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USDCoin is a stablecoin pegged to the US dollar and backed by US dollars held in reserve. USDC was designed to facilitate the onboarding process of a stable coin into the cryptocurrency market. The challenges for the widespread adoption of stablecoins include monetary sovereignty risk, AML compliance, and regulatory uncertainty. The benefits include cost, interoperability, and speed. The payments are settled within a minute, as a rule, depending upon the underlying blockchain. USDC became the first stablecoin that was listed on the biggest trading platform.