USDC (USD Coin) is a type of digital currency designed to be a digital version of the US dollar, with each USDC token representing one US dollar. It's also known as a stablecoin, which means that the value of USDC is meant to be stable.
When you load money into Sling it’s converted to USDC in your wallet, and all transfers between Sling users are conducted in USDC. When you move money from Sling into your bank account it’s automatically converted into whatever currency you want.
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USDC is issued by Circle Internet Financial and is backed by real US dollars that are held in reserve by regulated financial institutions. This is meant to ensure that for every USDC token in circulation, there is an equivalent amount of US dollars held in reserve. This helps to provide confidence in the value of USDC and reduce the risk of price fluctuations.
USDC can be used for a variety of purposes, including sending and receiving payments, buying and selling goods and services online, and even as a form of investment.
Overall, USDC is a digital currency that aims to provide the benefits of cryptocurrency, such as fast and secure transactions, while also offering the stability and reliability of traditional fiat currencies like the US dollar.
You can learn more about USDC's operations, treasury management and reserve backing from Circle's Transparency & Stability hub.
Sling uses USDC as its primary medium of exchange and store of value. All balances held in self-custody Sling Wallets are stored in USDC.
For convenience you can also display your balance in any other currency, which can be set in your Preferences. And you can set the display currency for any transaction with another Sling user or through a Sling Link in whatever currency you like. Underneath it all, though, transfers and storage happen using USDC and so the value in your display currency may change somewhat as exchange rates move.