What Is Circle?
Circle is the founder of Centre, the organization behind USDC, a fully collateralized U.S. Dollar stablecoin.
Background
Jeremy Allaire and Sean Neville founded Circle in 2013. USDC is based on the open-source fiat stablecoin framework developed by the Centre.
How Does It Work?
Institutional investors and businesses can deposit U.S. dollars in exchange for USDC tokens, which can be deposited on supported exchanges. Conversely, customers can exchange USDC with Circle’s issuance service for U.S. dollars.
USDC is fully backed by cash and short-dated U.S. treasuries. Centre ensures detailed financial and operational transparency, and reputable banking partners and auditors further support USDC.
Key Takeaways
- Circle is the founder of Centre, the organization behind USDC, a fully collateralized U.S. Dollar stablecoin.
- USDC is based on the open-source fiat stablecoin framework developed by the Centre.
- Institutional investors and businesses can deposit U.S. dollars in exchange for USDC tokens.
- USDC is fully backed by cash and short-dated U.S. treasuries.
- Reputable banking partners and auditors support USDC.
