February 2020 Summaries

Circle Internet Financial released an attestation report by Grant Thornton LLP, confirming that as of January 31, 2020, the USD Coin (USDC) tokens in circulation, totaling 440,715,490, are fully backed by $440,780,676 in US dollar reserves held in custody accounts. This monthly attestation ensures transparency and trust in the USDC's backing, aligning with Circle's mission to enhance global economic opportunities by making financial transactions more accessible and efficient. The report, originally published on Circle's blog in February 2020, is part of Circle's ongoing efforts to provide reliable and verified information about its cryptocurrency reserves.

Jeremy Allaire reflects on the significant shift in the perception and acceptance of digital currencies following the 50th Annual World Economic Forum in Davos, where stablecoins and central bank digital currencies (CBDCs) were central topics of discussion. He notes the increasing interest and engagement from global economic leaders, policymakers, and central banks, who are now more open to exploring the implications and potential of public blockchains and stablecoins. Allaire highlights the consensus that stablecoins are becoming integral to the financial system, with a focus on developing regulatory frameworks and public-private partnerships to manage their growth. Despite some resistance from traditional banks, there is a growing recognition of the value and inevitability of these technologies, akin to the rise of the internet. This shift marks a watershed moment for cryptocurrency, with optimism for its integration into the global economic system, further fueled by initiatives like the consortium convened by the World Economic Forum to establish governance standards for digital currencies.