June 2019 Summaries

In a discussion at the CB Insights "Future of Fintech" conference, Circle co-founders Jeremy Allaire and Sean Neville explored the evolving landscape of finance, focusing on the impact of crypto, blockchain, and stablecoins. They emphasized the potential of internet-based marketplaces to democratize access to capital and the importance of developing multi-sided marketplaces driven by tokenized securities. Regulatory challenges were highlighted, with Neville noting the complexities of navigating diverse global guidelines and the necessity of collaboration with regulators to ensure safety and innovation. The conversation also addressed the role of stablecoins in creating globally distributed, price-stable tokens that could revolutionize financial services, and the importance of interoperability across different blockchains. Allaire underscored the opportunities for banks in embracing stablecoins to expand their assets under management, while drawing parallels between the early internet's development and the current state of crypto infrastructure. The discussion concluded with an acknowledgment of the need for robust infrastructure to support the burgeoning crypto ecosystem, akin to the foundational technologies that enabled internet giants like Amazon.

Circle Internet Financial released an attestation report from Grant Thornton LLP verifying the US dollar reserves backing the USD Coin (USDC) as of May 31, 2019, with USDC tokens issued and outstanding totaling 333,854,877 and corresponding US dollars held in custody accounts amounting to $333,887,466, confirming that the tokens do not exceed the reserves. Grant Thornton LLP will continue to provide monthly attestation reports on Circle's USDC reserves. Circle aims to transform money movement for increased global economic opportunity and prosperity, with related developments including the introduction of Native USDC and CCTP V2 on platforms like Plume and XDC Network, as well as the Stableit SDK for cross-chain USDC transfers.

Circle Internet Financial is advancing the crypto payment industry by transitioning from its pioneering social payment app, Circle Pay, to a focus on new global crypto financial services that leverage fiat tokens and stablecoins like USD Coin (USDC). While Circle Pay has successfully demonstrated the global demand for seamless value exchange, its reliance on the traditional financial system prompted Circle to sunset the app and pivot towards blockchain-based financial solutions. Customers are advised to withdraw their funds by September 30, 2024, with specific dates for cashing out and transferring Bitcoin holdings to other wallets. Circle intends to enhance its impact on the global economy by expanding crypto adoption, launching new wallet services, and supporting diverse economic arrangements.