What is USD Coin USDC

What is USD Coin

USD coque integrale galaxy a20e Coin (USDC) is a relatively fresh stablecoin pegged coque galaxy s7 ananas to the US coque iphone 5s stum stum dollar. It was launched coque iphone 7 daim on September 26, 2018, in collaboration between Circle and Coinbase. USDC is an alternative to other coque iphone lgbt USD backed cryptocurrencies like Tether (USDT) or TrueUSD (TUSD).

In a nutshell, USD Coin coque iphone x leopard is a service to tokenize US dollars and coque iphone 6 silicone gameboy facilitate their use over the internet and public blockchains. Besides, USDC tokens can be changed back to USD at any time. The execution of issuing and redeeming coque iphone 5 dragon USDC tokens is ensured with ERC 20 smart contract.

Bringing US dollars coque iphone 6 element on the blockchain allows moving them anywhere in the world within minutes, and brings much needed stability to cryptocurrencies. Also, it opens up new opportunities for trading, lending, risk hedging and more.

Who is the Team Behind USD Coin

USD Coin is developed by the Centre consortium, a partnership between Circle and Coinbase. The technology and governing framework are developed by Centre, while Circle and Coinbase are the first commercial issuers of USDC.

Circle was founded in 2013 by the entrepreneurs Jeremy Allaire and Sean Neville.

Circle is an official Money Transmitter, which makes the company an open financial book. Money Transmitters are US money service businesses that must comply with federal laws and regulations. Before the issuance of USDC, the equivalent amount of USD is with one of Circle’s accredited partners. Consequently, all USDC tokens are regulated, transparent and coque iphone 11 om verifiable. Besides, Circle is known as the crypto startup backed by Goldman Sachs.

How Does USD Coin Work

USD Coins aren’t just being printed out of thin air. coque galaxy j3 2016 rouge Circle guarantees that every USDC token is coque galaxy j1 ace backed with a single US dollar. The process of turning US dollars into USDC tokens is called tokenization.

Tokenizing USD into USDC is a three step process:

1) A user sends USD to the token issuer’s bank account.

2) The issuer uses protection coque iphone 7 plus USDC smart contract to create an equivalent amount of USDC.

3) The newly minted USDC are delivered to the user, while coque samsung galaxy 20e the substituted US dollars are held in reserve.

Redeeming USDC for coque iphone sse USD is as easy as minting min in the box coque iphone 6 the token, except the process is reversed:

1) A user sends a request to the USDC issuer to redeem an equivalent amount of USD for USDC tokens.

2) The issuer sends a request to the USDC smart contract to exchange the tokens for USD and take an equivalent amount of tokens out of the circulation.

3) The issuer sends the requested amount of USD coque iphone 7 stone from its reserves back to the user’s bank account. The user receives the net amount equivalent to the one in USDC tokens, minus all incurred fees).

Unlike the most popular stablecoin Tether (USDT), creators of the USD Coin are obligated to provide full transparency and work with a range of financial institutions to maintain full reserves of the equivalent fiat currency.

All USDC issuers are required to regularly report their USD coque iphone 6 jammylizard holdings, which coque iphone 5 se antichoc are then published by Grant Thornton LLP. All the monthly attestation reports can be found here.

How to Use USD Coin

USD Coin (USDC) is a 1:1 representation of one US dollar on the Ethereum blockchain. It’s an ERC 20 token and can be used with every app which supports the standard.

To tokenize or redeem USDC with Circle, you need to register an account, verify your identity (KYC), and link a legitimate bank account. Circle USD coque iphone 5 avec de l’eau platform allows coque iphone 7 abercrombie users to perform four core actions:

Tokenize USD; Redeem USDC; Transfer USDC out to ERC20 compatible Ethereum addresses; Deposit USDC from external Ethereum wallet addresses.

Circle USDC coque iphone 5 game boy color doesn’t charge users any fees for tokenizing and redeeming services, except there is a $50 commission for incorrect coque telephone galaxy j3 and rejected bank transfers. For Coinbase USDC operations, all the standard fees apply.

A minimum USDC redemption amount is 100 USDC. The tokens are processed on business days only, and the process can take up to 24 hours.

There’s no minimum tokenization amount, and the process can take up to 2 business days.

In general, stablecoins like USDC are used to:

Short cryptocurrencies without cashing out and make it easier to buy cryptocurrencies in the future;Avoid traditional financial instruments and institutions;Avoid hyperinflation (for people living in countries like Venezuela or Turkey);Send money instantly, globally, securely and at low cost; Purchase items in coque iphone 6 mappemonde various crypto dApps, exchanges, and blockchain based games…