USDC is a Stablecoin - a coin whose value is pegged to the dollar. To understand more about Stable coins, feel free to read this article on Gemini: https://www.gemini.com/cryptopedia/what-are-stablecoins-how-do-they-work#section-how-do-stablecoins-work
USDC is backed by fully reserved assets. For more details, check out this article on What Makes Stablecoins Like USDC Stable?
How is USDC Stored?
USDC is stored as a token or asset on a variety of blockchains. Just as a dollar can be stored in a variety of accounts, a USDC can be stored on a variety of blockchains. Here are a few examples:
- Ethereum ERC-20 Token
- Avalanche ERC-20 Token
- Algorand ASA
How does the value of my USDC change depending on where I hold it?
The value of USDC remains constant across chains. The only difference is the blockchain network that the funds are being transferred across. A similar analogy is that all US Dollars hold the same worth independent of which bank holds the assets.
Is USDC the same thing as USDT or another stable coin?
Each stable coin is managed by a different governing body with different approaches to ensure that appropriate reserves are held in place. USDC is generally considered one of the most reputable stable coins available.
Simply because a token/asset is called a stable coin does not infer it is actually stable.
How is USDC Purchased/Sold?
USDC can be purchased on many exchanges or via peer-to-peer purchases. Almost all exchanges offer withdrawal into USDC-ETH.
USDC-Algorand and USDC-Avalanche are less commonly available.
How is USDC Transferred?
USDC is transferred the same way any other ERC-20 token or Algorand Asset is transferred on the blockchain as a peer-to-peer transaction.
Withdrawals of USDC from an exchange, for example, are generally to a blockchain wallet via a peer-to-peer transaction.