Due Diligence Report of xUSD (Wrapped USDC) by Wrapped
Wrapped is the leading technology provider of wrapped layer-1 assets. Wrapped, a collaboration between Tokensoft and qualified custodians, is designed to provide a high-quality custodial, administrative, and compliance solution for wrapped assets.
Tokensoft is the best place to attain price discovery while bootstrapping your community. This can take various forms, whether you are doing a fixed price sale and setting the price of your token or whether you are allowing your community to set the price in the form of an auction. Each style has different strategies to set the right price while building the largest community. To date, Tokensoft has helped create over $10 Billion in market cap across projects like Tezos, Hashgraph, Synthetix, Avalanche, The Graph, Acala, Moonbeam, and many, many more.
What is xUSD :
xUSD is wrapped USDC, a stablecoin created by Circle.
Circle is a global financial technology firm that’s at the center of digital currency innovation and open financial infrastructure. Circle bridges the traditional financial system and the world’s leading public blockchains to unlock growth for businesses and investors around the world. (LINK)
USDC is fully backed by cash and short-dated U.S. government obligations, so that it is always redeemable 1:1 for U.S. dollars. Each month, Circle publishes attestation reports by Grant Thornton regarding the reserve balances backing USDC.
Circle is a licensed money transmitter in 46 U.S. states, plus Washington, D.C. and Puerto Rico. (LINK)
xUSD is not a decentralized project and has structures as mentioned above. Thus, there is no Tokenomics.