The second installment in Circle's series, "The Convergence of Money and the Internet," focuses on USD Coin (USDC) as a stablecoin that retains price parity with the U.S. dollar while leveraging the internet's speed and cost advantages. Unlike volatile cryptocurrencies, USDC is fully backed by cash and short-dated U.S. Treasuries, ensuring a 1:1 redeemability with the dollar. Circle, the issuer of USDC, emphasizes its global regulatory compliance, interoperability across multiple blockchains, and the potential for "programmable" transactions that enhance global commerce. USDC's structure as a digital asset ecosystem aims to transform traditional financial systems by offering new levels of transaction efficiency through open-source code and smart contracts. Circle's infrastructure supports businesses with enterprise-grade digital asset custody, facilitating seamless, friction-free, cross-border payments.