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USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors. It is the first fiat stablecoin developed by CENTRE, the open source project and membership consortium, with Circle and Coinbase being the first two of several forthcoming members to launch USDC issuance.
By using Circle’s USDC issuance service, individual and institutional investors can deposit US dollars from bank accounts, convert those dollars into USDC tokens and deposit them on Poloniex to trade crypto assets. Conversely, customers can withdraw USDC tokens from Poloniex into Circle’s USDC service and redeem the corresponding amount of US Dollars which can then be transferred to bank accounts.