View source for US Dollar Coin (USDC)

A [[Stablecoins|stablecoin]] aiming to be pegged to the dollar. Built by [[Coinbase (COIN)|Coinbase]], [[Circle]] and [[CENTRE]].

{{Crypto_info_template|website = https://www.centre.io/usdc|launch = 9-10-2018|total_supply = |type = Stablecoin}}

== Basics ==
* Founded in:
*Based in: USA
* [[Mainnet]] release:
*An [[Open Source|open source]], [[smart contract]]-based dollar-backed [[Stablecoins|stablecoin]] created by [[CENTRE]], backed by [[Coinbase (Company)|Coinbase]] and [[Circle]]. CENTRE's purpose is to create, support and govern the [[USDC]] protocol and network.
* ''"[https://www.centre.io/usdc CENTRE’s technology] for [[fiat]]-backed stablecoins brings stability to crypto. The initial implementation is USD Coin (USDC), an [[ERC20 tokens|ERC-20 token]] creating possibilities in payments, lending, investing, trading and trade finance — and the ecosystem will grow as other fiat currency [[tokens]] are added."''
== History ==
On 11-3-2023 USDC [https://news.bitcoin.com/usdc-stablecoin-depegging-causes-concern-among-crypto-advocates-5-other-stablecoins-slip-below-parity/ broke its peg] forcefully after it became know that [[Circle]] held funds within failing SVB. It went as low as 0.87c before [https://news.bitcoin.com/circle-issues-update-amid-stablecoin-volatility-firm-is-prepared-to-stand-behind-usdc-and-cover-any-shortfall/ rebounding] the day after to 0.97c.

== Audits & Exploits==
*[[Bug bounty]] program can be found [insert here].
===Bugs/Exploits===
==Governance==
===Admin Keys ===
===DAO===
====Notable Governance Votes====
===Treasury ===
== Token ==
=== Launch ===
=== Utility ===
=== Token Details ===

* Is a [[centralized]] [[Stablecoins|stablecoin]] pegged to the dollar.

== Coin Distribution ==

* [https://www.coindesk.com/usdc-on-tron-blockchain-surpassed-100-million From] [[CoinDesk (DESK)|CoinDesk]] (3-7-2021):

''"Nearly all of the USDC supply on [[TRON (TRX)|Tron]] is [https://tronscan.org/#/token20/TEkxiTehnzSmSe2XqrBj4w32RUN966rdz8/holders concentrated] in the top 10 [[Address|addresses]]."''

== Tech ==
* [[Whitepaper]] can be found [insert here].
* Code can be viewed [insert here].

=== Implementations ===

* Built on: [[Ethereum]] "''The initial implementation is USD Coin (USDC), an [[ERC20 tokens|ERC-20 token]]."'', [[Algorand]]. 
*[https://www.coindesk.com/usdc-stablecoin-could-soon-expand-to-10-more-blockchains From] [[CoinDesk (DESK)|CoinDesk]] (1-7-2021):

''"“We anticipate that in the coming months USDC will become available on [[Avalanche (AVAX)|Avalanche]], [[Celo (CELO)|Celo]], [[Flow (FLOW)|Flow]], [[Hedera Hashgraph|Hedera]], [[Kava (KAVA)|Kava]], [[Nervos Network (CKB)|Nervos]], [[Polkadot (DOT)|Polkadot]], Stacks, [[Tezos (XTZ)|Tezos]], and [[TRON (TRX)|Tron]],” according to a draft announcement from USDC administrator CENTRE obtained by CoinDesk."''

* USDC [https://news.bitcoin.com/stablecoin-usdc-launches-on-hedera-network/ launched] on Hedera (20-10-2021). Got [https://news.bitcoin.com/circle-launches-usdc-on-top-of-flow-blockchain/ launched] on [[Flow]] on 1-2-2022. Got [https://twitter.com/avalancheavax/status/1608946062584061954 launched] on Avalanche (31-12-2022).

=== How it works ===

* [[Dose Of DeFi|Dose of DeFi]] [https://doseofdefi.substack.com/p/pegs-what-are-they-good-for?s=r explained] both USDC and [[Binance|BUSD]] (27-5-2022):

''"These [[FIAT|fiat]]-backed stablecoins come with the implicit promise that they can always be redeemed for a dollar in a bank. Both are tied to huge exchanges ([[Coinbase]] and [[Binance]]) and have a smooth [[arbitrage]] loop for when they’re trading below a dollar. When above a dollar, investors are incentivized to deposit from their bank account, [[mint]] more USDC or [[BUSD]], and sell into the market."''

=== Upgrades ===

*[https://decrypt.co/33423/circles-usdc-ends-relationship-ethereum-algorand From] [[Decrypt]] (24-6-2020):

"''Centre announced a multi-chain [[framework]] for supporting USDC on non-Ethereum [[blockchains]]. [[Algorand]] will be the first to receive stablecoins powered by USDC."''

*[https://ethhub.substack.com/p/ethhub-weekly-129?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo5MTY1MzksIl8iOiIwb3pkOCIsImlhdCI6MTU5ODk1MTYyOSwiZXhwIjoxNTk4OTU1MjI5LCJpc3MiOiJwdWItMzkxMCIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.iLpxzrYt5lLc4i_EHheaXJOJ0y_HFs2BWxByA-3pokY From] [[EthHub]] #129 (1-9-2020):

"''The "[https://medium.com/centre-blog/centre-consortium-announces-release-of-usd-coin-version-2-0-37ee8b27e09b USDC 2.0" update] will allow services that offer USDC support to pay [[transaction fees]] ([[gas]]) for their users."''

=== Interoperability ===
* Is not relying solely on [[Ethereum]] anymore after it also [https://decrypt.co/41345/amid-stablecoin-boom-coinbases-usdc-expands-to-algorand integrated] on [[Algorand]] (9-9-2020).
* Will [https://decrypt.co/45217/usdc-continues-move-away-from-ethereum-heads-stellar also] be on [[Stellar]] (15-10-2020).
* The USDC [[stablecoin]] [https://decrypt.co/45751/solana-ethereum-usdc-stablecoin-defi will be] (21-10-2020) available on the [[Solana]] [[blockchain]].

=== Other Details ===
== Compliance ==

* USD Coin is issued by regulated and licensed financial institutions that maintain full reserves of the equivalent [[fiat]] currency. CENTRE notes that issuers are required to regularly report their USD reserve holdings, and Grant Thornton LLP issues reports on those holdings every month.
* Circle [https://www.coindesk.com/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request confirmed] freezing $100K in USDC at law enforcement’s [[request]] (9-7-2020). This appears to be the first time an [[address]] was blacklisted, as noted in an earlier [https://www.theblockcrypto.com/linked/70850/centre-appears-to-have-blacklisted-an-address-holding-usdc-for-the-first-time report] by [[The Block]].
*From [[Bitcoin]].com (25-5-2021):

''"USDC is late producing its [[attestation]] documents, according to data [https://www.centre.io/usdc-transparency taken] from its own transparency website. The attestations, that are scheduled to be produced monthly have stopped, with the last one dealing with February’s funds released last April 27, a considerable delay from its normal issuance date. To make things worse, the crypto asset has experienced explosive growth since February. Its market cap has gone from 9 billion USDC on February 28 to 20 Billion USDC at the time of writing, more than doubling its issuance in just a few months according to numbers taken from [[Coingecko]]."''

Looking at the transparency page, weirdly enough a [https://www.centre.io/hubfs/pdfs/attestation/grant-thorton_circle_usdc_reserves_20210331.pdf?hsLang=en new report] on March was released the 24th, 1 day before the above article of [[Bitcoin.com]]. The report concluded that ''"The US Dollars held in custody accounts are at least equal to or greater than the USDC tokens outstanding".'' This would show that either Bitcoin.com had been slacking, or the report is dated from the 24th but was released later. Either way, USDC being late on reports is still something to [[keep]] track of.

== Oracle Method ==
== Their Other Projects ==
== Roadmap ==
* Can be found [Insert link here].
== Usage ==
=== Projects that use or built on it ===
* Since June 1st 2020, USDC [[transaction]] volume on [[Ethereum]] has [https://twitter.com/mhonkasalo/status/1313516606031572992 increased] 1064%. USDC has [https://twitter.com/mhonkasalo/status/1313516612406968321 passed] [[ETH]] as the largest source of [[MakerDAO]] collateral. Required to create more [[DAI]] & keep the peg [[near]] $1.

* [https://www.coindesk.com/circle-usdc-venezuela-airtm From] [[CoinDesk]] (20-11-2020):
''"Is working with the U.S. government to bypass Nicolás Maduro and support the Bolivarian Republic of Venezuela led by Juan Guaidó.''
* [https://decrypt.co/50162/visa-makes-move-to-closely-integrate-circles-usd-coin From] [[Decrypt]] (2-12-2020):
"''[[Visa]] has announced a partnership with Circle Internet Financial and will be integrating its USDC stablecoin."''

* The circulating supply of USD coin (USDC) on the [[Tron]] blockchain has [https://tronscan.org/#/token20/TEkxiTehnzSmSe2XqrBj4w32RUN966rdz8 surpassed] 108 million in [https://www.coindesk.com/usdc-on-tron-blockchain-surpassed-100-million less than a month] (3-7-2021).

== Competition ==

* $-pegged [[stablecoins]] in general, but [[centralized]] ones more specifically. Other well known examples of centralized stablecoins are issued by [[Tether (USDT)|Tether]], [[Paxos]] and [[Binance]]. The most well known [[decentralized]] stablecoin alternative is [[Maker DAO|DAI]], which has been collateralized partly by USDC since 2020. It has reached around 40% of the collateral (6-2021). Some therefore call DAI a semi-decentralized stablecoin.

== Pros and Cons ==
=== Pros ===

* Circle and Coinbase are well known and respected companies in the space. People therefore trust it to be solvent.

=== Cons ===
* From this [https://medium.com/set-protocol/understanding-the-risks-of-tokensets-a8b5570519a blog] by [[Set]] (25-5-2020):
''"USDC is a stablecoin tied to the US dollar created by Circle and Coinbase. It is 100% centralized and, like [[WBTC]], has a pause function built right into its smart [[contract]] that would allow Circle or Coinbase to freeze anyone's USDC assets at any time.''

''If this function was called to freeze USDC deposited into Sets as collateral, the expectation is that any Sets collateralized by USDC would potentially become worthless (depending on if the assets were unfrozen at a later date)." ''
* Funds indeed [https://www.coindesk.com/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request got frozen] (8-7-2020).

== Team, Funding, Partnerships, etc. ==
=== Team ===
* Full team can be found [here].
* [[Jeremy Allaire]]; CEO
=== Funding ===

=== Partners ===
* [https://www.coindesk.com/circle-usdc-venezuela-airtm From] [[CoinDesk]] (20-11-2020):
''"Is working with the U.S. government to bypass Nicolás Maduro and support the Bolivarian Republic of Venezuela led by Juan Guaidó. CEO Jeremy Allaire told CoinDesk this was his company’s first government partnership. According to the company’s [https://www.circle.com/blog/circle-partners-with-bolivarian-republic-of-venezuela-and-airtm-to-deliver-aid-to-venezuelans-using-usdc blog] post, the Treasury Department and the Federal Reserve deposit funds seized by the U.S. into a bank account in the U.S. tied to the Guaidó government, which converts the funds into USDC that Circle then sends to [[Airtm]]."''
* [https://decrypt.co/50162/visa-makes-move-to-closely-integrate-circles-usd-coin From] [[Decrypt]] (2-12-2020):
"''[[Visa]] has announced a partnership with Circle Internet Financial and will be integrating its USDC stablecoin."''[[Category:Coins/Tokens]]