USD Coin

A stablecoin brought to you by Circle and Coinbase

home link https://www.centre.io/usdc

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1,183.35 KRW
Exchanges that listed the coin
42
Symbol
USDC
Dapp
To be released
Project introduction

USD Coin is a staple coin issued by Coinbase and Circle as founding members, with CENTRE issued in US dollars. Theoretically, 1 USDC maintains its value in connection with a US $ 1 mortgage asset.

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Medium

USDC Stablecoin Surpasses A...

More than $50 million in USD Coin (USDC) has been borrowed this year across top platforms, an achievement that highlights the power of DeFi and the benefits of stablecoins.USDC has reached $50 million in loans originated this year across DeFi platforms Compound, Dharma, and dYdX, according to data from Loan Scan, the most by far of any fiat-backed stablecoin. About 1 in 10 loans originated this year on these platforms has been denominated in USDC. On the flipside, over $146M in USDC has been supplied as collateral across those platforms.Customers use stablecoins like USDC, Dai, and others for a variety of reasons, including to easily move value across crypto exchanges and to lend and borrow. Investors choose to lend USDC because they can generally earn a lot of interest — sometimes more than 10% annually, depending on the platform and other market factors. (You can see the current interest rates available for USDC and other assets across a range of DeFi platforms by clicking here or here.)Investors borrow USDC for a variety of reasons. They can use ETH (or some other crypto asset) to collateralize a USDC loan using one of the available DeFi lending platforms, and use the borrowed USDC to buy other crypto assets. Subject to factors such as liquidity and available rates, this enables them to benefit from the wide availability and liquidity of USDC markets.Customers can also borrow USDC because they know it can be redeemed for $1 — so borrowing USDC is similar to borrowing digital cash. For example, say someone wants to purchase a car worth $10,000 but they don’t want to sell their crypto to pay for it.Instead, they can use their crypto as collateral for a $10,000 USDC loan, redeem the USDC to their bank account, and buy the car. They then repay their USDC loan and recover their crypto collateral at the end of the term. In fact, I recently did just this to purchase a new SUV for my family. Read about my experience on Twitter.I expect the amount of USDC in DeFi to continue to grow in the weeks and months ahead organically. It will also grow because Coinbase recently launched the USDC Bootstrap Fund to support developers building DeFi protocols by investing USDC directly in the protocol.About the CENTRE ConsortiumThe CENTRE Consortium is a joint venture co-founded by Circle and Coinbase aimed at establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins. CENTRE is open for broader membership and is growing its support for fiat stablecoins beyond the US dollar. Learn more here.About USD Coin (USDC)Launched in September 2018, USDC is a fully collateralized US dollar stablecoin — meaning it’s backed 1:1 with US dollars. Learn more here.USDC Stablecoin Surpasses Another DeFi Milestone: $50m Borrowed for Loans was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 11. 06

USDC Draws Support from Fiv...

Five new companies announced integration with USD Coin (USDC) in recent weeks, fuelling an already-robust demand for the CENTRE fiat stablecoin which last week surpassed the $1B tokens issued milestone.The new supporters — CoinLoan, MoonPay, TokenSets, Wyre and Zeux — join more than 100 exchanges, protocols, platforms, applications, wallets, and service providers that are part of the USDC ecosystem.USDC Continues to Draw Support from Innovative CompaniesThese five new companies highlight the increasingly diverse use cases that USDC enables as a more global and open way of representing fiat money within financial applications.When we introduced USDC in September 2018, we wanted to establish a standard for fiat on the internet because we knew an open, transparent fiat token framework is a foundational requirement to build powerful new global financial products and services.In addition to being used by traders the world over, USDC is playing a growing role in the Decentralized Finance (DeFi) space, something many of our new supporters help highlight.CoinLoan is a peer-to-peer platform for cryptoassets backed loans. After adding support for USDC to their platform, lenders can now deposit USDC and offer loan terms ranging from 7 days to 36 months, and annual interest rates of up to 12%. So far, USDC loans offered have an average term of 18 months and the average loan amount is around $1150.MoonPay offers an all-in-one payments solution to help leading crypto companies solve the fiat-to-crypto onramp challenge. Users in over 36 countries can purchase crypto assets with bank cards and Apple Pay via MoonPay API on their favorite cryptocurrency wallets, exchanges and dApps. Now, MoonPay is also offering direct access to USDC purchases with cards via its API.Set is a protocol that bundles crypto-assets into tokenized baskets that can be programmed to automatically restructure based on any management or trading logic. The TokenSets platform allows users to acquire various Sets from different categories (Buy & Hold, Range Bound and Trend Trading). USDC is a core component of the first Set in the Trend Trading category — the “ETH 20 Day Simple Moving Average Crossover” (ETH20SMACO). USDC is currently used as the “stable asset” component of the ETH20SMACO Set and was chosen because of its broad adoption, deep liquidity and trust from the crypto community.Wyre is the leading regulated infrastructure provider in crypto. After trading over $3.5 billion in cryptocurrency assets since 2013, and completing over $1B in blockchain-powered cross-border payments, Wyre have an established network of relationships with leading banks, exchanges, and decentralized applications. Using Wyre’s API, customers are able to instantly onramp fiat to crypto globally in over 50 countries, in 8 different fiat currencies, and 4 major cryptocurrencies. USDC is the fourth cryptocurrency added to Wyre’s platform. Wyre’s focus is on regulatory licensing, liquidity, and payments so that partners can do what they do best, creating amazing experiences on the blockchain.Zeux is the world’s first crypto payment and investment app available worldwide. Zeux announced it will be adding USDC to its payment portfolio on 21 August 2019. This means USDC holders benefit from the added utility to pay for goods and services at any store that accepts Apple Pay or Samsung Pay in their daily life using the Zeux app. Zeux’s investment functions are available worldwide with its payment features currently live in the UK, with the rest of Europe becoming live in Q4 2019, and the US and Asia in 2020. Zeux is available on iOS and Android.More about USDC & CENTREUSDC was introduced by the CENTRE Consortium, a joint venture co-founded by Circle and Coinbase, to establish an open standard for fiat on the internet and provide a governance framework and network for the global, mainstream adoption of asset-backed stablecoins. (ICYMI: CENTRE is open for business and is considering a global digital currency that is backed by reserve currency tokens.)You can learn more about USDC here, and tokenize or redeem USDC with both Circle and Coinbase. You can go here to read the monthly reports on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP.USDC Draws Support from Five New Companies, Issuance Tops $1B was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 08. 14

USDC Becomes First Stableco...

The amount of USD Coin (USDC) issued globally surpassed $1 billion on Monday, the first fiat token to reach that threshold in under a year and officially crowning USDC as the fastest-growing stablecoin in the world.The $1 billion milestone comes as the amount of USDC redeemed (in other words, exchanged for US Dollars) nears $600 million and on-chain transfers reach about $16 billion. USDC’s market cap is above $430 million, and it is firmly the second-largest stablecoin in the world.Purpose Built for Easy Issuance, Use, and RedemptionUSDC was introduced in September 2018 by the CENTRE Consortium, a joint venture co-founded by Circle and Coinbase, to establish a standard for fiat on the internet because we knew an open, transparent fiat token framework is a foundational requirement to build powerful new global financial contracts, products, and services.Several factors helped drive rapid, world-wide adoption of USDC:CENTRE is built on a multi-issuer model — a way for traders and developers to mitigate counterparty risk by being able to go to multiple companies, rather than just one, to mint USDC or redeem it for fiat.Support for USDC from companies has grown consistently since launch — more than 100 exchanges, protocols, platforms, applications, wallets, and service providers have integrated with USDC, making it a vibrant ecosystem.Decentralized finance (DeFi) is a growing part of the crypto industry and all of the leading DeFi applications integrate with USDC.Transparency has been a hallmark of USDC since day one giving traders, crypto enthusiasts, and others confidence that USDC is backed by US Dollars — in fact, all of our monthly attestation reports are available online here.Expect More From USDC and CENTREUSDC will continue to grow as CENTRE brings on new members to issue USDC and other fiat tokens.CENTRE is officially open for business and has released key licensing, technology, operations, compliance, accounting, and custody standards companies must meet to become issuers.Building upon the success of USDC, CENTRE intends to enable coins to function across multiple chains, including both public and private chains. It will also grow its fiat token support beyond the US dollar by introducing new currencies to its network. This effort spans the leading global reserve currencies, and includes adding new Issuers and reserve custodians for each of these currencies.You can learn more about USDC here, and tokenize or redeem USDC with both Circle and Coinbase. You can go here to read the monthly reports on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP.USDC Becomes First Stablecoin to Reach $1 Billion Issued In Less than a Year was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 08. 06

USDC Draws Support from Fou...

Four new companies announced support for USD Coin (USDC) in recent weeks, helping fuel already-robust demand for USDC across the global crypto ecosystem.The new supporters, Aave / EthLend, Celsius Network, Constant, and FTX, demonstrate increased demand for USDC beyond the trading use case most associated with fiat tokens. (For more information about how USDC is being used beyond trading, read about its growing DeFi footprint.)Aave is the company behind ETHLend platform, the first decentralized peer-to-peer (P2P) lending marketplace which has supported USDC since the beginning of the year. Customers can use USDC both as loan currency and collateral: users can borrow in USDC or post USDC as collateral for their loan requests and offers.Celsius Network addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible via mobile app. It’s a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. USDC holders can earn up to 10% APR on coins held in their Celsius wallet and use crypto assets as collateral to borrow USDC at rates as low as 4.95% APR.Constant is a fully secured P2P lending platform. Unlike others, Constant matches borrowers and investors at their own rates and terms, secured by a combination of crypto collateral, FDIC insurance, and Ethereum smart contracts. USDC holders can invest their tokens for returns of 10% APR or more, or withdraw low-interest loans in USDC. Available worldwide, Constant offers a frictionless way to borrow or invest USDC without credit checks, paperwork, or expensive intermediaries.FTX is a new crypto derivatives exchange designed from the ground up: index futures, leveraged tokens, a built in OTC RFQ desk, and simple collateral — powered by USDC. With USDC, FTX allows its customers to benefit from true USD-based settlement, no additional fees and no need to directly connect their bank accounts to FTX, making USDC an ideal form of collateral for its futures products. Additionally, customers can use USDC to purchase leverage tokens and settle with FTX’s OTC desk. USDC is currently used as collateral for already more than half of all positions on FTX.These new supporters join more than 100 exchanges, protocols, platforms, applications, wallets, and service providers that are part of the USDC ecosystem. Each has helped drive USDC adoption and helped it decisively become the top financially transparent stablecoin among regulated issuers in the world. To that point, the circulating supply of USDC surpassed 400 million for the first time this week — a significant milestone for a project launched less than a year ago!USDC was introduced by the CENTRE Consortium, a joint venture co-founded by Circle and Coinbase, to establish a standard for fiat on the internet and provide a governance framework and network for the global, mainstream adoption of asset-backed stablecoins. (ICYMI: CENTRE is open for business and is considering a global digital currency that is backed by reserve currency tokens.)You can learn more about USDC here, and tokenize or redeem USDC with both Circle and Coinbase. You can go here to read the monthly reports on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP.USDC Draws Support from Four New companies, Crosses 400 Million in Circulation was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 07. 17

CENTRE Stablecoin Network i...

Last October, 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 working to formalize and establish the CENTRE Network: a membership-based framework and governance scheme for the development and growth of money on the internet.We are excited to announce today that CENTRE is opening up for broader membership and industry participation. Becoming a member of the CENTRE Network gives institutions the right to issue or redeem USDC. In order to have this right, members must agree to CENTRE’s operating rules and an issuer settlement and liability framework.CENTRE members also jointly contribute to the development of the technical standards and open source software that powers CENTRE Network protocols, which started with USDC.To become a CENTRE stablecoin Issuer, companies must become parties to the key membership and operating rules and meet the following criteria:Licensing: licensed and regulated to support electronic money services, such as a bank, trust bank, money transmitter or other license that authorizes the provision of financial services in the jurisdiction(s) in which the member operatesCompliance: meet the regulatory requirements of the jurisdiction(s) in which the member is licensed, as well as United States rules and international principles (such as those promulgated by the Financial Action Task Force, or FATF) for anti-money laundering (AML) and counter terrorist financing (CTF), as CENTRE may prescribe. In addition, members must satisfy regular third party audits to demonstrate adherence to these requirementsTechnology and Operations: meet the technical and operational requirements of the CENTRE protocolsCustody of fiat reserves: acceptable to CENTRE’s approved reserve financial institution partners and be compliant with CENTRE’s Investment PolicyAccounting: acceptable to CENTRE’s approved certified financial accountant and be able to meet the review and attestation requirements for reserve accountingCENTRE Issuers have the option to generate returns on reserve assets allocated to them in accordance with the CENTRE Investment Policy. Businesses may also generate revenue by building financial products and services that utilize CENTRE stablecoins.Since its launch, CENTRE’s USDC has grown considerably. Some of the most notable highlights include:Over $795M of USDC has been issued, and over $470M redeemed.Over $11.9B has been traded on leading exchanges such as Coinbase, Poloniex, Binance, Bitfinex, and 40 others around the world.Over $11.1B in on-chain transfers have been completed using USDC.USDC is supported across the most popular Ethereum wallets. USDC can also be used in leading DeFi services for lending, borrowing, and margin trading; many loans originated across Compound, Dharma and dYdX are denominated in USDC. Payment platforms such as Coinbase Commerce broaden the payment use case possibilities.In a short period, CENTRE’s USDC has decisively become the top financially transparent stablecoin among regulated issuers in the world.The CENTRE Consortium has been established with several key functions: onboarding new members, performing key compliance reviews, and administering certain key financial and accounting tasks that govern reserves and settlement flows. The Consortium and it’s members also play a vital role in governing the future technology development and roadmap for CENTRE Network protocols. As such, we’re very excited to share details about its inner workings and open the network up for new members beyond Circle and Coinbase.The CENTRE Investment PolicyIn addition to publishing a monthly public attestation of 100% reserves of fiat tokens on CENTRE.io, CENTRE members are also a party to a common Investment Policy. The Investment Policy sets out the guidelines for the safe and appropriate management of assets that back CENTRE stablecoins, including:CENTRE’s Board of Managers will be responsible for the governance and control framework that ensures the safety of invested USDC reserves by limiting risk and prioritizing capital preservation.Establishing responsibility, authority and guidelines for the investment of USDC reserves across Issuers. Guidelines will focus on assessing and limiting default risk, market risk, investment-related risks and counterparty risk. Today, CENTRE issuers mitigate these risks by investing only in highly liquid short-term US government securities or by placing reserves in high-yielding deposit accounts.Limiting the investment options to instruments that are approved by the Money Transmission Statutes of US States.CENTRE RoadmapCENTRE envisions new open standards for money on the internet which enable money to work the same way that information and content works online — instant, global, open, and free to use and exchange. Ultimately, we foresee a global economic transformation that is made possible by programmable money. People and businesses will be able to enter into diverse economic arrangements with anyone in the world easily and safely. The global digital currency age aims to make the movement of value accessible and free for everyone on the planet so that more people and businesses can participate in economic activity and value exchange.The first step in executing on this vision was establishing the CENTRE Consortium and building the first stablecoin, US Dollar Coin. We are now moving on to the next phases of our vision.Support for Multiple ChainsMoney needs to be open and interoperable, much like content and data on the internet. In the “age of blockchain”, that means that stablecoins need to be able to function across multiple blockchain platforms. Approaches that tie a stablecoin to one chain, especially permissioned network chains, limit the openness, reach and use cases for money.CENTRE intends to enable coins to function across multiple chains, including both public and private chains. Chains proliferate, compete, and interoperate: some may focus on gaming and entertainment, others on decentralized finance, others on transaction throughput that is useful for consumer payments, and others still on scalable and private programmable contracts. Each chain will benefit from a common interoperable fiat stablecoin for major currencies that is anchored in a full reserve, transparent and compliant governance scheme.CENTRE is building standards that will work with a diverse, open and heterogenous ecosystem of chains. CENTRE will enable development teams and blockchain protocol projects to build CENTRE implementations on their chains, as long as they are contributing to the CENTRE open source project. CENTRE will continue to maintain and develop its core smart contracts and node software, which will continue to be released under the MIT Open Source License, available on Github: https://github.com/centrehq.Support for New Fiat CurrenciesThe first CENTRE stablecoin was chosen to be US Dollar Coin (USDC) because of the critical role of USD markets in the global crypto asset marketplace.CENTRE will grow its fiat token support beyond the US dollar by introducing new currencies to its network. This effort spans the leading global reserve currencies, and includes adding new Issuers and reserve custodians for each of these currencies.Over the next couple of years, we envision more and more use cases for payments, settlements, and programmable financial contracts built on stablecoins. It is vital that consumers and businesses are able to denominate and settle internet transactions using major reserve currencies. A side effect of these new use cases is that we expect stablecoins to establish new and radically more efficient and fair cross-border payments for everyone.Building a Global Currency Token BasketWe believe that global digital currency is upon us, and that in the coming years more and more people and businesses around the world will seek to transact in a common, internet-based digital currency that is both fundamentally price stable but also reflects the dynamic and changing nature of the global macro economy.Once a variety of currencies are supported by CENTRE’s fiat tokens, a natural next step is to imagine a new global digital currency that is backed by those reserve currency tokens, with a basket structure chosen by CENTRE but based on a GDP and Balance of Trade informed allocation. We expect Bitcoin to also be a reserve currency asset in such a basket token, as Bitcoin grows in importance as a global non-sovereign store of value.The combination of these global digital currency tokens and open, permissionless public blockchains with smart contract infrastructure will form the foundation for a 21st century digitally-native global economy that empowers people everywhere to participate and grow value.CENTRE Stablecoin Network is Open for Business was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 06. 13

USDC Ecosystem Spotlight: U...

USD Coin (USDC) has seen significant traction in the last few weeks, with leading projects in the Decentralized Finance (DeFi) sector announcing support, just as the US Dollar-backed stablecoin surpassed $10 billion in on-chain transfers. With Compound, Dharma, dYdX, Liquidity Network and Coinbase Commerce announcing the integration of USDC into their platforms, CENTRE makes solid progress towards its mission of establishing open standards for fiat tokens on the internet.Compound recently launched v2 of their open-source protocol for algorithmic, efficient money markets on the Ethereum blockchain, which now supports USDC. Compound users can either lend USDC and earn interest, or borrow USDC using other Ethereum assets as collateral — with instant liquidity (deposit and withdraw whenever you want), no counterparties or peers.Dharma, a peer to peer lending platform built on Ethereum, recently added support for USDC. Now, Dharma users can borrow and lend USDC at attractive rates from anywhere in the world, instantly. Dharma has built a beautiful user experience and it doesn’t get much easier to borrow or lend USDC. For borrowing USDC, select the amount you want to borrow, send your collateral to the Dharma smart contracts, and your principal should arrive in minutes. If you’re looking to lend USDC, specify an amount you want to lend, send your funds, and start earning interest.dYdX is a powerful decentralized exchange for margin trading, borrowing and lending. Since going live in May, the platform has done ~$25M in trade volume, and originated ~$15M in borrow volume. dYdX users can now lend or borrow USDC instantly, with no wait time for matching counterparties or minimum lock up periods. Lenders can deposit USDC to earn a market determined interest rate that compounds continuously. The capital can also be withdrawn anytime. Borrowers can borrow USDC, so long as it is sufficiently collateralized by ETH or DAI. dYdX will also soon be supporting USDC denominated pairs for margin trading natively in the platform. This will allow users to borrow and trade USDC to leverage long ETH, use USDC to collateralize short ETH positions or trade between USDC and DAI.The Liquidity Network recently integrated USDC into their platform. With the Liquidity mobile wallet, you can transfer USDC for free — no blockchain fees, no gas. Simply convert USDC to fUSDC (free and fast off-chain USDC), and send fUSDC on the Liquidity commit-chain near-instantly.Finally, Coinbase announced that Coinbase Commerce now supports USDC. Merchants can accept payments denominated in USDC, with price stability now added to the benefits of cryptocurrencies: no transaction fees, no chargebacks, no geographical limitations.USDC was introduced by the CENTRE Consortium, a joint venture co-founded by Circle and Coinbase, to establish a standard for fiat on the internet and provides a governance framework and network for the global, mainstream adoption of asset-backed stablecoins.You can learn more about USDC here, and tokenize or redeem USDC with both Circle and Coinbase. You can go here to read the monthly reports on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP.USDC Ecosystem Spotlight: USDC broadens DeFi footprint as value transferred on-chain surpasses $10B was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 06. 05

USDC Ecosystem Spotlight: 5...

The ecosystem for USD Coin (USDC) continues to evolve with five new companies across multiple continents announcing support for one of the most preferred stablecoins on the market.The new projects — Bitpanda, Crypterium, Nexo, Nitrogen, and Chainalysis — join the more than 100 exchanges, protocols, platforms, applications, wallets and service providers that are part of the USDC ecosystem. They are all playing a critical role in driving interest in and adoption of crypto assets.Bitpanda, a leading crypto exchange platform based in Austria, has recently announced support for USDC. Customers can buy and sell USDC using the various European payment rails supported by the platform.Crypterium is a mobile wallet and companion card solution that allows customers to store and transfer digital assets, and also use them for payments at over 40 million terminals across the world. Crypterium is adding USDC as a supported stablecoin to their platform, and soon holders of USDC will be able to use it to make card payments around the globe.Nexo has recently announced they are supporting USDC in their Earn Interest product. Nexo customers can earn compounding interest on their USDC balances paid out daily and starting from day 1, with no minimum deposit amounts required.Nitrogen has added USDC to their decentralized P2P lending platform as loan and collateral asset. Nitrogen Launchpad is a user-friendly experience that allows customers to get instant crypto-collateralized loans denominated in USDC.Chainalysis, the leading blockchain intelligence platform, has announced support for USDC on their Reactor product. Chainalysis customers can now perform real-time transaction monitoring and investigations on USDC transactions on the Ethereum blockchain.USDC was introduced by the CENTRE Consortium, a joint venture co-founded by Circle and Coinbase, to establish a standard for fiat on the internet and provides a governance framework and network for the global, mainstream adoption of asset-backed stablecoins.USDC Ecosystem Spotlight: 5 new companies announce support for USDC was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 04. 26

USDC redemptions approach $...

To provide continued transparency about USD Coin (USDC), we wanted to highlight some data about redemptions and provide some clarity about why making redemptions seamless is an essential element of USDC’s success.USDC redemptions have reached about $388 million since its launch in late September. In total, there have been just over 400 distinct burn events.We believe redeem-ability is a key attribute of a robust, liquid fiat token. We are constantly looking for ways to make the process of redeeming USDC back to funds on a bank account as fast and frictionless as possible. We have minimized the time between a redemption request and the corresponding burning of tokens / initiation of the bank wire transfer, and connected to specific bank networks that allow for real-time settlement. We will continue to improve our service to deliver best-in-class redemption.Part of what has made USDC the second largest stablecoin by market cap is its openness and interoperability. USDC was launched through the CENTRE Consortium, a joint venture between Circle and Coinbase. That means regardless of where someone mints their USDC, they can redeem them at either Circle and Coinbase, and at any other future issuer.USDC redemptions are free with both Circle and Coinbase because we believe price-stable assets like USDC are foundational for enabling powerful new global financial contracts, products, and services on the internet. If you want to redeem, follow these helpful steps: Circle Redemptions | Coinbase Redemptions. For an overview of fees applicable to USDC, check these help center articles: Circle Fees | Coinbase Fees.USDC redemptions approach $400 Million was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

19. 03. 22

Designing an upgradeable Et...

CENTRE will be a governed network powered by price-stable crypto assets (see whitepaper). Our first contribution is the USD Coin (USDC): an Ethereum ERC-20 token that is redeemable into USD. You can trade the USDC token on Poloniex and other digital asset exchanges. The total supply will be determined by CENTRE approved Issuers who maintain reserves in escrowed accounts and then get permission to mint tokens. You can look at our contract on Etherscan, as well as the source code and design overview on GitHub. The main contract is FiatTokenProxy that forwards all function calls to FiatTokenV1.Circle (and any future issuer) has an obligation to its customers that extends beyond the written code of the smart contracts CENTRE deploys. We chose to write a Ricardian smart contract: CENTRE will use the USDC smart contract to implement controls relating to Circle’s obligations to its USDC-holding customers and we have created a mechanism that will let us change the code if we determine that Circle is not fulfilling its part.But how do you upgrade an Ethereum contract?Upgrading Smart ContractsEthereum lets anyone put code on the blockchain. Ethereum assigns the code an address, and anyone can call functions on the code stored at that address. No-one can ever change the code at a particular address, not even the owner. Software upgrades have to be done using address pointers and redirection techniques.There are several challenges:We needed a persistent data storage contract for our data. The USDC contract needs to store balances for millions of users, and migrating the data to a new contract would be expensive.We needed a mechanism to change which smart contract had permission to write to the persistent storage. This would be our upgradeable logic contract.Users and large ERC-20 token exchanges needed to be oblivious to a USDC logic contract upgrade. CENTRE had to publish a single USDC contract address that would be valid even after an upgrade.The upgrade mechanism had to be as simple as possible to enable through testing.Eternal unstructured storageWe first looked at Rocket Pool’s eternal unstructured storage model. In this model, the USDC token would consist of two contracts: a FiatToken contract that writes to an EternalStorage contract. In case of a problem, we would deploy FiatTokenV2 and tell EternalStorage about the upgrade.EternalStorage would contain mappings to store data of every basic Ethereum data type. For example, to store a uint256, EternalStorage would use the state variable:mapping(bytes32 => uint256 private uIntStorage;Each mapping would have corresponding getter and setter functions:function setUint(bytes32 key, value) onlyLogicContract { uIntStorage[key] = value;}FiatToken would use the sha3 hash of the variable name as the key to the mapping. To store totalSupply=5000, FiatToken would call:setUint(sha3(“totalSupply”), 5000).The mapping between user accounts and their balance would have to be stored assetUint(sha3(“balance”, accountAddress), value);We discovered that this simple design is very dangerous! Ethereum tightly packs input to the sha3 hash and then pads it at the end with 00 to get an input length that is a multiple of 32 bytes. This means sha3(A,B) can equal sha3(C,D) because of how EVM parses the input.The chief mitigation is using length-encoded input. However, it still does not guarantee collision free keys. We wanted a more robust approach.Eternal structured storageOur next thought was to replace the unstructured mappings with data specific variables:uint256 totalSupply;mapping(address => uint256) balance;mapping(address => bool) blacklisted;bool paused;We wrote specific getters and setters for each variable inside the EternalStorage contract. Then we wrote a parallel set of getters and setters inside the FiatToken contract to call the EternalStorage contract.Our codebase rapidly increased in size. The list of variables above is only a small subset of the variables in our actual USDC contract. We needed a simpler approach that was easier to analyze and reason about.More problems with EternalStorageThe EternalStorage model had a bigger problem. The main USDC contract would be FiatToken. After an upgrade, even though EternalStorage would know about FiatTokenV2, the token owners and token exchanges would not. Every FiatToken function had to check whether EternalStorage was using a different logic contract and redirect the call. Our codebase grew even more.Proxy ModelConsenSys Diligence strongly encouraged us to switch to the Zeppelin OS proxy model.In the proxy model, the main contract is a proxy with almost no logic of its own. Every call to the proxy contract gets sent to the fallback function and then forwarded via a DELEGATECALL to the current implementation — our FiatToken contract. Since this is a DELEGATECALL, the FiatToken reads and writes directly to the storage of the proxy contract.The beauty of the proxy model is that we can switch the implementation contract without affecting our users. Individuals and exchanges would continue to call ERC-20 functions on the proxy.One of our smart contract developers rewrote our entire contract to create a new prototype. He replaced our EternalStorage with a proxy and deleted about 75% of the code. What remained was a simple contract with no function calls or if-then statements. It was much easier to understand and we could be confident we gave it full unit test coverage (more in another blog post). We had a winner!The proxy approach solved all our problems. We deployed the AdminUpgradeabilityProxy as our main USDC contract. It is an advanced version of the basic proxy with special guards against malicious backdoors.Contract migrationBefore settling on the upgradable proxy approach, we considered several other alternatives. To begin with, the very concept of an upgradeable smart-contract is controversial. One of reviewers, Trail of Bits, recommends contract migration instead of contract upgrades because upgradeability increases code complexity. Contract migration requires notifying all users of a new contract address. We were concerned about the operational challenges of coordinating the migration of a widely traded ERC-20 token.Trail of Bits also identifies interesting issues with where the Solidity compiler stores variables in proxy and implementation contracts. We avoid these problems by using a simple proxy that does not share any common variables with the implementation. We also tested several upgraded implementation contracts to ensure consistent variable layout.Upon weighing all concerns required to meet our obligations to our customers, we chose to use the upgradable proxy pattern. We did so based on the strength of the extensive testing and community confidence in Open Zeppelin libraries, operational simplicity, and our own comprehensive design and review process.Advice on using proxied contractsWe would like to offer some general advice to developers who want to use the proxied contract design pattern.The implementation contract writes to the proxy contract, but it stores data based on the order in which the variables are declared in the implementation. To upgrade to a new implementation, developers must declare the same variables in the same order. The easiest way to ensure this is to have the new implementation inherit from the original. We created several test versions of FiatTokenV2 to ensure we can upgrade successfully.The ReadContracts tab on Etherscan does not work with proxied contracts. Users can still see the ERC-20 token properties such as balances, total supply, etc. This is because data is stored in the proxy contract, but the proxy has no getter functions to notify Etherscan that they exist. Reading all the contract data requires custom tooling.The AdminUpgradeabilityProxy we used as a base class does not have getters for the admin and implementation address. Developers need to either create getters in the implementation contract or manually retrieve their value from the blockchain using the web3js getStorageAt() function.We are very grateful to our external reviewers, Trail of Bits and ConsenSys Diligence. They gave us invaluable design and testing advice, and caught several subtle (and not so subtle) issues.Designing an upgradeable Ethereum contract was originally published in CENTRE blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

USD Coin

18. 09. 26

Transaction History
Transaction History Market Market Transaction volume Address
LATOKEN USDC/USDT 1,165.36 11,471,273,044.63 Short cut
BitMart USDC/USDT 1,164.03 4,303,004,427.50 Short cut
CoinEx USDC/USDT 1,167.41 3,069,186,005.78 Short cut
FCoin USDC/USDT 1,164.38 153,376,989.98 Short cut
Kyber Network USDC/ETH 1,169.16 91,876,712.11 Short cut
Binance USDC/TUSD 1,166.14 88,679,354.10 Short cut
Bitrue USDC/USDT 1,163.13 83,147,161.78 Short cut
BitMax USDC/USDT 1,163.14 55,474,656.75 Short cut
Radar Relay USDC/WETH 1,158.53 44,105,372.43 Short cut
Hotbit USDC/BTC 1,156.41 37,644,972.02 Short cut
Gate.io USDC/USDT 1,171.22 33,851,424.82 Short cut
Crex24 USDC/USD 1,173.33 1,286,381.34 Short cut
OKEx USDC/BTC 1,168.58 1,051,507.73 Short cut
Bitfinex USDC/USD 1,176.76 338,247.76 Short cut
Indodax USDC/IDR 1,181.07 12,922.19 Short cut
OKCoin USDC/USD 1,172.07 0.00 Short cut
Coinsuper USDC/USD 1,184.83 0.00 Short cut
COSS USDC/COS 788.06 0.00 Short cut
CoinMex USDC/BTC 2,445.20 0.00 Short cut
CPDAX USDC/BTC 1,256.14 0.00 Short cut
BitBay USDC/USD 1,151.16 0.00 Short cut
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LiveCoin To be provided later To be provided later To be provided later Short cut
DDEX To be provided later To be provided later To be provided later Short cut
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Platform ERC20
Accepting
Hard cap -
Audit -
Stage -
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