USD Coin (USDC) is a fully collateralized stablecoin against the dollar, providing detailed financial and operational transparency, operating within the framework of the U.S. currency circulation law, and working with multiple banking institutions and audit teams. This is Centre's first open source stablecoin 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 establishment of the CENTER alliance and launched its first stablecoin, US Dollar Coin or USDC. Since then, Circle and Coinbase have been working on building and building the CENTER network: a membership-based framework and governance scheme for the development and growth of Internet currencies.

On June 13, 2019, we are pleased to announce that CENTER will be open soon to expand membership and industry participation. Being a member of the CENTER network can give the institution the right to issue or redeem USDC. In order to have this right, members must agree to the CENTRE's operating rules and the issuer's settlement and liability framework.

CENTER members also jointly contribute to the technical standards and development of open source software that support the CENTER Network protocol (starting from USDC).

Legal blockchain solution
As more goods and services are tokenized, smart contract platforms will become the basic building block of value exchange. CENTRE's open source transparent stablecoin framework allows fiat currencies to interact with smart contracts, thus providing developers with a viable way to use real-world currencies in blockchain applications.

Financial Transparency
CENTRE stablecoins are issued by regulated and licensed financial institutions that retain all reserves for equivalent fiat currencies. Issuers must periodically report their dollar reserve holdings, and Grant Thornton LLP publishes monthly reports on these reserves.

USDC Project Summary

USDC is a stablecoin backed by the US dollar and supported by CENTRE, a technology project built by Circle and Coinbase, launched to create stability in the ever-changing cryptocurrency market while restoring the trust lost in the crypto community’s controversy around the early days of Tether’s founding. The success of the USDC project may be due to these key factors.

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

USDC is currently an ERC-20 token on the Ethereum blockchain, supported by deposited USD assets, with more fiat and cryptocurrency support coming soon.

In addition to normal payment transactions, USDC tokens can also be used in smart contracts, allowing Dapps to support the class "fiat currency".

Related links:

http://www.readblocks.com/archives/6752