September 2022 Summaries

Circle Internet Financial's Converge22, its inaugural crypto conference, featured notable speakers like Serena Williams, Mark Cuban, and Charlize Theron, and addressed key topics such as digital asset and stablecoin policies, innovations in crypto payments, and the role of stablecoins in modern commerce and financial inclusion. U.S. policymakers outlined ongoing efforts to protect consumers while fostering technological advancement, and new Circle family members demonstrated the company's latest crypto payment solutions. The conference highlighted the increasing adoption of USDC in various industries and its potential to improve liquidity for merchants. Discussions also explored the significant impact stablecoins have on financial inclusion in developing countries and the potential for NFTs to expand digital experiences. Insights from industry leaders emphasized the similarities between the early internet days and current Web3 developments, while Circle announced a $500,000 commitment to disaster relief efforts in Puerto Rico and Florida.

Converge22, Circle Internet Financial's inaugural crypto conference, featured a range of discussions from prominent figures like Vitalik Buterin, Kevin O'Leary, and Lawrence Summers, focusing on significant advancements and challenges in the crypto space. The event explored the future of Ethereum scaling, the impact of Layer 2 solutions in expanding Web3 adoption, and the regulatory adjustments needed to manage emerging decentralized applications. Kevin O'Leary highlighted the competitive pressure traditional banks face from crypto solutions like USDC, emphasizing the need for regulatory clarity to enable wider institutional adoption. Discussions also delved into the complexities of Web3 user experience, the resilience of DeFi systems amidst market challenges, and the increasing integration of blockchain in humanitarian efforts to enhance efficiency and transparency. The conference concluded with insights into the global macroeconomic landscape and the potential for the U.S. to lead in blockchain-based payment systems, accompanied by announcements of new partnerships and initiatives aimed at enhancing cross-border financial transactions.

Circle Internet Financial has launched Circle Impact, an initiative focused on cultivating financial inclusion, driving digital and financial literacy, and powering humanitarian aid and disaster relief through the use of digital assets like USDC. A key component of this initiative is Circle U, a digital financial literacy curriculum introduced at partner Historically Black Colleges and Universities (HBCUs) to expand financial inclusion. Circle has pledged to allocate USDC reserves to Minority-owned Depository Institutions (MDIs) and Community Banks to strengthen their financial stability and support underserved communities. Additionally, Circle Impact supports underrepresented founders with funding opportunities and has partnered with Rhodes Business School in South Africa to enhance digital financial literacy. The initiative also leverages stablecoins in humanitarian efforts, enabling more efficient and transparent aid distribution in crisis areas such as Venezuela, Ukraine, and Afghanistan. Circle Impact aims to foster an inclusive and sustainable financial ecosystem by collaborating with global partners and improving transaction efficiency with USDC.

Circle Ventures' interview with Rain founders Farooq Malik and Charles Naut explores the inception and mission of Rain, a company that offers corporate cards and expense management tools to bridge traditional financial systems with the Web3 ecosystem. Rain was inspired by the growing needs of DAOs and Web3 companies for efficient payment solutions, initially starting as a side project to integrate USDC into e-signature flows. The founders emphasize the importance of capital efficiency for DAOs and the challenges of adopting Web3 payments, which are not yet fully equipped for mainstream use. They highlight that the industry faces significant payment hurdles and the necessity of bridging traditional and futuristic payment networks. The founders express a commitment to innovating within this rapidly evolving space and encourage fellow entrepreneurs to seize the abundant opportunities in Web3, emphasizing a shared community spirit focused on innovation and discovery.

On September 15, 2022, Ethereum successfully completed The Merge, transitioning to a more energy-efficient proof-of-stake (PoS) infrastructure, which was a significant milestone for the platform and blockchain technology at large. During this period, Circle paused its minting, redeeming, and sending of USD Coin (USDC) and Euro Coin (EUROC) on Ethereum, but these activities resumed smoothly post-Merge. In the 24 hours following the transition, Circle reported $671 million in USDC minted and $1.1 billion in USDC redeemed without incident, underscoring the seamless integration of their operations with the upgraded Ethereum network. Despite a brief service interruption, The Merge underscored the resilience of blockchain technology and marked USDC as the largest ERC-20 asset, playing a vital role in the DeFi innovation on Ethereum. Circle emphasized the importance of vigilance against scams on the unsupported Ethereum proof-of-work (PoW) chain and highlighted the future potential for innovation and reduced energy consumption on the new PoS network.

Circle Internet Financial submitted a response to the U.K. House of Commons Treasury Committee's inquiry into the cryptoasset industry, emphasizing the importance of a unified regulatory approach to foster innovation and financial inclusion. Circle advocates for the use of digital currencies to create a more open and efficient global economic system, highlighting stablecoins' potential to enhance traditional currencies' utility and facilitate financial inclusion. The company argues for clear, consistent government guidance to support the U.K.'s ambition to be an innovation hub, warning that the current fragmented regulatory efforts could stifle growth and drive firms to more regulatory-friendly jurisdictions. Circle stresses the need for balanced, technology-neutral regulations to address payment stablecoins, firm registration, and advertising, suggesting that such an approach could result in significant economic growth and job creation.

Charlize Theron, an acclaimed actress and activist, is set to speak at Converge22, a unique crypto ecosystem conference hosted by Circle in San Francisco from September 27th to 30th, where she will join notable figures like Serena Williams and Vitalik Buterin. Theron, recognized for her impactful career in Hollywood and her philanthropic work through the Charlize Theron Africa Outreach Project, will address the conference on September 29th. Converge22 aims to unite leaders from finance, tech, and policy to explore a collective vision for the future of money and its potential impact on global economic opportunity. Organized by Circle, the issuer of USDC and EUROC stablecoins, the event will feature four days of discussions, demos, and networking, highlighting the role of public blockchains in advancing financial inclusion and opportunity worldwide.

Circle Internet Financial has announced its full support for Ethereum's transition from Proof-of-Work to Proof-of-Stake, known as The Merge, scheduled for September 15, 2022. Circle will ensure the stability of its USD Coin (USDC) and Euro Coin (EUROC) during this transition by conducting a brief maintenance period around the event, pausing deposits and withdrawals of Ethereum assets for approximately two hours both before and after The Merge. This precautionary measure aims to provide a seamless and secure experience for users, although issuance and redemption of USDC will continue on non-Ethereum chains. EUROC, being exclusively on Ethereum, will experience temporary disruptions during the maintenance window. Customers are assured that no action is required on their part, and they will receive notifications about the maintenance period via email and social media. Additionally, Circle advises vigilance against scams that may arise during this significant change in Ethereum's infrastructure.

Serena Williams, renowned for her achievements in tennis and her ventures as a businesswoman and entrepreneur, will be a notable speaker at Converge22, a crypto ecosystem conference hosted by Circle from September 27 to 30 in San Francisco. This event will feature a range of influential figures such as Vitalik Buterin, Co-Founder of Ethereum, and others from finance, tech, and policy sectors, aiming to explore and innovate the potential of money. Converge22, organized by Circle, the issuer of USDC and EURC stablecoins, offers an inclusive platform with four days of speeches, demos, and networking to promote financial inclusion and transform global economic opportunities. Circle is dedicated to revolutionizing money movement to enhance accessibility and prosperity worldwide.