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USD Coin

USD Coin

USD Coin is a price stable cryptocurrency backed by the US dollar.

OverviewStructured DataIssuesContributors

Contents

circle.com/en/usdc
centre.io/usdc
Is a
Cryptocurrency
Cryptocurrency

Cryptocurrency attributes

Industry
‌
Fiat-collateralized
0
Cryptocurrency
Cryptocurrency
0
Stablecoin
Stablecoin
0
Ticker Symbol
USDC0
Block Explorer URL
tronscan.org
tomoscan.io/token/0xc...b223bcfdf0
solscan.io/token/EPj...GkZwyTDt1v
snowtrace.io/token/0x...9c1a4C664
polygonscan.com/token/0...9aa84174
moonriver.moonscan.io/toke...0ad7d
ftmscan.com/token/0x0...62335D5B75
explorer.roninchain.com/tok...8adc
...
Announcement URL
blog.circle.com/2018/09...sd-coin/
Also Known As
USDC
USDCoin

Other attributes

CEO
Jeremy Allaire (entrepreneur)
Jeremy Allaire (entrepreneur)
Circulating Supply
53,410,157,929
CoinGecko ID
usd-coin0
Strategic Partnerships
Stacks
Stacks
0
Competitors
TrueUSD
TrueUSD
0
USDD
USDD
HUSD
HUSD
Gemini Dollar
Gemini Dollar
Neutrino USD
Neutrino USD
TondoCoin
TondoCoin
0
Tether (cryptocurrency)
Tether (cryptocurrency)
0
Digix Gold Token
Digix Gold Token
0
Contact Page URL
algoscan.app/asset/31566704
solscan.io/account/E...GkZwyTDt1v
ftmscan.com/token/0x0...62335D5B75
etherscan.io/token/0x...e3606eb48
bscscan.com/token/0x8...7b32cd580d
blockscout.com/xdai/ma...60fb7A83
Cryptocurrency Symbol
USDC
Founded Date
January 1, 2018
Medium URL
medium.com/centre-bl...d/usd-coin
Partner Organizations
CENTRE
CENTRE
0
Dropstab
Dropstab
0
Circle (company)
Circle (company)
0
Contract Number (US Government)
0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Exchange
0
Coindesk Limited
Coindesk Limited
0
Binance
Binance
0
Bitfinex
Bitfinex
0
Coinbase
Coinbase
0
Gemini
Gemini
0
Bitstamp
Bitstamp
0
Bybit
Bybit
0
...
Token Standard
ERC-20 on Waves0
BEP-200
ERC-20 on Bitgert0
TRC210
ERC-20 on Polygon0
ERC-20 on KardiaChain0
ERC-20 on ETHW0
ERC-20 on Dogechain0
...
Total Supply
53,410,157,9290
Wallet
metamask.io
Wikidata ID
Q100781882
Overview

USD Coin (USDC) is a stablecoin pegged to the US dollar on a 1:1 basis, which means every unit of USDC is supposed to be backed by the same amount of US dollars held in reserve, both in cash and in short-term US treasury bonds. USDC was launched in late 2018 and is designed to offer greater stability in its price than other cryptocurrencies. There is no maximum or total supply of USDC, as new tokens are intended to be issued on demand. The stability of the coin is designed to avoid the volatility of fixed-supply cryptocurrencies, increase currency-to-cryptocurrency conversion, and increase participation in cryptocurrency.

The USD Coin is available as an Ethereum ERC-20, Algorand ASA, Avalanche ERC-20, Flow FT, Hedera SDK, Solana SPL, Stellar asset, and TRON TRC-20; it is expected to grow as other fiat currencies are added. This allows the coin to be compatible with the Ethereum, Algorand, Solana, Avalanche, Flow, Hedera, Stellar, and TRON blockchains and their ecosystems.

History

Developed by Circle, USDC is managed by Centre, while new coins of USDC continue to be issued by Circle. The reserves backing USDC's price stability are held in the custody and management of US financial institutions, including BlackRock and BNY Mellon, while each month Grant Thornton LLP provides a third-party audit to ensure the USDC reserves remain stable. USD Coin is available on the Optimism Layer 2 scaling product for the Ethereum network to allow for collaboration and for other layer-2 opportunities for USDC.

How it works

USDC allows users to send tokenized fiat currency across a blockchain network, which can be faster and cheaper than sending dollars through a legacy banking system, allowing the user to generate USDC by sending USD to the token issuer in exchange for USDC and redeem USD by reversing the process. The first process tokenizes the USD by minting new USDC, while redeeming the USDC for USD burns the equivalent USDC token from the network, minus all incurred fees. Further, unlike other stablecoins, such as USDT (Tether), the USDC creators are obligated to provide full transparency, which as noted above they do through third parties. All monthly attestations are available through Circle.

Use cases for USD Coin

Use case
Description

Blockchain interconnection

Since USDC is compatible with several autonomous blockchains, it can be used to integrate payment systems and applications across blockchains.

Global crowdfunding

Organizations and companies can use USDC to raise money from investors and donors which can ensure the value of the money raised does not fluctuate over time.

Hedge against inflation

Non-US investors concerned with inflation of a local currency can hold USDC to help protect the value of their money.

Hedge against volatility

Investors can reduce their portfolios' volatility by strategically buying a stablecoin like USDC. Owning USDC during periods of significant market volatility can help to stabilize a portfolio's value.

Pricing in fiat money

Digital assets listed on cryptocurrency exchanges can be priced in fiat money using a stablecoin like USDC.

Timeline

No Timeline data yet.

Further Resources

Title
Author
Link
Type
Date

Centre | USD Coin

Centre

https://www.centre.io/usdc

Web

Circle Executives To Lawmakers: Digital Assets Make the U.S. More Competitive

https://www.circle.com/blog/circle-executives-tell-lawmakers-digital-assets-make-the-u.s.-more-competitive

Web

Episode 8: Around the World in 40 Minutes -- Digital Dollars in Action

https://youtu.be/QRe3txilUKg

Web

June 18, 2020

Fixed-Income Investing and the Role of USDC Yield

https://www.circle.com/blog/fixed-income-investing-and-the-role-of-usdc-yield

Web

Flow USDC is Ready for Prime Time

https://www.circle.com/blog/flow-usdc-is-ready-for-prime-time

Web

References

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