury bonds.

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1/ First off, I have a lot of sympathy for everyone involved in the current situation with FTX - it's stressful any time there is potential for customer loss.