Creation of USDC

To understand the origin of USDC, we must first go back to the origin of Circle Internet Group, Inc., which was founded by Jeremy Allaire and Sean Neville in October 2013.

Although a stablecoin pegged to the US dollar (the USDT cryptocurrency) already existed in 2018, Circle announced the USD Coin (USDC) stablecoin on May 15, 2018, and then officially launched it in September of the same year through the Centre Consortium.

Circle’s goal was to develop and offer a stablecoin that was fully backed by and pegged to the value of the US dollar, yet was more transparent, accessible, and regulated, allowing it to leverage blockchain technology and the financial stability that characterizes the US dollar (due to its 1:1 ratio).

This led to the creation of USD Coin (USDC), a “digital dollar token” that serves as an alternative to other stablecoins, bridging the gap between traditional finance and blockchain technology, primarily due to its price stability and regulatory compliance.

Why does USDC maintain 1:1 stability with the US dollar?

USD Coin was created by issuing an ERC-20 token on the Ethereum blockchain. The principle is that each USDC cryptocurrency token is backed 1:1 by US dollars or short-term Treasury bonds held by the Federal Reserve.

To maintain this 1:1 ratio, when a user deposits a certain amount of US dollars (USD) on the Circle platform or through authorized issuers, the equivalent amount of USDC tokens is immediately “minted” and released, which can then enter circulation on blockchains such as Ethereum, Solana, and others.

If the user’s transaction involves redeeming USDC tokens, they are “burned,” and the equivalent amount of USDC is sent back to the user’s bank account.

Therefore, by consistently “minting” and “burning” USDC tokens related to the corresponding transaction (USD deposit or USDC redemption, respectively), the 1:1 parity with the US dollar can be maintained, as this mechanism ensures that the amount of USDC tokens always matches the actual reserves of US dollars. However, to verify these reserves, build trust, and increase transparency, third-party audits and certifications are periodically conducted and publicly shared.

We should highlight that Circle provides monthly certifications from prestigious accounting firms (such as the multinational Deloitte), which are responsible for verifying that the reserves match the USDC tokens in circulation.

Regulatory Compliance

One of the operational foundations on which USDC operates is transparency and regulatory compliance, which fosters greater user confidence by providing a stable and regulated token. At this point, we should emphasize that, although the USDC token is considered a digital version of the US dollar, due to its 1:1 parity, USDC is not issued by the United States government. Although it is a token that operates with blockchain technology, it is issued by companies like Circle, which comply with regulatory requirements and financial auditing standards. Therefore, the stability of USDC is a value that depends on the full backing of US dollar reserves, not government decrees.

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Regulatory and normative compliance

For companies and businesses, it is important to have a stablecoin that generates trust, transparency, and security, which can be achieved if the stablecoin is issued in compliance with regulations and standards.
At this point, USD Coin (USDC) stands out from other stablecoins, as it is issued by Circle, which is a financial institution that adheres to strict US financial regulations and the European Union’s MiCA regulation.

It’s important to note that USDC is regulated by various entities, such as the New York Department of Financial Services (NYDFS), which gives it greater credibility in terms of legal compliance.

Constant audits

For a stablecoin to be used by many people and businesses, it must generate trust, which is achieved by demonstrating its stability in the market, with constant audits being the best way to support said stability.

At this point, USD Coin (USDC) stands out since it is not only backed on a 1:1 ratio by US dollar reserve assets, but it is also subject to constant audits, which are carried out by recognized auditing and accounting firms, especially in compliance with the standards of the American Institute of Certified Public Accountants (AICPA). Additionally, Circle issues and publishes monthly AICPA certifications, demonstrating that each USDC in circulation is properly backed by real, liquid assets.

It’s important to note that other stablecoins have received criticism in this regard. One example is the stablecoin Tether, which has faced several setbacks due to its lack of transparency in the past: less frequent audits and questions about the composition of its reserves. Tether Limited has faced some accusations of a lack of transparency and legal issues, including a 2019 lawsuit from the New York Attorney General.

Institutional adoption

The trustworthiness of a stablecoin or cryptocurrency depends not only on its level of popularity in the market but also be assessed by its degree of institutional adoption.

At this point, USD Coin (USDC) stands out from other stablecoins since several banking institutions (globally recognized) and Fintech have been integrating USDC into their conventional financial systems, allowing greater accessibility and increasing its use in financial transactions. For example, in November 2022, on the Ethereum blockchain, USDC had $14 billion compared to $5 billion of USDT; this suggests that USDC is the preferred option for high-net-worth entities, such as hedge funds and exchanges. This trend makes USDC a “bridge” between decentralized financial platforms (DeFi) and centralized financial platforms.

Support for multiple blockchains

It’s important for the stablecoin to be compatible with multiple blockchains, as this is the best way to manage your funds in a more transparent, easy, and faster way, which is critical for building greater trust.

At this point, USD Coin (USDC) stands out from other stablecoins, since USDC has been designed to be compatible with more than 20 blockchain networks (including Ethereum), making it the stablecoin with the greatest accessibility and flexibility. Furthermore, this high level of compatibility allows it to offer users faster and cheaper transactions, as Circle implements the Cross-Chain Transfer Protocol (CCTP), which eliminates the need to convert to another asset (for transfers) or use other types of tokens.

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Faster and cheaper transactions

For companies to be competitive, it is important that they have a payment processor that allows them to carry out fast and accessible financial transactions, factors that, if neglected, can increase operating costs due to commissions for each transaction.

At this point, Pilsenga’s BTC payment service stands out, since it has a payment processor compatible with the Lightning Network (LN), which has the ability to process BTC transactions faster and cheaper, especially compared to other Bitcoin payment processors, thus improving the user experience and the payment process with this cryptocurrency.

High level of security

A highly secure BTC payment service is an effective way to minimize failures, losses, setbacks, or delays during a financial transaction. Pilsenga stands out in this regard, as its platform boasts a high level of security, with its payment system incorporating various protocols and security measures, such as transaction approval, integrated security controls, identity verification, multi-asset custody, data encryption, multi-factor authentication, and more.

Payment automation

By leveraging Pilsenga’s BTC payment service, businesses can automate vendor payments, payroll, multiple invoices, and even make partial invoice payments, as Pilsenga offers customized services to meet the needs of each business.

Group payment feature, which can manage each invoice payable, automatically uploads it to the system and processes it as a payment request in the database. This will automatically create a payment record for each account payable.

Importantly, the “Payment Request” feature helps businesses create long-form invoices, giving customers greater flexibility and versatility, enabling faster, smoother, and more efficient transactions.

Wide cryptocurrency support

By leveraging Pilsenga’s BTC payment service, businesses have the ability to access a wide variety of recognized cryptocurrencies, as the Pilsenga ecosystem has extensive support for cryptocurrencies and fiat assets, in addition to an Exchange service. Cryptocurrencies accepted by Pilsenga’s BTC payment processor include Ethereum (ETH), ERC-20 Tokens, BTC Lightning Network, USD Coin (USDC), and Bitcoin (BTC).

Customer support and user interface

It ‘s important for the provider to have a platform with a good user interface, as well as excellent support and high-quality customer service. Pilsenga stands out in this regard, as its platform is intuitive, user-friendly, and easy to use, and can be adapted to the needs of each company or business.

Another important point in this regard is that Pilsenga offers personalized support, which stands out for its excellent level of communication and advice. An example of this is the 24/7 dedicated manager service, which offers a unique and personalized experience for each company or business. It is important to note that this service is currently available in English, Spanish, Lithuanian, and Italian.

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What is USDC?

USDC is a stablecoin designed to maintain a stable value because it is pegged to the US dollar. Each USDC token is backed by a US dollar in cash or an equivalent asset, such as short-term US Treasury bonds, ensuring its value remains constant, protecting it from the volatility of other cryptocurrencies.

Creation and launch of USDC

USD Coin (USDC) was created on May 15, 2018 by the Fintech company Circle, it was designed as a stablecoin backed by the US dollar and which began its circulation in the market in September 2018 with the support of Circle and Coinbase, thanks to its link to the US dollar it was quickly gaining ground as a transparent and regulated stablecoin.

By September 2019, USDC had already become an important alternative in the cryptocurrency ecosystem, thanks to its adoption within a wide variety of exchange platforms and platform trading.

Regulatory approvals in Japan and Dubai

In 2025, USDC strengthened its credibility and increased its global reach as fintech firm Circle secured regulatory approvals in Japan and Dubai, leading USDC to also achieve significant growth in its market capitalization, reaching a record high of $60 billion.

Main features

USDC has become one of the most widely used stablecoins as it stands out for having the following characteristics:

Regulatory compliance

USDC is characterized by being a stablecoin that complies with strict regulatory standards such as those established by the United States, Europe, Japan and Dubai, which allows it to provide users with greater security and stability.

Wide accessibility

USDC is characterized by having a presence and operational support in more than 15 blockchain networks (such as Ethereum) and in around 180 countries.

Stability

USDC is characterized by its stable value, as it is a stablecoin pegged to and backed by the US dollar, with a 1:1 ratio to cash or cash-equivalent reserve values.

Versatility

USDC is characterized as one of the most versatile stablecoins on the market, as it offers users the possibility of using it in payments, trading, decentralized finance (DeFi), and savings, among other types of operations.

Trust and transparency

USDC is known for being one of the most trusted and transparent stablecoins on the market. This is because the Fintech company Circle constantly conducts audits and reports on USDC reserves.

Quick liquidation

USDC is characterized as a stablecoin that offers high-speed transactions, as it features rapid settlement for each financial transaction, which is an advantage for users conducting cross-border transactions.

The Main differences between USDC and USDT

Due to their popularity, stablecoin status, and similar acronyms, many people and businesses tend to confuse USDC (USD Coin) with USDT (Tether). The main difference between these two cryptocurrencies is their transparency. For example, USDC stands out for its focus on transparency, as Circle publishes monthly audits conducted by independent accounting firms (such as Grant Thornton) that verify that every USDC in circulation is backed by a US dollar or equivalent asset in reserves.

On the other hand, USDT (Tether) has been criticized on occasion for a “relative” lack of transparency. Although Tether now provides reserve reports, it has historically faced questions about whether it was truly fully backed by dollars. For example, in 2021, following an investigation by the New York Attorney General’s Office, it was revealed that it did not always maintain a 1:1 reserve, leading it to pay a $41 million fine and be required to submit periodic reserve reports from that date on.

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Security level

When choosing an Ethereum wallet for businesses, it’s important to evaluate the wallet type and security level of the provider’s platform, as this will allow us to protect users’ personal and financial information.

Ethereum wallets can be physical (hardware wallets) or desktop applications, and their security level depends exclusively on the company or user managing them. If an unauthorized person gains access to this information, the assets contained in the wallet may be exposed.

On the other hand, in the case of custodial Ethereum wallets or centralized wallets, control of the assets is shared between the provider and the company, so it will be necessary to evaluate the level of security offered by the provider’s platform (which offers the private key custody service). In this case, it is important to know what protocols and security measures the provider implements.

Wallet reliability

When choosing an Ethereum wallet for business, it’s important to evaluate the wallet’s reliability by reviewing comments and reviews from its customers or users. However, it’s important to verify the “truth” of these comments, in addition to looking at the intermediate ratings, since these tend to be more objective and less emotional. This way, you can choose (objectively and effectively) the alternative that best suits your needs.

Additional functions or services

It ‘s important to evaluate the additional features or services offered by the provider’s platform, as this allows for greater versatility and flexibility in our operations. Key additional features or services include payment processors, asset purchases from IBAN accounts, cryptocurrency exchanges, and more.

Evaluate the user interface

When choosing an Ethereum wallet for businesses, it’s important to evaluate the provider’s platform’s user interface. A simple and user-friendly interface will allow us to manage our digital assets more efficiently and quickly. On the other hand, if the platform isn’t user-friendly or intuitive, we won’t be able to take advantage of all its available features and tools.

Level of integration with pre-existing systems

When choosing an Ethereum wallet for business, it’s important to evaluate the level of integration the provider offers with other pre-existing systems, whether operating systems, accounting platforms, or the company’s financial systems.

A seamless integration minimizes operational risks, such as manual errors or payment processing delays, which is important for companies that handle large transaction volumes. On the other hand, if the wallet is compatible with the operating systems employees already use, the learning curve is reduced and productivity is improved. Furthermore, cryptocurrency operations will be aligned with the company’s existing technological infrastructure, enhancing both the functionality and scalability of the entire organization.

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Electronic Money Tokens (EMTs)

Electronic Money Tokens (EMTs) are a type of crypto asset that has been designed as a Stablecoin, which links its value to a single fiat currency, generally functioning as a digital representation of electronic money.

MiCA regulates EMTs with the aim of preventing manipulation in their issuance and use, which allows for guaranteeing fair practices and protecting users against any type of risk related to non-compliance by the issuer or the loss of the link of the tokens, which can be achieved through established regulations.

Asset Referenced Tokens (ARTs)

Asset-Referenced Tokens (ARTs) are crypto assets that are characterized by having their value tied to other assets or a combination of assets, such as commodities, fiat currencies, and even other crypto assets. This distinguishes them from EMTs, who are tied to only one fiat currency.

MiCA regulates ARTs to ensure a safe and transparent market, similar to what happens with EMTs. However, it’s important to highlight that, by regulating ARTs, MiCA also promotes financial stability in the market, especially in the event that mass adoption of this type of crypto asset causes its value to deviate from the assets that originally determined its initial value.

Other crypto assets

The MiCA regulation defines “other crypto assets” as crypto assets not classified as EMTs or ARTs. Therefore, it should be noted that the “other cryptoassets” category is quite broad and tends to be more unstable, as they lack the stabilization mechanisms of EMTs and ARTs. It is important to note that crypto assets such as non-fungible tokens (NFTs), security tokens, and central bank digital currencies (CBDCs) are excluded from this category.

By regulating “other crypto assets” MiCA is assured of creating a comprehensive framework that allows regulating the crypto market that includes Utility Tokens (a token that grants access to a decentralized application or platform), Cryptocurrencies (Bitcoin or Ethereum), and Non-Stable Tokens, which are characterized by being decentralized crypto assets and whose value is not linked to any underlying asset and therefore, can be volatile, since it depends on market supply and demand.

Importantly, MiCA requires issuers and providers to disclose detailed information about crypto assets in white papers, in addition to establishing standards and protocols that reduce the risk of fraud or deceptive practices in issuance or promotion, ensuring consistency of regulations across the European Union and standardizing the crypto market, which provides security and confidence to potential crypto asset investors.

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Tailor-made service

It is important that the provider’s platform is tailored to the needs of each company since this way the platform will be more versatile and effective, and the company will be able to take advantage of all the platform’s tools and functions.

Companies that have Pilsenga’s cryptocurrency transfer service can store and safeguard their digital assets, as well as make transactions, send and receive payments, and even acquire products and services using their digital assets (cryptocurrencies and FIAT money) from anywhere in the world through an intuitive, powerful and flexible ecosystem, which is designed exclusively for the needs of each company.

Extensive cryptocurrency support

It is important for the provider to support multiple cryptocurrencies, as this allows for a more positive user experience as well as offers greater flexibility.

Companies that have Pilsenga’s cryptocurrency transfer service have the possibility of managing different types of cryptocurrencies (such as Ethereum (ETH), Bitcoin (BTC) and USD Coin), in addition to having the ability to automatically convert to FIAT currency (USD or EUR), which offers greater flexibility and convenience to users.

High level of security

It is important that the provider’s platform has a high level of security since cryptocurrencies, being decentralized and operating on the blockchain network, generally do not have intermediaries (such as banks) that can “reverse” fraudulent transactions. Therefore, a high level of security ensures that financial resources remain protected.

Companies that rely on Pilsenga’s cryptocurrency transfer service have the possibility of carrying out transactions with a high level of security, since Pilsenga has a platform that complies with high security standards and protocols, such as data encryption, identity verification, transaction approval protocols, security controls, multi-factor authentication, custody of multiple assets, among others.

Competitive rates

It is important to check the provider’s rates, as this way you can know if the platform fits your budget and needs, and you will also avoid any hidden costs or fees.

This is where Pilsenga stands out, as its rates are public (on its official website), which allows any company to know in advance the rates or costs of its platform. It is important to note that companies that have Pilsenga’s cryptocurrency transfer service can benefit from a competitive fee structure on Bitcoin transactions, as Pilsenga makes use of technologies that allow for faster and more effective transactions.

Efficient asset management

It is essential that the provider’s platform has tools that allow for efficient management of digital assets, allowing for fluid and versatile cryptocurrency transfers.

Companies that rely on Pilsenga’s cryptocurrency transfer service can manage their assets efficiently through a platform that has the ability to define spending policies and advanced approval flows. Through Pilsenga’s platform, companies can automatically manage their financial processes by making use of a wide range of financial services, such as e-money & IBAN, exchange, wallet, batch payments, and accounting packages, among others.

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They are not regulated and lack supervision

Some individuals and companies consider certain operations of Crypto Asset Service Providers (CASPs) to be illegal due to a lack of oversight or failure to comply with certain regulations. However, various countries have implemented specific regulatory frameworks for CASPs. For example, in Europe, the Markets in Crypto Assets Regulation (MiCA) has been introduced to regulate these entities. Furthermore, in compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CTF) regulations, CASPs are required to be accountable and keep regulatory authorities informed about every transaction they process.

They are not affected by market volatility

Some people believe that Crypto Asset Service Providers (CASPs) manipulate the value of assets and that they are not affected by market volatility. However, all Crypto Asset Service Providers (CASP), like entities that provide financial services, can be affected by market volatility, which is why they must be transparent and comply with a series of regulations. We must take into account that all cryptoassets are characterized by a high degree of volatility.

They are solely responsible for ensuring the security of the assets

Some people and companies believe that Crypto Asset Service Providers (CASPs) are solely responsible for ensuring the security of assets. However, even though CASPs have security measures and protocols required by the financial industry, it is important to highlight that asset security is also the responsibility of users. For example, the user is responsible for using strong passwords, not sharing their passwords, enabling two-factor authentication, and not sharing the devices where they log in, among others.

They all offer the same services

There are people and companies that believe that all Crypto Asset Service Providers (CASP) are the same and offer the same services. Therefore, it does not matter which provider to choose. However, the reality is that there is currently a wide variety of financial services on the market, which vary according to each financial entity, the type of license it has, and the regulatory requirements and obligations on which they base their operations. Among the most common services, the custody service, wallet, and Exchange, among others, stand out.

Expensive services

Some people and companies consider the services of Crypto Asset Service Providers (CASP) to be expensive. However, the fees associated with operations and transactions often differ from one provider to another, influenced by high demand and competition in the market. This leads to more affordable prices, which are determined by the dynamics of supply and demand. It is important to note that each user is free to select the provider that provides the most appropriate financial solutions to their specific needs and requirements.

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Reputation

When choosing a crypto wallet with IBAN, it is advisable to research the provider’s reputation on the market. This can be done by checking user feedback and app reviews (e.g. Google Play Store or Apple App Store). It is recommended to focus on middle grades, as these tend to be more objective and less emotional, on the other hand, it is recommended to avoid top or bottom grades, as these tend to be less objective and more emotional (everything is great or everything is bad).

Ability to integrate with banking systems

When choosing a crypto wallet provider with IBAN, it is advisable to check if the service has the ability to integrate with traditional banking systems, as this way, “Financial Interoperability” is guaranteed, which facilitates the conversion and transfer between cryptocurrencies and fiat currencies, allowing users to operate in both ecosystems without the need for additional intermediaries.

Another advantage is the ease of use, which allows the average user to not have to manage two separate systems (one for crypto and one for traditional finance), which improves the user experience and reduces the complexity and time needed to manage their finances.

It is important to note that when a crypto wallet has an IBAN associated with it, it allows the wallet to be recognized and accepted in the global financial system, which is essential for making international payments, receiving salaries, or managing invoices, all within the same platform.

Cryptocurrency and Forex Support

It is advisable to check which types of cryptocurrencies and currencies the provider supports, as this will allow us to know if the provider can offer us solutions that fit our needs. For example, if we work with USDT Tether, it does not make much sense to work with a provider that only works with Bitcoin or Ethereum (and does not accept USDT Tether). It should be noted that each provider offers different options. Therefore, it is important to know if the provider works with cryptocurrencies and currencies with which we trade.

Security level

It is advisable to evaluate the security level of the provider’s platform. To evaluate this point, it is advisable to verify which security methods, protocols, and measures the provider implements, such as data encryption, two-factor authentication, identity verification, integration of security controls, custody of multiple assets, and approval of transactions, among others.

It is important for the provider to have a platform with a high level of security, as this reduces the possibility of losses, theft, failures, and delays in electronic transactions.

Regulatory compliance

When choosing a crypto wallet provider with IBAN, it is advisable to evaluate whether the provider operates under the regulatory compliance necessary to offer this type of financial service. It is important to verify that the provider complies with financial industry standards and complies with anti-money laundering, terrorist financing, and cyber fraud regulations.

Costs and fees per operation

It is advisable to evaluate the costs and fees per operation on the provider’s platform. This point is important since each provider applies different fees for its services. Therefore, the fees related to operations, transactions, deposits, withdrawals, and cryptocurrency exchange should be compared. It is advisable to take into account those providers that show their rates publicly and transparently, as well as avoid providers that do not display all their rates on their official website, as this way, we will avoid possible additional charges or hidden fees.

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Regulatory framework

VASPs within the European Union operate under the regulatory framework set by the Fifth Anti-Money Laundering Directive (5AMLD), the Financial Action Task Force (FATF), and the Markets in Crypto-Assets Regulation (MiCA). VASPs must comply with strict regulations such as anti-money laundering (AML) obligations and countering the financing of terrorism (CFT) rules.

CASPs within the European Union, on the other hand, conduct their operations under MiCA regulations and are required to comply with strict licensing, governance, and AML/CFT compliance requirements.

Type of license

VASP licenses and CASP licenses have the following differences:

Type of service

Regarding the scope of VASP licenses, this allows financial entities and companies to offer a wide range of services related to virtual assets, such as cryptocurrency exchanges and custodial wallets. CASP, on the other hand, has a broader scope and covers a wider range of services, including the offer and marketing of crypto assets, custody, exchange, and management of trading platforms.

Market reach

The VASP license allows financial institutions and companies to operate in international markets with implementations that are specifically tailored to each country. The CASP license, on the other hand, allows financial institutions and companies to operate only within member countries of the European Union, based on the MiCA guidelines with a harmonized and standardized regulatory framework.

Monitoring and Registration

In the case of VASPs, firms must register with national authorities in each EU country and comply with local AML/CFT regulations. In the case of CASPs, on the other hand, an EU-wide authorisation is required, allowing a CASP registered in one country to operate across the EU under the “financial passport” principle.

Main Objective

In the case of VASP, their goal is to prevent financial crimes through identity checks and transaction monitoring. On the other hand, in the case of CASP, their goal is to establish a complete regulatory framework for crypto-assets, protecting investors and ensuring the proper functioning of the market.

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