Quote from: DrBitcoin on December 07, 2019, 07:05:40 PM

Perhaps this is a dumb question...but if I go onto Coinbase, or anywhere, and buy 1 USDC, how does the $1.00 USD I paid for it get into Cricles Bank account. Audits show that Circle has 1 USD for every USDC, I'm just confused as to how that USD actually makes it from my bank account, to Circle's bank account?

Does circle decide who the fiat onramps (like Coinbase) are? And they have to buy the USDC from Circle consortium dollar for dollar?

Can someone enlighten me?

When Coinbase credit you with USDC they send your USD to Circle. There is no other way that this. They probably have some USDC on loan from circle to do this fast. When you sell them USDC and get Bitcoins or USD, they simply send those USDC to Circle and get USD for it.