Centric Cash is a cryptocurrency that has been pegged at $1 USD worth of Centric Rise token. It will trade on leading exchanges around the world and acts primarily as an on/off-ramp to the Centric Network.
Centric Cash is minted in exchange for Centric Rise. The number of circulating Centric Cash is dependent on the number of Centric RIse tokens held in security on the Centric Rise smart contract.
The number of Centric Cash in circulation equals the USD value of Centric Rise held in security ensuring 1 Centric Cash token can always be redeemed for $1USD of Centric Rise. Each hour Centric Rise tokens are burnt in accordance with the above rule to ensure the stability of the network.
Technically the maximum supply is unlimited but governed by the Centric Network rule set which requires Centric Rise to be held as security at all times on the Centric Rose smart contract ensuring 1 Centric Cash token can always be redeemed for $1USD of Centric Rise.
The maximum supply is therefore based on the total value of Centric Rise.
When a holder of Centric Rise converts to Centric Cash through the convert function on the Centric Rise smart contract new Centric Cash tokens are minted and sent to the holder.
A holder of Centric Cash can claim Centric Rise at a fixed $1 USD value per Centric Cash from the Centric Rise Smart Contract. Once converted the Centric Cash is burned reducing the circulating supply.