anders94's comments

Circle works with a wide variety of regulatory agencies around the world. I'm not aware of anything the SEC has said publicly about USDC.

We work with a number of banking partners around the world but generally don't publicize this information.

Circle will begin publishing its USDC-related reports on centre.io after public launch. We have engaged Grant Thornton LLP to apply on a monthly basis certain agreed-upon procedures to assist management regarding the accuracy of USD reserve balances for the USD stablecoin tokens issued as set forth by the Company.

We will hold exactly one USD for one token. In the future, we may also invest these fiat funds in highly-liquid, AAA-rated fixed income securities.

The coins minted by both Circle and Coinbase are mutually fungible. You could acquire USDC from one and redeem it at the other. Support for multiple issuers is an important differentiator for USDC.

More information on this is available at https://support.usdc.circle.com/hc/en-us/articles/3600152783...

Anders Brownworth from Circle here - I just wanted to point out that https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb... is the proxy contract. (an address that won't change but who's source code doesn't contain the "meat" of the logic) That contract simply proxies calls to the current main FiatToken contract deployed at https://etherscan.io/address/0x0882477e7895bdc5cea7cb1552ed9... but if you want to see the official repository for the project, it is available from CENTRE on GitHub at https://github.com/centrehq/centre-tokens

We considered a wide range of platforms before making a decision. At this point, however, Ethereum is really the only viable option particularly from a security and wallet support perspective. That said, we have been developing the technology in such a way that it can be adapted to other blockchains in the future should CENTRE choose to do that. However, while incredibly important, the contract implementation isn't nearly as much work as the legal, operational, risk and audit components necessary to connect the traditional financial system to cryptocurrencies in an open and compliant way. Should CENTRE choose to provide an implementation on another blockchain, much of those other components would simply apply with little modification.

It isn't limited like that.

As you can imagine, Circle maintains fairly sophisticated minting operations able to execute around the clock. All that is necessary for coins to be minted is for Circle to broadcast a properly signed transaction.

Now, of course, Circle can't just mint a limitless supply because we have a minting allowance set by CENTRE. While CENTRE itself can't mint coins, they do operate a minting allowance system with around the clock availability which can grant Circle a additional allowance per a ruleset to effectively manage risk.

This might seem to be getting into the weeds a bit but support for multiple minters (Circle and Coinbase here for example) is a significant differentiator between USDC and other reserve backed stablecoins.

Circle holds one dollar for every dollar minted, we do not run a fractional reserve. The CENTRE Consortium holds minters (of which Circle is one) to strict auditing requirements. While this information is regularly published, you can see all minting and burning operations (as well as all transfers and other token operations) in realtime on the Ethereum blockchain. See etherscan: https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb... There are always as many USDCs in circulation as there are fiat dollars backing them up in traditional bank accounts. The only way minters produce more in a 1 to 1 manner is if someone wires traditional dollars in. Likewise, Circle will burn USDCs in a 1 to 1 manner as requests for traditional fiat dollar withdrawals are processed.

Hi, I'm Anders Brownworth, Chief Evangelist at Circle. I'm happy to answer any questions on USD Coin, CENTRE or Circle.

We're also hiring! See https://circle.careers/

Thanks for the comment - I am still with Circle, and indeed we still use the bitcoin blockchain behind the scenes. We're also working on a smart contract platform called Spark. More to come on that in a bit.

Thanks, much appreciated. So it is essentially a node.js VM with hooks that let you alter calls that already exist inside the big carrier networks.

My humble suggestion would be to get rid of all the marketing-speak on your website and lead with what you just wrote here. It is very frustrating to have to dig through statements about what this or that can mean to you without the basic understanding of what this is in the first place. Fire your marketing guy. ;)

I'm still a little lost on exactly what this is. The only two things I found under the technology link were node.js and SmartOS. Do you spin up SmartOS/node instances and somehow hook SIP to them? Can you give us a technical explanation?