August 2019 Summaries

Circle Internet Financial CEO Jeremy Allaire appeared on CNBC to discuss Bitcoin's recent volatility, asserting that despite fluctuations, Bitcoin remains an attractive asset for investors due to its non-sovereign nature and potential as "digital gold." He highlighted that Bitcoin appeals especially to institutional and individual investors in jurisdictions with strict capital controls. Allaire suggested that the recent Bitcoin volatility might be partly due to investors taking profits following significant gains over the past months. He also predicted that cryptocurrencies, particularly stablecoins like USD Coin and Libra, would become major topics for discussion among the G-7 nations, reflecting the growing significance of these digital assets on the global stage. Circle aims to transform financial transactions by enhancing accessibility, inclusivity, and efficiency in the movement of money worldwide.

Circle Internet Financial released an attestation report, prepared by Grant Thornton LLP, confirming that as of July 31, 2019, the US dollar reserves fully back the issued USDC tokens, with 435,017,581 USDC tokens issued and $436,244,741 held in custody accounts. This monthly attestation aims to assure stakeholders of the USDC's backing, reflecting Circle's commitment to transparency and trust in digital currency. The report highlights Circle's broader mission to enhance the movement of money, making it more accessible and efficient worldwide, thus driving global economic opportunity and prosperity.

Jeremy Allaire, CEO of Circle Internet Financial, discussed the future of Bitcoin and its regulation during an interview on CNBC's Squawk Box with Andrew Sorkin. Circle aims to transform global monetary transactions by enhancing accessibility, inclusivity, and efficiency, thereby boosting economic opportunity worldwide. The company has recently been involved in initiatives such as joining the Global Travel Rule Network to enhance compliance, navigating the GENIUS Act era for institutional innovation, and launching Arc, an open Layer-1 blockchain designed for stablecoin finance.