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USD Coin basics
USD Coin (USDC) is fiat-collateralized stablecoin that offers the advantages of transacting with blockchain-based assets while mitigating price risk. Each USDC is issued as an ERC-20 token on the Ethereum blockchain and is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves.
USD Coin token type
USDC can be transacted over the Ethereum blockchain in the same manner as Ether or any other ERC-20 asset. If a user wishes to redeem USDC they can send tokens to an address controlled by CENTRE members who will destroy the tokens and transfer fiat currency to the user's bank account. USDC’s existence on public blockchains allows traders and exchanges to use USDC as an alternative to fiat currencies allowing them to outsource their banking needs to CENTRE. USDC existence as an ERC-20 token on Ethereum allows it to be integrated with Ethereum based applications. In addition to being used a method of payment, USDC can also be lent, borrowed, staked, and traded using DeFi protocols.
USD Coin technology explained
USD Coin is the first implementation of CENTRE's fiat-back stablecoin network, launched as an ERC-20 compliant token on Ethereum. USDC relies on a proof-of-reserves system to ensure that reserve assets match circulating tokens.
CENTRE contracts manage the minting and the redemption/burning of stablecoins, which can be used for both the exchange and wallet interoperability use cases. Customers who on-board through a stablecoin on-ramp, such as a web application created and maintained by a licensed CENTRE token-issuing member, can transfer fiat funds into that CENTRE issuer’s account. The issuer then executes a series of commands with the CENTRE network to verify, mint, and validate fiat tokens pegged to the value of those deposited funds. The customer can then transfer those tokens elsewhere in order to use them. Redemption follows the reverse sequence: fiat tokens are burned when a customer visits an off-ramp such as a web application maintained by a licensed CENTRE issuing member. Upon successful verification and validation, funds from underlying fiat reserves would be transferred to the customer’s external bank.
USD Coin supply limit
Burn & Mint
Other Burn & Mint models
Users create new tokens by depositing fiat currency into regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency. CENTRE notes that issuers are required to regularly report their USD reserve holdings, and Grant Thornton LLP issues reports on those holdings every month. Tokens are destroyed when users send tokens to an address controlled by CENTRE members.
USD Coin consensus
USD Coin governance
CENTRE members are the sole entities capable of altering the circulating supply of USDC tokens. Members issue tokens when users deposit fiat currency into CENTRE member bank accounts while CENTRE members destroy tokens when users redeem tokens for fiat currency deposits in CENTRE member bank accounts. In order to prove that reserves exist and the system is solvent, USDC relies on a proof-of-reserves system whereby the system is fully collateralized when the number of USDC in circulation matches the value of the funds held in accounts operated by CENTRE members. CENTRE published monthly reports with attestations from Grant Thornton LLP proving the US dollar reserves that back the USDC tokens in circulation.
The CENTRE consortium currently has two members: Coinbase and Circle.
You can transfer your USD Coin holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you USD Coin holding except you.
The Cropty wallet provides the most convenient application for storing and transfering USD Coin. Cropty targets to become one the best crypto wallets for Android and iOS in 2022. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
- Sign up to USD Coin wallet.
- Top up your balance with USD Coin.
- Store, trade or deposit your USD Coin.
- Get USD Coin deposit interest directly to your Cropty wallet.