Blockchain 101: USDC

TradingBull
2 min readDec 21, 2020

A trusted Stablecoin

Introduction

USDC is a StableCoin launched an backed by the peer-to-peer payment company Circle. USDC supply and distribution is managed by the “Center” consortium which includes Coinbase and Bitmain among its members.

USDC was announced by Circle the 15 May 2018 and launched in September 2018.

USDC Logo

Description

USDC is a fully collateralized (1:1 with USD) and audited stablecoin, initially launched as an ERC20 token (On ETH) and with a recent launch on the Solana (SOL) Blockchain.

USDC is described on its website:

USDC is an open source project that works within US money transmission laws, uses established banks and auditors and runs on blockchain technology via smart contracts. This is true financial and operational transparency.

USDC relies on a mint/burn mechanism: each time 1 USD is deposited on the project’s bank account, 1 USDC is minted (created) and burned (destroyed) when given back to the swap contract in exchange of its equivalent is USD.

Technical specificities:

  • Type: Token
  • ETH contract address: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
  • SOLANA contract address: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
  • Total Supply: NA
  • Subunit: cents
  • Decimals: 6

Documentation:

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