October 2018 Summaries

Circle Internet Financial conducted a survey, coinciding with the 10th anniversary of Bitcoin's white paper, to assess public knowledge about Bitcoin's enigmatic creator, Satoshi Nakamoto. Despite a decade of cryptocurrency's presence, the survey revealed significant gaps in public understanding, with half the respondents mistakenly believing that Nakamoto introduced Bitcoin via a bar napkin rather than a white paper. The survey, involving over 2,000 participants, also highlighted that most people doubt the true identity of Nakamoto will ever be revealed, and if it is, they believe hackers would be responsible for the disclosure. Additionally, the findings pointed out gender disparities in crypto investment and varied perceptions of cryptocurrency's alignment with Nakamoto's vision. Circle aims to bridge these educational gaps by making crypto investing more accessible through their Circle Invest app and plans to incentivize new users starting in November.

Coinbase and Circle co-founded the CENTRE Consortium in 2018 to establish a standard for fiat on the internet and promote the global adoption of fiat stablecoins through a governance framework and network. Their shared vision is to create an open global financial system using blockchain infrastructure, and the first initiative under this consortium is the USD Coin (USDC), which Circle initially issued and is now available on Coinbase platforms. USD Coin is recognized as the first open, fungible, and interoperable fiat stablecoin, gaining support from over 40 companies across various sectors, including wallets, exchanges, and decentralized applications. The CENTRE Consortium welcomes broad industry participation and plans to expand its network with more issuers and a detailed technical roadmap. By establishing open standards, CENTRE aims to foster a vibrant ecosystem that maximizes network effects and delivers significant value worldwide, advancing the use of stablecoins as a price-stable medium of exchange and a versatile token for smart contracts and decentralized financial protocols.

Circle Internet Financial announced the addition of Bancor's native token, BNT, to its Poloniex exchange, enhancing its support for projects contributing to the Ethereum ecosystem's infrastructure. Bancor, a decentralized liquidity network operating on the Ethereum blockchain, uses smart contracts to facilitate asset conversion without relying on traditional order book systems, thus offering liquidity for less tradable tokens. This move follows recent additions of USD Coin and Decentraland to Poloniex, reflecting Circle's commitment to expanding its asset offerings. BNT trading against USDT, BTC, and ETH is set to commence on October 19, 2018. Circle emphasizes the importance of cautious trading, noting the volatility of crypto assets and urging users to review risk disclosures.

OKEx, a Hong Kong-based cryptocurrency exchange, has added USD Coin (USDC) to its listings, marking a significant milestone just a month after USDC's launch. The rapid adoption of USDC highlights a growing global demand for open fiat standards on the internet, supported by a robust ecosystem of over 40 exchanges, protocols, platforms, applications, and wallets. USDC's trading volume has surged by 2,000% week over week, with its market capitalization exceeding $30 million, driven by the need for a transparent and compliant USD token among market participants. This stablecoin facilitates seamless fiat currency exchanges and provides a stable value for hedging against volatile crypto assets, enabling new financial opportunities and liquidity. Circle, the company behind USDC, expects widespread adoption of the token, which is foundational for developing global financial products and services online, and it is the first of several fiat tokens that CENTRE plans to introduce.

Launched just three weeks ago, USD Coin (USDC) has experienced rapid growth in daily trading volumes, a substantial increase in global market capitalization, and widespread adoption throughout the crypto industry, driven by its transparency and compliance benefits. Trading volume has surged by 2,000% week over week, and market capitalization has risen by 85% to over $25 million, with more than 40 companies now supporting USDC. The demand for seamless fiat currency transactions and stable value movement across exchanges is fueling this adoption, as USDC provides essential infrastructure for new financial products and services on the internet. As the first fiat token from CENTRE, with Circle leading its issuance, USDC is expected to continue expanding in the future as more companies join the ecosystem.

The USD Coin (USDC) ecosystem is rapidly expanding, with six new companies joining a diverse array of exchanges, platforms, and applications to support this stablecoin. Recent additions include South Korea's Hanbitco and U.S.-based Everbloom, along with enterprise blockchain solution developers Dispatch Labs and HACERA. Wallet providers BitUN and Cobo now also support USDC, enhancing the coin's usability for secure storage and transaction services. The expanding USDC network aims to innovate financial infrastructure by promoting an open standards model for fiat money on the internet, facilitating seamless fiat-to-crypto exchanges, and enabling stable value transfers across various platforms. Launched by the CENTRE open-source consortium and initially issued by Circle, USDC offers both individuals and institutions the ability to tokenize and redeem U.S. dollars, thereby simplifying the process of moving money in the digital realm.

Circle Internet Financial announced the introduction of Collections to its Circle Invest platform, following the success of its "Buy the Market" feature, which allowed users to purchase all listed assets with a single tap. The new Collections feature includes three categories: Platforms, Payments, and Privacy, enabling users to invest in entire asset categories with ease. Each collection's assets are weighted by market cap, and Circle Invest provides in-product educational content to help users understand the collections. As cryptocurrency technology evolves, Circle plans to add more collections and educational materials to cater to users' interests. The company aims to transform global financial transactions by enhancing accessibility, inclusivity, and efficiency.