September 2018 Summaries

Circle Internet Financial has launched USD Coin (USDC), a fiat stablecoin pegged 1:1 with the US dollar and backed by cash reserves, through collaboration with the CENTRE open-source consortium. USDC allows individuals and institutions to tokenize USD for use over public blockchains, enabling global, secure, and low-cost transactions. The introduction of USDC aligns with the vision of creating a crypto-powered global economy, where fiat money operates over open blockchains within smart contracts, similar to how internet protocols like HTTPS and SMTP facilitate free information exchange. The CENTRE consortium, co-founded by Circle, establishes standards and governance for fiat stablecoins, ensuring openness and interoperability among issuers. USDC is built on the ERC-20 standard, allowing it to be integrated into various wallets, exchanges, and applications. CENTRE's broader membership framework aims to include other financial technology firms as USDC issuers, promoting a more inclusive and efficient global financial system.

Circle Internet Financial and the CENTRE open source consortium introduced USD Coin (USDC), a tokenized U.S. dollar, with support from over 30 industry partners, including exchanges and wallets, to foster an inclusive ecosystem for fiat money on the internet. USDC addresses the need for stable, transparent, and interoperable digital currency in crypto trading, providing seamless fiat to crypto transitions and enabling hedging against volatility. It is designed to support various applications across blockchain platforms, including trading and lending protocols, decentralized marketplaces, and financial contracts, enhancing financial infrastructure and promoting mainstream adoption of cryptocurrencies. Notable platforms and projects like Kyber Network, IDEX, and BlockFi are incorporating USDC, highlighting its role in reducing transaction fees, streamlining operations, and supporting innovative financial solutions. The CENTRE consortium emphasizes safe usage, collaborating with risk management firms and ensuring broad wallet support to secure USDC's place as a cornerstone in the decentralized web and open financial systems.

Circle Internet Financial announced the integration of its stablecoin, USD Coin (USDC), into the Poloniex crypto asset trading platform, marking an effort to establish Poloniex as a leading destination for crypto trading. USDC is a fully collateralized US dollar stablecoin that facilitates a seamless conversion between dollars and crypto assets, leveraging Circle's USDC issuance service for both individual and institutional investors. The stablecoin operates on the ERC-20 standard, ensuring transparency and compliance with US money transmission laws, and is backed by notable banking partners and auditors. As the first fiat stablecoin developed by CENTRE, USDC is part of an open-source project with Circle being the pioneer member to launch USDC issuance, with deposits and withdrawals already active and trading in BTC/USDC, ETH/USDC, and USDT/USDC pairs commencing on September 27, 2018. Circle's broader mission is to revolutionize money movement by enhancing accessibility, inclusivity, and efficiency, thereby fostering global economic opportunity and prosperity.

Circle Internet Financial announced the addition of four new crypto assets—EOS, Stellar, 0x, and Qtum—to its Circle Invest platform, expanding its collection to 11 assets. These assets can be purchased individually or as part of a diversified portfolio using the "Buy the Market" feature. Each asset was chosen for its potential to enhance the broader crypto ecosystem, evaluated through the Circle Asset Framework. To educate users, Circle introduced the "Explore" feature, providing contextual information on crypto projects and assets. EOS aims to improve transaction speed limitations seen in Ethereum, Stellar focuses on low-cost and fast cross-border payments, 0x enables direct crypto asset trading on the Ethereum blockchain through relayers, and Qtum combines features of both Bitcoin and Ethereum to support smart contract applications. Circle's broader mission is to make financial transactions more accessible and efficient, contributing to economic opportunity globally.

Circle Internet Financial is reinforcing its finance team by welcoming several new experts to support its mission of transforming the global economic system through innovative crypto finance solutions. Among the new hires is John Barnett, who joins as VP and Global Controller, bringing a wealth of experience from previous roles in management consulting and financial operations, alongside impressive academic credentials. Other notable additions include Patrick Corker, Chuck Kimble, and David Kinitsky, each bringing specialized expertise in treasury, partnerships, and corporate development. Circle's recent strategic developments include integrating Poloniex, launching new product lines, and securing Series E Financing, which has set a new valuation milestone. Despite these advancements, Circle continues to seek talent for critical roles across various locations to further enhance its capabilities and achieve its ambitious goals in the finance sector.

Poloniex, a cryptocurrency exchange, announced the delisting of eight digital assets—BTCD, BTM (Bitmark), EMC2, GRC, NEOS, POT, VRC, and XBC—effective September 25th at 12:00 ET, as part of its efforts to enhance exchange performance and customer service. Customers are given until October 25th at 12:00 ET to close trades and withdraw balances in these assets. The exchange aims to make the delisting process smooth by providing advance notice, multiple reminders, and a 30-day withdrawal period. In cases where network issues prevent withdrawals, Poloniex will secure funds in cold storage and may extend deadlines if necessary. After the withdrawal deadline, processing of withdrawals for these assets will cease, and the assets will be fully decommissioned. Customers are urged to withdraw delisted tokens by the deadline, and more information is available in their Help Center. Circle Internet Financial, the parent company, emphasizes its mission to make money movement more accessible and efficient globally.

A study commissioned by Circle Internet Financial highlights that crypto investing is predominantly led by young men, with Millennial men planning to invest in cryptocurrencies at more than twice the rate of Millennial women (18% vs. 7%). The survey of over 3,000 Millennials, Gen Xers, and Baby Boomers in the U.S. found that one in four Millennials expressed interest in purchasing crypto over the next year, a rate significantly higher than that of Baby Boomers. Circle emphasizes its belief in the potential of crypto technology to create and share value across all generations and genders and is focused on making crypto investing accessible through a simplified product experience and educational content. Circle is committed to transforming financial transactions to make them more accessible, inclusive, and efficient globally, thereby enhancing economic opportunities.

Circle Internet Financial has appointed Gus Coldebella as Chief Legal Officer, a strategic move to navigate the complex legal landscape of finance, cryptocurrency, and emerging regulations. Coldebella, who previously served as acting General Counsel at the US Department of Homeland Security, brings extensive experience in private practice and government regulation, making him well-suited to lead Circle's legal, compliance, and regulatory affairs. His leadership is expected to be pivotal as Circle aims to collaborate with global legislators and regulators to foster legal frameworks that support the growth of the "Internet of Value," while also combating potential abuses of technological advancements. Coldebella will work alongside a talented team of recent hires and existing leaders at Circle, contributing to the company's mission to revolutionize the global economic system by enhancing the accessibility, inclusivity, and efficiency of money movement worldwide.

The text explores the transformative potential of blockchain technology beyond its association with Bitcoin, emphasizing its role as an innovative record-keeping system that could revolutionize various societal functions, including finance and property exchange. Blockchain platforms like Ethereum enable the creation of decentralized applications using smart contracts, which automate transactions and agreements without traditional intermediaries. This opens opportunities for tokenizing assets, allowing for seamless, global value exchange. The example of AXA's flight delay insurance illustrates how smart contracts can streamline processes by executing terms automatically. Despite the technology's promise, challenges remain in scalability, usability, and regulatory clarity. Competing platforms like EOS, Cardano, and Dfinity are also advancing alternatives as the world moves towards a future where value can flow as freely as information.