What does it mean to mint USDC?

Minting is the process by which a real-world asset, such as USD, is made available as a crypto-native token. There are three steps to mint USD into USDC:

  1. A user sends USD to an issuers bank account
  2. The issuer sends a request to the USDC smart contract to mint an equivalent amount of USDC
  3. The issuer makes the newly-minted USDC available to the user, while holding the USD they were sent in reserve
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