$USDC The US dollar is converted to US dollar currency in three steps:

The user sends US dollars to the bank account of the currency issuer.

The issuer uses a smart contract for the US dollar to create an equivalent amount of US dollar currency.

The newly minted US dollars are sent to the user, and the alternative US dollars are kept in reserve.

Visa announced on March 29, 2021, that it would allow the use of US dollar currency to settle transactions on its payment network. Circle announced in July 2022 that there are 55 billion US dollars in circulation.🎉