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Incorrect Number of Decimals in USDC Currency #1081

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brent-cybrid opened this issue Mar 5, 2024 · 9 comments · Fixed by #1089
Closed

Incorrect Number of Decimals in USDC Currency #1081

brent-cybrid opened this issue Mar 5, 2024 · 9 comments · Fixed by #1089

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@brent-cybrid
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In config/currency_non_iso.json, the currency configuration for usdc is configured for "subunit_to_unit": 100, however, USDC supports six decimal places of precision, not 2.

The configuration for usdc should show "subunit_to_unit": 1000000.
@tagliala
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tagliala commented Mar 8, 2024 •
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Hi, it is pretty clear that USDC has 6 decimal places, but is there an official reference?
Also, I guess the subunit definition is also wrong should not be Cent anymore after this change

@stebo
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stebo commented Mar 11, 2024

The official reference would probably be to check the decimals() on the USDC contract, depending on the chain you are on, e.g. USDC on Ethereum: https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48#readProxyContract

-> decimals = 6

--

Another related question: If I'd save USDC with "subunit_to_unit": 1000000
then Money.from_cents(2345678, "USDC") => 2.345678 USDC

How can I now use .format to only display a rounded 2 decimals? => 2.35 USDC
Any way to do this and define precision on format?

@tagliala
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What about the subunit name? I guess that cents would not apply anymore since they are not cents anymore. BTC are using Satoshis as subunit name

@stebo
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stebo commented Mar 12, 2024

What about the subunit name? I guess that cents would not apply anymore since they are not cents anymore. BTC are using Satoshis as subunit name

You can change the migrations and just use whatever column name suits your case better then _cents
monetize :prize_satoshis

I usually just continue using _cents, although I have BTC, ETH & other crypto coins (which all have other subunit names). There is also probably a couple of fiat currencies that do not really have cents.

@semmons99
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welcome a PR, to update this. just not something we actively monitor ourselves.

@tagliala
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tagliala commented Mar 13, 2024 •
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I can work on this (at the end of next week), can you please reopen for tracking purposes?

@semmons99
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Sure. Done.

@semmons99 semmons99 reopened this Mar 13, 2024
@semmons99
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checking in on status

@tagliala
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Confirm that I will have time during this weekend

tagliala added a commit to tagliala/money that referenced this issue Mar 21, 2024
@tagliala
Fix USDC decimal places
f6446a1 
Close RubyMoney#1081
tagliala added a commit to tagliala/money that referenced this issue Mar 21, 2024
@tagliala
Change USDC decimal places from 2 to 6
00aef06 
This fix can introduce a breaking change

Before:
```
Money.new(100, "USDC").to_s
 => "1.00"
```


After:
```
Money.new(100, "USDC").to_s
 => "0.000100" 
```

Close RubyMoney#1081
@tagliala tagliala mentioned this issue Mar 21, 2024
Merged
tagliala added a commit to tagliala/money that referenced this issue Mar 22, 2024
@tagliala
Change USDC decimal places from 2 to 6
a0559b9 
This fix can introduce a breaking change

Before:
```
Money.new(100, "USDC").to_s
 => "1.00"
```


After:
```
Money.new(100, "USDC").to_s
 => "0.000100" 
```

Close RubyMoney#1081
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Change USDC decimal places from 2 to 6 tagliala/money
4 participants
@semmons99 @tagliala @stebo @brent-cybrid