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Stablecoins (e.g. USDC, USDT) are a type of cryptocurrency that are pegged to a fiat currency, typically the US dollar but can be pegged to other fiat currencies (e.g. EURC is pegged to the Euro). They maintain this peg by being backed by a reserve of that fiat currency. By having the stability of fiat and the flexibility, programmability, and speed of crypto, stablecoins have become extremely popular for people globally.
Stablecoins are stable and liquid assets that are widely used globally to send and receive payments, invest, and more.

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USDC

USDC is a stablecoin pegged to the US dollar. Circle is the issuer of USDC and maintains a reserve surplus of all USDC in circulation to maintain the peg. These reserves are held by Blackrock and independently audited by Deloitte.

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USDT

USDT is a stablecoin pegged to the US dollar. As of this writing, USDT is the most widely used stablecoin by transaction volume. Tether is the issuer of USDT.

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L1s and L2s

Ethereum is the original layer-1 (L1) blockchain that USDC was launched on. Overtime, due to the high gas fees and congestion, layer-2s (L2) were developed as an optimization built on top of the Ethereum L1. The primary L2 that Consul uses is Base, Coinbase’s L2 blockchain. All USDC funds are held on Base.
A stablecoin can exist on an L1 and/or an L2. USDC exists on both Ethereum and Base. USDT volume is primarily on Tron, a separate L1 from Ethereum.

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Wallet Infrastructure