January 2020 Summaries

Circle Internet Financial announced the release of their 2019 attestation report on the US dollar reserves backing USD Coin (USDC), which was conducted by the independent accounting firm Grant Thornton LLP. The report, dated December 31, 2019, confirms that the amount of USDC tokens issued and outstanding was 519,628,995, while the US dollars held in custody accounts amounted to $520,537,729, ensuring that the tokens did not exceed the reserved US dollars. Grant Thornton LLP is set to provide monthly attestation reports on Circle's USDC reserves. Circle aims to transform financial transactions by enhancing accessibility, inclusivity, and efficiency, thus promoting global economic opportunity.

Jeremy Allaire, CEO of Circle Internet Financial, is advocating for the development of global stablecoins backed by central bank money through public and private partnerships, as he prepares to present his ideas at Davos 2020. He argues that such collaborations will enable the private sector to innovate while ensuring compliance and safety, ultimately helping to reshape the global economic order to create wealth globally. Allaire plans to discuss these concepts at various panels and in a paper titled "Stablecoins, Global Digital Currency and the Future of the International Monetary System," which outlines considerations for policymakers regarding the future of financial systems and digital currencies. Through this initiative, he envisions a more inclusive, stable, and open global economic system that leverages public blockchains and central bank strengths.