Introducing USD Coin

Circle Internet Financial has launched USD Coin (USDC), a fiat stablecoin pegged 1:1 with the US dollar and backed by cash reserves, through collaboration with the CENTRE open-source consortium. USDC allows individuals and institutions to tokenize USD for use over public blockchains, enabling global, secure, and low-cost transactions. The introduction of USDC aligns with the vision of creating a crypto-powered global economy, where fiat money operates over open blockchains within smart contracts, similar to how internet protocols like HTTPS and SMTP facilitate free information exchange. The CENTRE consortium, co-founded by Circle, establishes standards and governance for fiat stablecoins, ensuring openness and interoperability among issuers. USDC is built on the ERC-20 standard, allowing it to be integrated into various wallets, exchanges, and applications. CENTRE's broader membership framework aims to include other financial technology firms as USDC issuers, promoting a more inclusive and efficient global financial system.

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