February 2019 Summaries

Circle is facilitating two Ethereum hard forks, Constantinople and St. Petersburg, to enhance the security and efficiency of the Ethereum network, specifically for USD Coin (USDC), an ERC-20 token. These upgrades, scheduled for February 28, 2019, temporarily increase the minimum block confirmations for USDC transactions to 300 blocks until network stability is achieved, ensuring the safety of customer funds without requiring any immediate action from them. The hard forks introduce new rules to address security vulnerabilities and optimize the network, and interested customers can find more information through Circle's support channels or monthly reserve reports by Grant Thornton LLP. Circle aims to revolutionize financial transactions by making them more accessible and efficient, contributing to global economic opportunity and prosperity.

USD Coin (USDC), launched by the CENTRE Consortium co-founded by Circle and Coinbase, has rapidly become the second largest stablecoin by market cap since its introduction in 2018. It is now supported by a growing number of businesses, including BitBay, Kyber Network, and Uniswap, expanding its ecosystem to nearly 100 exchanges, protocols, platforms, applications, wallets, and service providers. BitBay is a leading European exchange with over 800,000 users, Kyber Network facilitates decentralized token swaps, and Uniswap is a decentralized platform experiencing significant growth. USDC aims to establish a standard for fiat on the internet, providing a governance framework for the adoption of asset-backed stablecoins, and its backing by US dollar reserves is verified through reports by Grant Thornton LLP. Circle continues to innovate in financial services by enhancing accessibility, inclusivity, and efficiency in money movement worldwide.

Circle Internet Financial has released its fourth attestation report, verified by Grant Thornton LLP, confirming that as of January 31, 2019, the US Dollar reserves backing the USD Coin (USDC) exceed the tokens issued, with 307,793,724 USDC in circulation and $307,848,312 held in custody. This report is part of Circle's commitment to transparency, as Grant Thornton LLP will continue to provide monthly attestations of USDC reserves. Circle aims to revolutionize financial transactions by making them more accessible and efficient, thereby fostering global economic opportunities. The company also provides updates through newsletters and related posts, indicating upcoming advancements like the integration of USDC and CCTP V2 into various networks and tools for cross-chain transfers.

Circle Internet Financial and Poloniex have announced the listing of Grin, a privacy-focused and scalable cryptocurrency utilizing the MimbleWimble protocol, on their exchange. Poloniex has committed to sharing a portion of all Grin transaction fees with the Grin General Fund for one year, demonstrating support for the project, which operates without an ICO or developer subsidy and relies on voluntary contributions. The listing of Grin, which does not use public addresses, required Poloniex to develop unique front and back-end solutions, offering both URL-based and file-based deposit methods to enhance user experience and security. This move is part of Poloniex's broader strategy to enhance its platform and support promising crypto projects. Since Circle's acquisition, improvements in customer support and infrastructure have been made, allowing for the addition of new assets like Grin, Bitcoin Cash prefork trading, and support for institutional users, indicating a commitment to advancing the crypto space and providing a robust platform for users.