Circle Announces USD Coin & Bitmain Partnership

On Tuesday, Boston-based Circle announced it has formed partnerships with USD Coin and Bitmain. Founded in 2013, Circle offers four products: Circle Invest, which allows users to easily invest in crypto; Circle Pay, allows users to send money like a text; Circle Trade, the company’s OTC trading desk; and Poloniex, which allows users to buy and sell on its active crypto exchanges. The company reported:

“Today we announced the pending availability of tokenized US dollar coins supported by developments in the CENTRE open source framework and by a new partnership with Bitmain, which is also leading a $110 million Series E equity investment in Circle.”

Circle reported that Circle USD (USD Coin) is a solution that enables customers to purchase and use USDC fiat tokens for payments and trading in the crypto ecosystem. USD Coin notably provides a full reserve US dollar-backed stablecoin, and is based on the open source fiat stablecoin framework developed and governed by CENTRE, which will provide independent oversight of Circle’s offering.

“Circle USDC addresses these problems by providing detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, and reinforced by established banking partners and auditors. It is built on an open source framework with an open membership scheme that eligible Financial Institutions (FI) can participate in (CENTRE). USDC will be ERC-20 tokens minted, issued, and redeemed based on network rules defined by CENTRE.”

Circle also reported that Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy. While Bitmain is leading Circle’s latest funding round, those who are also participating in the round include existing investors IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera, along with new investors Blockchain Capital and Tusk Ventures. Speaking about its growth and development Circle noted:

“We wholeheartedly believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet. We see the future of the global economy as open, shared, inclusive, distributed, and powerful — not only for a few chosen gatekeepers, but for all who will connect.”

The company added:

“The development of USDC, the evolution of CENTRE, and this new strategic financing further grow our strength as we push toward our lofty goals. Yet in many ways, despite Circle celebrating a fifth anniversary this fall, we feel we are still just getting started. We’re thrilled for what’s to come.

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