January 2019 Summaries

Circle Internet Financial highlights the expanding USD Coin (USDC) ecosystem, which has grown significantly since its launch in 2018, reaching a market cap of over $300 million and becoming the second largest stablecoin by market cap. Recently, three new companies—Securitize, DizPay, and Nitrogen—have joined the nearly 100 exchanges, protocols, and platforms that form the USDC ecosystem, showcasing the increasing interest in this stablecoin. USDC, introduced by the CENTRE Consortium co-founded by Circle and Coinbase, aims to establish a standard for fiat currency on the internet and foster global adoption of asset-backed stablecoins. It is widely listed on crypto exchanges worldwide and serves as a quote currency for actively traded assets. Circle continues to innovate by offering resources for tokenizing or redeeming USDC and providing transparency through monthly reports on US dollar reserves backed by independent auditor Grant Thornton LLP.

Circle Internet Financial released their December 2018 attestation report on the US dollar reserves backing USD Coin (USDC), which was conducted by the independent accounting firm Grant Thornton LLP. The report confirmed that as of December 31, 2018, the amount of USDC tokens issued, totaling 251,211,148, did not exceed the US dollars held in custody accounts, which amounted to $251,211,209. These monthly attestation reports aim to ensure transparency and trust in USDC's backing, as Circle continues its mission to enhance the accessibility, inclusivity, and efficiency of money movement globally. Additionally, Circle is actively expanding its services, with upcoming developments like Native USDC and Cross-Chain Transfer Protocol (CCTP) V2 integrations on platforms such as Plume and XDC Network, aimed at furthering economic opportunity and prosperity worldwide.

USDC, a stablecoin launched in September by the CENTRE Consortium, co-founded by Circle and Coinbase, has achieved significant growth, surpassing a $300 million market cap and gaining support from nearly 100 exchanges, protocols, platforms, applications, wallets, and service providers. This growth cements USDC as the second-largest stablecoin by market cap and a top 25 crypto asset, with its listing on numerous global exchanges, including as a quote currency for actively traded assets. Recent additions to the USDC ecosystem include wallet providers like Coinomi, Citowise, and Exodus, and trading platforms such as Kaiserex and Raisex, as well as Zeppelin, which has collaborated with CENTRE on security audits. The CENTRE Consortium aims to establish a fiat standard on the internet while providing a governance framework for the global adoption of asset-backed stablecoins. Users can learn more about USDC and its operations, including monthly reserve reports by Grant Thornton LLP, through Circle and Coinbase platforms. Circle continues to innovate in financial technology to enhance the accessibility and efficiency of money movement globally.

In 2018, Circle Internet Financial experienced significant growth and transformation, expanding its customer base to over 8 million across 175 countries and facilitating $75 billion in transactions. The company acquired Poloniex, a major cryptocurrency exchange, improving its operations, compliance, and customer service. Circle launched several new products, including Circle Invest for retail crypto investment and the US Dollar Coin (USDC), a stablecoin developed in partnership with Coinbase through the CENTRE Consortium. Circle Trade, its OTC trading business, saw increased institutional adoption, contributing to a broader institutional market presence. The company focused on legal, compliance, and regulatory leadership, engaging with various global authorities to advance its agenda. With a doubling of its workforce and a commitment to innovation, Circle aims to drive the evolution of an open global digital economy, enhancing its role in the crypto finance landscape. As it moves into 2019, Circle remains dedicated to expanding its services and leveraging its diverse offerings to create a more inclusive and efficient global financial ecosystem.

Bitcoin is posited as a viable currency for the modern digital era, offering advantages over traditional forms of money like gold or fiat currency due to its unique characteristics such as near-infinite divisibility, computational verifiability, and political independence. Unlike gold, which derives value from its physical properties and historical role as a bearer instrument, Bitcoin's intrinsic value is rooted in its proof-of-work system and the aggregate computing power securing its network. Bitcoin's design as a scarce resource with a predictable supply aligns it with global economic activities while promoting energy efficiency as its usage expands. Its ubiquity, driven by the reach of the Internet and digital devices, positions Bitcoin as a potential cornerstone for a globally integrated economy, independent of any single nation-state. This shift towards digital asset-backed monetary policy could redefine global trade, akin to the historical role of gold-backed monetary systems, suggesting a need for policymakers to consider its implications for the future of currency.