When was USDC issued? Learn about the origin of USDC in one article

Conceived in 2018, USDC emerged as a stablecoin backed by real-world assets and renowned for its transparency, regulatory compliance, and widespread adoption.

Oct 02, 2024 at 04:36 am

The Genesis of USDC: A Dive into the Origins of the Stablecoin

1. Conception and Launch (2018)

The idea for USDC was conceived in June 2018, as part of a collaboration between CENTRE, a joint venture between Circle and Coinbase, and the CENTRE Consortium. The aim was to create a stablecoin pegged to the US dollar, backed by real-world assets.

2. Issuance (September 2018)

The first USDC tokens were issued on September 26, 2018, on the Ethereum blockchain. The initial supply was 100 million USDC, backed by an equivalent amount of US dollars held in Circle's bank accounts.

3. Transparent and Audited Issuance

From the outset, the USDC issuance process was designed to be transparent and auditable. Monthly attestations by accounting firm Grant Thornton confirmed the 1:1 backing of US dollars for every USDC in circulation.

4. Regulatory Compliance

USDC was designed to comply with regulatory requirements. The backing assets are held in FDIC-insured US banks and are subject to periodic audits.

5. Growing Adoption

Over time, USDC gained traction as a stablecoin due to its transparency, regulatory compliance, and support from major cryptocurrency exchanges. It is now widely used as a medium of exchange, a store of value, and a bridge between fiat currencies and the crypto market.

6. Market Dominance

As of January 2023, USDC is the second-largest stablecoin by market capitalization, with a circulating supply of over 40 billion tokens. It currently holds a dominant position in the stablecoin market, providing stability and liquidity to the crypto ecosystem.