December 2019 Summaries

Circle Internet Financial has published a USDC attestation report for November 2019, confirming that the amount of US dollar reserves held in custody accounts exceeds the issued and outstanding USD Coin (USDC) tokens. The report, prepared by independent accounting firm Grant Thornton LLP, states that as of November 30, 2019, there were 457,103,362 USDC tokens issued, backed by $458,157,517 in US dollars. This monthly attestation aims to ensure transparency and trust in the value of USDC, aligning with Circle's mission to transform financial transactions by making them more accessible and efficient.

Circle Internet Financial is focusing on stablecoins and dollars on public blockchains, particularly USDC, to drive global financial innovation and inclusion. With a mission to make money more programmable and commerce more cost-effective, Circle aims to enhance its platform services by introducing new global payment, custody, and wallet APIs that will facilitate the adoption of stablecoins. The company has streamlined its operations by selling its Circle Trade OTC business to Kraken, spinning out its Poloniex exchange, and winding down its Circle Pay application, allowing for a concentrated focus on stablecoin platform services. Organizational changes, including the departure of Co-CEO Sean Neville and other executives, align with this focus, as Circle prepares for the mass adoption of cryptocurrency driven by stablecoins, third-generation blockchains, and global policy interest. The company's vision remains committed to building an open global financial system, leveraging its robust platform infrastructure for broader applications while fostering a talented team to navigate the technical, regulatory, and product challenges of the evolving crypto industry.

The blog post from Circle Internet Financial explores the growing popularity of USD Coin (USDC) as a fiat-backed stablecoin among crypto exchanges, such as Binance, Coinbase Pro, and Poloniex. Within just over a year since its launch, USDC has become a favored quote currency on more than 60 digital asset exchanges worldwide. The post delves into why exchanges prefer listing USDC despite its value stability compared to volatile cryptocurrencies like Bitcoin. Circle aims to transform global monetary transactions by enhancing accessibility, inclusivity, and efficiency, thereby boosting economic opportunities. The blog is part of a series designed to educate readers on how USDC supports the crypto ecosystem, with related posts detailing upcoming advancements like Native USDC and CCTP V2.

The article from Circle Internet Financial highlights the significance of USD Coin (USDC) as a stablecoin that enhances the efficiency and trust in cryptocurrency trading. It explains how USDC aids traders by providing a stable currency that facilitates quick movement in and out of trades, making exchange arbitrage more seamless. With over $1 billion issued within its first year, USDC is noted as the fastest-growing stablecoin, underscoring its popularity among traders for its ability to mitigate risk in digital asset markets. The article is part of a broader blog series aimed at educating individuals about USDC's role in the crypto ecosystem, and it encourages readers to explore further by accessing additional resources and considering signing up for a Circle Account.