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What is USD Coin (USDC)?
USDC —— Fully Regulated Dollar Digital Stablecoin
Website Explorer Documentation
- USDC is the world’s fastest-growing, fully regulated dollar digital stablecoin. USDC is built on top of the open-source fiat stablecoin framework developed by Centre, and is currently managed by a consortium of members including Circle and Coinbase.
- USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars, and governed by Centre, a membership-based consortium that sets technical, policy and financial standards for stablecoins.
- USDC is natively supported on multiple layer 1 blockchains including Ethereum as an ERC-20 token, Algorand as an ASA token, Solana as a SPL token, TRON as an TRC-20 token, and Stellar as a native asset.
- As an open standard and public smart contract, USDC has rapidly grown the largest stablecoin industry ecosystem in the world.
USDC Key Metrics
| Ranking | #7 |
|---|---|
Market Cap | $27,331,214,510.39 |
Circulating Supply | 27,322,729,432 |
Total Supply | 27,322,729,432 |
About USDC
USDC is a stable currency anchored to the U.S. dollar. For every USDC user purchases, Circle will deposit 1 USD to the designated bank (Silvergate Bank) and send the minted USDC to the user.
USDC is built on top of the open-source fiat stablecoin framework developed by Centre, and is currently managed by a consortium of members including Circle and Coinbase. Businesses looking to utilize USDC in an internet-native way can leverage Circle’s APIs to complete card payments, wires, ACH transfers and other types of payments that settle in USDC in a digital or hardware wallet, as opposed to fiat currency in a bank account.
USDC is natively supported on multiple layer 1 blockchains including Ethereum as an ERC-20 token, Algorand as an ASA token, Solana as a SPL token, TRON as an TRC-20 token, and Stellar as a native asset.
As an open standard and public smart contract, USDC has rapidly grown the largest stablecoin industry ecosystem in the world. Hundreds of companies, products and services support the USDC standard, including digital wallets, exchanges, DeFi protocols, savings, lending and payment services. USDC is creating value for the entire blockchain ecosystem.
About Centre and USDC
USD Coin (USDC) is a stable currency brought by Circle and Coinbase, an open source, smart contract-based stable currency. In October 2018, Circle and Coinbase jointly announced the establishment of the CENTRE Consortium and launched its first stable currency, the US Dollar Coin. Since then, Circle and Coinbase have been committed to building and establishing the CENTRE network: this is a membership-based framework and governance program for the development and growth of Internet currency.
CENTRE members also jointly contributed to the development of technical standards and open-source software supporting the CENTRE Network protocol.
- Statutory blockchain solution
As more goods and services are tokenized, smart contract platforms will become the basic building blocks of value exchange. CENTRE's open source transparent stablecoin framework allows fiat currencies to interact with smart contracts, thereby providing developers with a viable way to use real-world currencies in blockchain applications.
- Financial transparency
CENTRE stablecoins are issued by regulated and licensed financial institutions, which retain all reserves in equivalent legal tender. The US dollar reserves for USDC are attested to by top 5 accounting services firm, Grant Thornton LLP, will publish monthly reports on these reserves.
About Circle and Coinbase
Circle is the company with the largest number of licenses in the crypto asset industry. It currently has payment licenses in the United States (including BitLicense in New York State), the United Kingdom and the European Union, and therefore has a compliance channel for the three mainstream currencies of the U.S. dollar, British pound, and euro to enter and exit crypto assets.
Professional service company Grant Thornton will publicly report the financial status of USDC issued by Circle every month. This measure of independent third-party audits maximizes the security of customers’ funds and solves the current market’s pain points of opaque depository accounts during the use of USDT.
Founded in 2012, Coinbase is a trading platform registered in the United States with a legal digital currency trading license. It has proposed high KYC (know your customer) and AML (anti-money laundering) access standards for registered users. The current business mainly includes Bitcoin Wallets and trading platforms allow merchants and consumers to use cryptocurrency for transactions. Coinbase's business covers more than 100 countries, approximately 43 million individual users, 7,000 institutions, and 115,000 ecosystem partners.
On April 14, 2021, U.S. time, Coinbase was listed on the Nasdaq under the stock code "COIN". It is the first bitcoin exchange with a formal license in the United States and the first listed cryptocurrency company.
USDC Community and Social Channel
