June 2020 Summaries

Circle Internet Financial and the Algorand Foundation have announced a collaboration to integrate fiat-backed stablecoin capabilities with Algorand, utilizing USD Coin (USDC). This partnership will enable Circle's customers to transfer funds seamlessly between traditional banking systems and digital dollars on the Algorand blockchain. The initiative aims to capitalize on Algorand's blockchain advantages, such as speed, security, and throughput, while allowing developers to implement USDC on multiple blockchains. As USDC continues to grow, with significant increases in circulation and transaction volume, Centre Consortium released a framework for multi-chain support to broaden USDC's adoption. Algorand will be the first to implement this framework, offering fully collateralized digital dollar stablecoins that can be swapped seamlessly with ERC-20 USDC tokens. This collaboration is poised to enhance the utility of USDC across various blockchain ecosystems, with further details on integration and certification forthcoming from Centre.

Circle Internet Financial recently released an attestation report by Grant Thornton LLP, confirming the adequacy of US dollar reserves backing the USD Coin (USDC) as of May 31, 2020. The report details that 730,800,467 USDC tokens were issued and outstanding, with $746,657,617 held in custody accounts, ensuring that the issued tokens did not exceed the dollar reserves. Circle emphasizes its commitment to transparency by providing these monthly attestation reports and highlights its mission to enhance global economic opportunity through improved accessibility, inclusivity, and efficiency in monetary transactions.

Circle Internet Financial hosted MoneyHacks 2020, a hackathon event from July 31 to August 2, where participants were invited to innovate in the realms of payments, commerce, and finance using Circle APIs and the USD Coin (USDC) stablecoin. The event aimed to foster creativity and collaboration among developers, encouraging them to utilize global payments and banking connectivity, digital wallet infrastructure, and the USDC stablecoin to create the next generation of financial products. Notable figures such as Jeremy Allaire, Nic Carter, and Paul Veradittakit served as judges, and three winning teams were awarded $10,000 in credits for Circle's APIs. The hackathon emphasized the spirit of collaboration and learning, encouraging participants to support each other and enjoy the process, whether they were competing or simply seeking to improve their skills. Circle aims to revolutionize the movement of money by making it more accessible, inclusive, and efficient, thereby enhancing global economic opportunity and prosperity.