July 2020 Summaries

Bitwage, a leading crypto-based payroll and invoicing platform, has partnered with Circle to introduce USDC solutions for international payments, enabling remote workforces and businesses to leverage stable digital currencies globally. This partnership allows individuals to receive a portion of their salary in USDC and facilitates companies in funding business operations with it, thereby addressing issues of volatility and exchange rate inconsistencies associated with Bitcoin. Bitwage's USDC solution enhances their existing services, allowing users to invoice clients in various regions with domestic currency accounts, convert funds into USDC, and deposit them into wallets, offering stability and speed akin to Bitcoin but with the reliability of the US dollar. As companies increasingly turn to cryptocurrency for lowering international commerce barriers, Bitwage positions itself as a crucial intermediary, linking USDC to fiat currency transactions and enabling international payroll and invoicing operations. This development underscores Bitwage's mission to modernize workforce wage solutions and highlights their role in making cryptocurrency a practical tool for global business operations.

Circle Internet Financial highlights the rapid growth of USD Coin (USDC), a fully reserved and transparent digital dollar stablecoin, which has exceeded a $1.1 billion market cap, indicating rising global demand amid economic volatility caused by the COVID-19 pandemic. USDC's adoption is fueled by its benefits, including low-cost, nearly instant transactions on a global scale, appealing to a range of industries beyond traditional e-commerce, such as the emerging decentralized finance (DeFi) sector. There are over 12 billion US dollar stablecoins in circulation, with on-chain transactions nearing $600 billion in volume, showcasing their significant role in blockchain usage. Circle aims to capitalize on these trends by offering global financial accounts and platform APIs for businesses, fostering innovation and inclusivity in finance, and is actively seeking to expand its team to further its mission of enhancing global economic prosperity through internet commerce.

Circle Internet Financial has released an attestation report for June 2020, confirming that the issued and outstanding USD Coin (USDC) tokens are fully backed by US dollars held in custody accounts, amounting to $990,897,799. The report, conducted by independent accounting firm Grant Thornton LLP, ensures that the 985,448,435 USDC tokens do not exceed the available USD reserves, thus maintaining transparency and trust in the cryptocurrency's backing. Circle publishes these reports monthly to provide ongoing assurance of USDC's backing, reflecting their commitment to transforming financial transactions by enhancing accessibility, inclusivity, and efficiency globally. Interested readers are encouraged to read the full report and stay updated with future publications on Circle's blog.

In a keynote at Hangzhou International Blockchain Week 2020, Circle CEO Jeremy Allaire discussed the evolution of digital currencies and their potential to transform the global financial system. He detailed how the growth of public blockchain infrastructure and stablecoins has set the stage for mainstream digital currency adoption, emphasizing the need for advancements in user experience, blockchain scalability, and regulatory standards. Allaire highlighted Circle's efforts to connect traditional fiat money with digital currencies, which involved extensive work with regulators to ensure compliance and build a seamless transaction infrastructure. He outlined the development of CENTRE, a consortium responsible for creating standards for fiat digital currencies like USDC, which has seen rapid adoption. Looking forward, Allaire sees a future where improved user experiences, scalable blockchain architectures, and clear regulatory frameworks will drive widespread use of digital currencies, potentially leading to hybrid central bank digital currencies. This vision includes the integration of global economies, including China's, through seamless digital currency systems.

Global stablecoins, particularly the USD Coin (USDC), are transforming the financial landscape by facilitating near-instantaneous, low-cost global money transfers without the need for traditional banking systems. Interest in digital dollar stablecoins has surged due to initiatives like Facebook's Libra and China's digital currency efforts, alongside the economic impacts of the COVID-19 pandemic. USDC, a fiat-backed stablecoin, is governed by the Centre Consortium and operates on the Ethereum blockchain, ensuring transparency and security. It has become a leading stablecoin with over $1 billion in circulation, offering benefits such as programmable money, real-time transaction transparency, and accessibility to a broad range of users. Circle, the issuer of USDC, provides a suite of services, including business accounts and APIs, to facilitate the integration and use of stablecoins in various financial applications, thus promoting economic inclusivity and efficiency.