Review on USD Coin by Saparov Meylis
USD-Coin (USDC) is a stablecoin fully backed by the US dollar.
USDC uses the ERC20 standard to work and it is based on the Ethereum blockchain. It is a fully transparent token that operates in accordance with the laws of the United States in relation to regulated money transfer laws.
Launched - USDC - on September 26, 2018, the peer-to-peer payment technology company Goldman Sachs-backed Circle Internet Financial Limited (hereinafter Circle). The Poloniex exchange was acquired by Circle in early 2018.
A consortium called CENTER, which includes BitMain Technologies Ltd. among its members, will act as a deposit and conversion platform for the stablecoin.
CENTER will act as a regulator for USDC issuers, ensuring that they hold government licenses to process electronic money such as bank, money transfers, meet anti-money laundering (AML) standards, and comply with requirements that are in line with the Financial Action Task Force ( FATF), and have banking partners to store their dollar reserves. CENTER also reserves the right to allow certified public auditors to review partners' USDC reserves on a monthly basis.
In May, Circle first announced a project to create a stable token in USDC. The company raised $ 110 million. US to support the project, and Chinese giant BitMain spearheaded this investment round.
- Unlike most other stable tokens backed by USD, Circle will not be the only issuer of the USD coin.
- Instead, the token will have many users in the future as more organizations join CENTER, which is an open source consortium created to create a decentralized web.
- Nothing
