What is the source of USDC on Binance?

5 answers

• May 02, 2022 · 3 years ago
  USDC on Binance is a stablecoin that is pegged to the US dollar. It is issued by Circle, a financial technology company. Circle ensures that each USDC token is backed by an equivalent amount of US dollars held in reserve bank accounts. This ensures that USDC maintains a 1:1 ratio with the US dollar. The USDC tokens are minted when users deposit US dollars into the reserve accounts and burned when users redeem their USDC for US dollars.
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• May 02, 2022 · 3 years ago
  The source of USDC on Binance is Circle, the company behind the stablecoin. Circle is responsible for issuing and managing USDC tokens. They ensure that each token is backed by an equivalent amount of US dollars held in reserve. This transparency and backing make USDC a reliable and trustworthy stablecoin on Binance.
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• May 02, 2022 · 3 years ago
  USDC on Binance is generated through a process called minting. When users deposit US dollars into the reserve accounts, new USDC tokens are minted and added to circulation. Similarly, when users redeem their USDC for US dollars, the tokens are burned, reducing the total supply. This process helps maintain the 1:1 peg with the US dollar and ensures the stability of USDC on Binance. Please note that this information is specific to USDC on Binance and may differ for other exchanges.
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• May 02, 2022 · 3 years ago
  USDC on Binance is sourced from Circle, the company that issues the stablecoin. Circle ensures that each USDC token is backed by an equivalent amount of US dollars held in reserve. This backing provides stability and trustworthiness to USDC. It's important to note that USDC is an ERC-20 token built on the Ethereum blockchain, which means it benefits from the security and transparency of the Ethereum network.
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• May 02, 2022 · 3 years ago
  USDC on Binance is generated through a partnership between Binance and Circle. Circle is responsible for issuing and managing USDC tokens, while Binance provides the platform for trading and storing USDC. This collaboration ensures the availability and liquidity of USDC on Binance, making it a popular choice for traders and investors.
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