The currency is managed by a union called the Center, founded by Circle, which includes members from cryptocurrency exchanges, the Coinbase platform, and a Bitcoin mining company called Bitmain. The US dollar is issued by a private entity and should not be confused with Central Bank Digital Currency (CBDC).

The US dollar is converted to US Dollar Coin in three steps:

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

2. The issuer uses a smart contract for US Dollar Coin to create an equivalent amount of US Dollar Coin.

3. The newly minted US Dollar Coins are sent to the user, and the equivalent US dollars are kept in reserve.

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