Each USDC is redeemable for one dollar, and is backed by one dollar or a dollar-denominated asset with equivalent value held in accounts at regulated U.S. financial institutions . Those accounts are audited by U.S. accounting firm Grant Thornton LLP, which issues monthly attestations on the reserves backing USDC.
Read moreHow does Coinbase make money on USDC?
Coinbase makes money from the spread on crypto trades made on its platform, transaction fees on the Coinbase debit card, spread when converting to fiat currency, and staking .
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