USDC is a stablecoin pegged to the US dollar and issued by Centre, a consortium including Coinbase and Circle. Unlike other cryptocurrencies, it is backed by a reserve of traditional fiat currencies and short-term US Treasury bonds, making it less volatile than other crypto assets. This stability has made USDC popular as a medium of exchange and store of value in the crypto market. Its widespread acceptance and ease of conversion to other cryptocurrencies further contribute to its significance.