Circle is a leading fintech company specializing in stablecoins and blockchain-based financial services. Its flagship product, USD Coin (USDC), is a fully-reserved digital currency backed 1:1 by cash and cash equivalents, allowing users to convert money into a format for faster, cheaper, and more secure transactions in digital environments. As of June 2022, USDC had over USD 55 billion in circulation, and Circle projects this figure to reach USD 110 billion by the end of 2022.
USDC is designed to be blockchain-agnostic and currently operates natively on nine blockchain networks, with plans for further expansion. Circle recently introduced the Cross-Chain Transfer Protocol (CCTP) in April 2023, enabling seamless transfer of USDC across supported blockchains. The company also offers Circle Accounts, which function as digital currency business bank accounts, allowing businesses to manage, store, and earn yield on their USDC holdings.
In addition to its stablecoin offerings, Circle provides programmable wallets and developer tools, enabling businesses to embed digital asset capabilities into their existing applications. The company aims to create an internet-native financial infrastructure, positioning USDC as a "dollar API" for innovative financial services built on open blockchains.
Circle has formed partnerships with various companies, including MoneyGram, Mastercard, and Plaid, to facilitate the adoption of USDC in remittances, ecommerce, and other use cases. In May 2024, Circle officially launched its services in Brazil, partnering with BTG Pactual, Latin America's largest investment bank, to distribute USDC and provide local banking rail capabilities.
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