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The Centre Consortium was established by two founding members: Circle, a peer-to-peer payment services company, and Coinbase, a leading cryptocurrency exchange. The consortium is open to other crypto ventures interested in joining its efforts. Explaining the vision behind USDC, Circle co-founders Jeremy Allaire and Sean Neville stated: "We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet." In 2020, Circle and Coinbase jointly announced a significant upgrade to USDC’s protocol and smart contract. These improvements aim to enhance USDC’s usability for everyday payments, commerce, and peer-to-peer transactions, further advancing its adoption in global markets.

The stablecoin market has grown increasingly competitive in recent years, but USDC has sought to distinguish itself in several key ways. One primary focus is transparency. USDC assures users that they can redeem 1 USDC for $1 without issue. To reinforce this, a reputable accounting firm is engaged to regularly verify the reserves backing the stablecoin, ensuring they match the total number of tokens in circulation. Circle and Coinbase, the entities behind USDC, have also prioritized regulatory compliance, which has facilitated their international expansion and established trust within the market. Additionally, both organizations are well-funded, providing stability and confidence in the project’s long-term viability. Although Coinbase once considered diversifying the assets backing USDC, the proposal was withdrawn following strong community opposition. Transparency about the sources of USDC’s reserves has been a major contributor to its success. Unlike its competitor USDT, which has faced repeated investigations and controversies, USDC has maintained a clean track record, free from accusations of wrongdoing. This reputation for trustworthiness has allowed USDC to gain significant ground on USDT’s dominance in the stablecoin market. While USDT held a commanding 74% market share compared to USDC’s 16% in February 2021, this gap narrowed significantly by February 2022, with USDT’s share declining to 45% and USDC’s rising to 30%.