ShareCash (PSC) stable coin is designed as a blockchain-agnostic cryptographic token explicitly and permanently pegged to the value of the United States Dollar. Its permanent and invariant USD equivalency is achieved by mirroring purchase transactions on the PS Platform to the minting of PSC tokens. So by definition, the number of tokens minted reflects the precise USD amount of the purchase transaction minus the payment processor fees.
Thus, by virtue of this design, the total number of PSC tokens in circulation will always reflect the USD balance of the dedicated ShareCash Reserve bank account that receives the sales revenue in the form of ACH deposits from our current payment processors Stripe, Paypal and Sezzle. PSC tokens are then used for all cashback reward payouts and Stakeholder value distribution. PSC tokens can be used to make purchases on the platform or can be exchanged back into fiat currency via a smart contract interface. The withdrawal smart contract works by burning the requested amount of PSC tokens and transfers the corresponding amount to the bank account of the user making the request. (See ShareCash implementation section in PS Whitepaper)
As PS makes it’s transition to DAO governance, PSC will serve as its main founding block which enables full transparency of PS financial operations and is the most optimal way achieve the prerequisites for the total decentralization of the PS Protocol:
- Verifiability of sales that ensures the fairness and autonomy of cashback payouts; and
- Censorship resistant ability to distribute economic value to our Stakeholders while allowing individual stakeholders to maintain their anonymity with respect to one another.