February 2021 Summaries

Circle Internet Financial has released an attestation report from Grant Thornton LLP, confirming that as of December 31, 2020, the circulating supply of USD Coin (USDC) was 4,008,397,398 tokens, backed by $4,011,270,692 in US dollar reserves held in custody accounts. The report assures that the number of issued USDC tokens does not exceed the US dollar reserves, ensuring transparency and trust in USDC's backing. Grant Thornton LLP provides these reports on a monthly basis to maintain accountability, with Circle continuing to innovate in digital finance to enhance global economic accessibility and efficiency.

Circle Internet Financial has implemented USDC, a fiat-backed stablecoin, on the Stellar blockchain, joining Algorand and Solana in supporting this digital currency. This initiative is part of the Centre Consortium's efforts, co-founded by Circle and Coinbase, to establish a standardized governance framework for the global adoption of stablecoins. The introduction of USDC on Stellar involved creating two assets: USDC and USDCAllow. USDCAllow is restricted to approved minters, allowing them to mint USDC by trading USDCAllow on Stellar's Distributed Exchange, ensuring that the supply is backed by fiat reserves. This system allows the Centre Consortium to control minting access and maintain transparency and security while enabling broad distribution and use of USDC on the Stellar network.

Circle Internet Financial has announced comprehensive support for USDC on the Stellar blockchain across all its products, marking a significant step toward establishing USDC as a global standard for digital commerce. Stellar, known for its scalability, speed, and low transaction costs, aims to provide equitable financial access, boasting over 4.8 million accounts and 1.5 billion transactions since its 2015 launch. With the integration, Circle Account and API users can seamlessly convert, transfer, and manage USDC across different blockchains, enhancing interoperability and allowing users to engage in international transactions effortlessly. The initiative aligns with Circle's mission to elevate global internet prosperity and responds to the rapid growth of USDC, which saw a 1000% increase in circulation in 2021. Stellar's network, favored by enterprises and startups, facilitates near-instant cross-border payments and supports various financial use cases, offering developers innovative tools for financial operations.