Global Fintech Circle CEO Jeremy Allaire Confirms there are Now Over $8 Billion in Stablecoin USDC in Circulation

Jeremy Allaire, Co-founder and CEO of Circle, a global Fintech company focused on supporting open Internet platforms, Bitcoin, and other crypto-assets, has confirmed that there’s $8 billion worth of USDC in circulation.

On December 1, 2020, there were $3 billion in USDC, $4 billion by Jan 1, 2021, $6 billion by Feb 1, 2021, and $8 billion by Feb 20, 2021.

Allaire noted that he “likes that CAGR!” He also mentioned that USDC is now the “fastest-growing dollar digital currency in the world.”

On February 12, 2021, Circle published the latest attestation report on US dollar reserves “backing USDC” issued by “independent” accounting company, Grant Thornton LLP. The report noted that “as of December 31, 2020 at 11:59 PM Pacific Time”:

  • USD Coin (USDC) tokens “issued and outstanding =  4,008,397,398 USDC;”
  • US Dollars “held in custody accounts = $4,011,270,692”;
  • As of the Report Date and Time, “the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts;”

(Note: the complete report may be accessed here.)

Grant Thornton LLP confirmed that it will provide USDC attestation reports on Circle’s USDC reserves on “a monthly basis.”

Circle recently announced that it’s “securing spots” on its waitlist for a new yield generation product that “enables USDC holders to earn up to 7% APY by depositing their digital dollars in a High-Yield Account.”

(Note: to learn more about applicable terms and condition and what exactly a Digital Dollar High-Yield Account is, how it works, and why you may want to consider signing up for such a product, check here.)

Circle recently implemented USDC on the Stellar (XLM) blockchain network. In order to follow the applicable requirements involved in the standard USDC specification, Circle’s engineering team reportedly added two new assets to the Stellar blockchain: USDC and USDCAllow. For more details on this update, check here.

As reported in late January 2021, Circle had revealed that its APIs now support ACH payments and payouts. Circle explains that ACH support allows clients to provide “seamless” bank transfers to and from USDC, which is a major stablecoin (or digital asset pegged to the US dollar).

Circle APIs provide major payment rails such as cards, wires, and blockchain-enabled transfers — “offering multiple ways for users to transfer money and transact with USDC, the world’s fastest-growing dollar stablecoin.”

The announcement stated:

“Circle is adding ACH as a payment rail, with comprehensive support available across both Payments and Payouts products. Customers can enable their users to make and receive payments using ACH, with seamless conversions into and out of USDC.”

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