USD Coin (USDC) is a fully collateralized US dollar stablecoin that provides detailed financial and operational transparency, operating within the framework of US money transmission laws and in collaboration with multiple banking institutions and auditing teams. This is Centre’s first stablecoin open-source project.

About Centre and USDC

USD Coin (USDC) is a stablecoin brought to you by Circle and Coinbase, an open-source, smart contract-based stablecoin.

In October 2018, Circle and Coinbase jointly announced the formation of the CENTRE consortium and the launch of its first stablecoin, the US Dollar Coin or USDC. Since then, Circle and Coinbase have been dedicated to building and establishing the CENTRE network: a membership-based framework and governance model for the development and growth of internet currencies.

On June 13, 2019, we were pleased to announce that CENTRE was opening up to expand membership and industry participation. Membership in the CENTRE network grants institutions the right to issue or redeem USDC. To have this right, members must agree to CENTRE’s operational rules and the settlement and liability framework for issuers.

CENTRE members also collectively contribute to the development of technical standards and open-source software supporting the CENTRE Network protocol, starting with USDC.

Blockchain Solution for Fiat Currencies
As more goods and services become tokenized, smart contract platforms will be fundamental building blocks for value exchange. CENTRE’s open-source transparent stablecoin framework enables fiat currencies to interact with smart contracts, providing developers with a practical way to use real-world currencies in blockchain applications.

Financial Transparency
CENTRE stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of equivalent fiat currency. Issuers must regularly report their US dollar reserve holdings, and Grant Thornton LLP publishes monthly reports on these reserves.

USDC Project Summary

USDC is a stablecoin supported by the technology project CENTRE, which is backed by Circle and Coinbase, launched to create stability in the rapidly evolving cryptocurrency market and to restore trust lost in the crypto community during the early controversies surrounding Tether. The success of the USDC project may be due to several key factors:

USDC has been integrated into both Circle and Coinbase, with both companies leveraging it to open new markets and products for their respective customers.

USDC is currently an ERC-20 token on the Ethereum blockchain, backed by deposited USD assets, with support for additional fiat and cryptocurrencies coming soon.

In addition to regular payment transactions, USDC tokens can be used in smart contracts, enabling DApps to support "fiat-like" functionality.

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