USDC
Auto Allocation - USDC
Reduce impacts of market volatility with automatic conversion to USDC stablecoin.
Any MATIC sent to an Amasa account which has setup Swap to USDC in Auto Allocation, automatically enters a set of smart contracts and is swapped via Uniswap v3 in sequence.
MATIC/wETH pair > wETH/USDC pair.
The percentage of MATIC swapped to USDC will match the set percentage chosen by the account holder in their Auto Allocation.
As part of the same transaction executed by the smart contracts, the wallet address connected using Metamask to setup the Amasa account will be issued with arUSDC tokens. These function similarly to LP tokens as a record of ownership over funds within the contract.
In a user-actioned withdrawal transaction,
User’s arUSDC tokens are sent back to the Amasa smart contract and burned
User receives USDC (or MATIC if selected from the dropdown option) into their connected wallet.
Users can independently confirm and track all transactions on the Ethereum blockchain.
Risk Disclosure
The DeFi space is not without risk. While we have done our best to select optimal investments, it is best to do your own research and only supply assets you can afford to lose. Read Risk Disclosure
What is USDC?
USD Coin (USDC) is a digital stablecoin pegged to the United States dollar, issued by a private entity and managed by the Centre Consortium. Stablecoins are commonly backed byreserve assetslike dollars or euros to achieve price stability. USD Coin (USDC) is a fiat-collateralized stablecoin, meaning that USDC tokens are collateralized by fiat money like U.S. dollars. Other types of stablecoins include those that are collateralized by a cryptocurrency, an algorithm, or by a hybrid approach.
USDC is primarily available as an Ethereum ERC-20 token.
Fractions of USD Coin can be owned, in the same way U.S dollars fractionalize into pennies. You can purchase as little as 0.001—equal to one-tenth of a cent—of USD Coin.
USDC should not be confused with a central bank digital currency (CBDC). USDC is issued by Circle, a company in the private sector, while a CBDC would be issued by a government.
The Centre consortium was founded by Circle and includes members from Coinbase and Bitmain, an investor in Circle. Circle is regulated as a licensed money transmitter under U.S. state law, similar to PayPal, Stripe and Apple Pay. The financial statements of Circle are audited annually and are subject to review by the SEC.
Circle claims that each USDC is backed by a dollar held in reserve or short-dated U.S. treasuries, and these reserves are held in the custody of leading financial institutions, however, these are not detailed. USDC reserves are regularly attested (but not audited) by Grant Thornton, LLP, and the monthly attestations can be found on the Centre Consortium's website.
What are arUSDC tokens?
Amasa uses Amasa Record (ar) tokens which function like Liquidity Pool ( LP ) tokens as a record of ownership over funds within Amasa smart contracts.
Currently these are the following arTokens used in the Amasa smart contracts.
arUSDC ( USDC )
arUSDT ( USDT )
arWBTC ( WBTC )
arwstETH ( Liquid staked wrapped ETH on Lido )
arDPI ( DPI )
arMVI ( MVI )
How long do I have to keep funds in my account?
There are no restrictions or lockup time periods on any user funds in accounts. If there are funds in your account they can be withdrawn at any time.
Who holds my funds?
All user funds are non-custodial and securely stored in the Amasa smart contracts on Polygon, a Layer2 network on the Ethereum blockchain. Only a connected wallet which holds arTokens ( Amasa Record Tokens ) is able to withdraw funds from the Amasa smart contracts. Only the value of the arTokens held by the user can be withdrawn.
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