August 2020 Summaries

USDC 2.0, a major update to the USD Coin, has been launched by the Centre Consortium, enhancing usability and security while maintaining backward compatibility. This upgrade addresses the challenge of "gas fees" on the Ethereum network by introducing "gasless sends," which allows digital wallet developers to either absorb these fees or deduct them in USDC, simplifying the user experience and potentially increasing mainstream adoption. Additionally, the update introduces on-chain multiple-signature contracts to streamline administrative operations, enhance security, and support the anticipated growth of Centre with more participating members. These improvements are immediately available for developers, and Circle and Coinbase have announced plans to integrate these changes into their services. The new features aim to make USDC more akin to popular mainstream mobile payment apps, offering improved resilience and auditability.

Circle Internet Financial has released its July 2020 attestation report on USD Coin (USDC), conducted by Grant Thornton LLP, which confirms that as of July 31, 2020, the issued and outstanding USDC amounted to 1,082,327,899 USDC, while the US Dollars held in custody accounts totaled $1,085,282,837. The report assures that the number of USDC tokens does not exceed the USD balance in the custody accounts, reflecting the company's commitment to transparency and security in its financial practices. Circle aims to revolutionize the movement of money worldwide by enhancing accessibility, efficiency, and inclusivity, thereby fostering economic growth and opportunity. Monthly attestation reports are part of Circle's efforts to maintain accountability and public trust in their financial operations.

Circle Internet Financial offers the Circle Wallets API, an innovative solution enabling internet businesses and blockchain applications to seamlessly integrate digital wallets and process digital dollar stablecoin payments without traditional banking relationships. The API allows for the embedding of US dollar-denominated digital wallets, facilitating the storage, sending, and receiving of digital stablecoins like USD Coin (USDC) across customer and business accounts. This infrastructure supports global transactions with low costs and eliminates the risk of reversals, making it attractive for diverse business models, such as blockchain gaming companies. The Wallets API provides flexibility, allowing businesses to create sub-accounts and automate fund flows, enhancing operational efficiency. Circle's API is praised for its ease of integration, offering real-time insights and simplified fund transfers, which collectively help businesses focus on product development rather than financial infrastructure complexities.

Circle Internet Financial successfully concluded its MoneyHacks 2020 hackathon, which focused on utilizing Circle APIs to create innovative projects. With over 50 participants forming 13 teams, four standout projects were recognized, including Incento, El Dorado, and Arcade City in the business category, each awarded $10,000 in Circle API credits for their innovative solutions, such as cross-border payments, digital banking for Latin Americans, and a peer-to-peer rideshare network. The fun category winner, Fonpay, received $500 for its application that simplifies USDC transactions across messaging apps. The event aimed to enhance the accessibility, inclusivity, and efficiency of digital finance, and Circle expressed gratitude to participants and sponsors, encouraging continued development in digital finance and payments.

Circle Internet Financial and BCB Group have announced a partnership to integrate Circle's platform functionalities, including the use of USD Coin (USDC), into BCB's services for institutional clients. This collaboration aims to leverage digital dollar stablecoins for global payments, trade finance, and custody services, addressing the growing demand for such solutions in the financial sector. The partnership underscores the increasing mainstream adoption of dollar-backed stablecoins as secure, cost-effective financial tools with enhanced regulatory clarity. Jeremy Allaire, CEO of Circle, highlighted BCB's pioneering role in digital assets, while Oliver von Landsberg-Sadie, CEO of BCB Group, emphasized the shared mission of promoting financial inclusion through technology.