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USD Coin (USDC) is a stablecoin pegged to the US dollar, meaning that it performs exactly how the dollar does. The stablecoin, launched in September 2018, is a joint project between Circle and crypto giant Coinbase.
USDC is an alternative to other USD-pegged stablecoins like Tether (USDT) and TrueUSD (TUSD). In summary, USD Coin is a crypto project that tokenizes the US dollar and facilitates several uses on the internet and public blockchains. Meanwhile, the process of issuing or redeeming USDC tokens gets guaranteed with ERC-20 Smart Contracts.
Integrating the US dollar on a blockchain allows for the seamless use of funds anywhere on the planet in little time, bringing highly-desired stability to cryptocurrencies.
Here’s how USD Coin Works
Circle, a partnering company behind USDC, ensures that every USDC token gets tied to a single US dollar. The process of converting US dollars into USDC tokens is known as tokenization.
Tokenization of USD into USDC typically follow three steps, including:
- Step 1
The user sends USD to the token issuer’s bank account.
- Step 2
The issuer utilizes USDC Smart Contracts to create an equivalent amount of USDC.
- Step 3
The newly minted USD Coins get delivered to the user’s digital currency wallet, while the substituted US dollars find their way to reserve storage.
The above procedure applies to the issuance of USDC. Now, let us look at the process of redeeming these tokens for USD. Listed below is the process behind the redemption of USDC:
- Step 1
The user sends a redemption request to the USDC issuer.
- Step 2
The issuer forwards a request to the USDC Smart Contracts to exchange the tokens for USD and take the equivalent amount of tokens from the USDC circulatory supply.
- Step 3
The issuer then sends the requested amount of USD from its reserves to the user’s bank account. Fees get charged to the user.
Unlike most other stablecoins, the creators of USD Coin ensured that the project provided complete transparency to the public and work with an array of financial institutions to maintain full reserves of the equivalent fiat currency (USD).
That said, all USDC issuers are mandated to report their USD holdings frequently, which then get published by Grant Thornton LLP.
Where to Acquire USD Coin?
USDC is readily available for purchase on several cryptocurrency exchanges, including Binance, Polionex, Coinbase Pro, Coinbase, CoinEx, OKEx, Kucoin, and many more.
USD Coin: The Journey So Far
The second-largest stablecoin currently operates under the backing of several credible institutions. Since its launch in 2018, the USDC ecosystem has partnered with over 60 entities. Meanwhile, to maintain control against the illicit use of the stablecoin, the developers of the stablecoin can blacklist addresses and freeze funds if they sense foul play or illegality.
Finally, other similar projects to the USDC include USDT (Tether), TUSD (TrueUSD), GUSD (Gemini Dollar), DAI (Dai), and PAX (Paxos Standard Token).
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