iSun One
- May 20, 2022
- 1 min read

USDC: Programmable Digital Dollar

USDC is issued by the Centre Consortium, an institutional alliance between Circle Internet Financial Inc (Nasdaq: CND) and top exchange Coinbase (Nasdaq: COIN). Circle is a fully licensed financial service provider in the United States and one of the first cryptocurrency institutions to obtain BitLicense. Circle abides by US federal laws and regulations, is regulated by the US government, and is supervised by FinCEN. Circle is applying to become a regulated national commercial bank in the United States.

USDC is audited by Grant Thornton (the top 10 accounting firms in the world). The audit report discloses the details of its USD assets as collateral. Its financial information and collateral information are transparent and open to the public. Hence, USDC is hailed as "the most compliant and safest stablecoin" in the market.

UDSC Mint & Redeem mechanism:

1. Issuer mints 1 USDC out of 1 USD;

2. Users can always redeem 1 USDC into 1 USD.

This simple mint & redeem mechanism, along with Circle’s fiat - digital on-off ramp gateway, guarantees that USDC is backed 100% by USD, and 1 USDC = 1 USD forever. Unlike other stablecoins, USDC positions itself as digital programmable money.

Reference

1，Circle Official Website https://www.circle.com/en/

2，Centre Official Website https://www.centre.io/

3，Coinbase Official Website https://www.coinbase.com/

4，Circle files to become a bank

https://www.finextra.com/newsarticle/38617/circle-files-to-become-a-bank#:~:text=Circle%20has%20filed%20with%20the,%2C%20OCC%2C%20and%20the%20FDIC

5，USDC mint mechanism https://www.circle.com/blog/how-we-mint-stellar-usdc

6，USDC transparency audit data https://www.centre.io/usdc-transparency

7，USDC onchain data

7a，Ethereum blockchain

https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

7b，Algorand blockchain