New Money Explained: Global Stablecoins

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.