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1/30 Just this week, $USDC crossed over 3 Billion in circulation, and has handled over 230B in on-chain transactions. We *are just getting started*! Here’s how we got here, and here’s the path to 1 Trillion USDC in circulation. https://medium.com/centre-blog/usdc-stablecoin-surpasses-3-billion-in-circulation-as-global-demand-for-digital-dollars-continues-7e150078c603
2/30 USDC was launched to be a standard that the industry could build on, so @circlepay and @coinbase created Centre Consortium ( @centre_io), and built the first governance arrangement for fiat digital currency. https://centre.io
3/30 The vision was broad -- connect every person, every merchant, and every financial service in the world over open internet protocols and blockchains -- but we started with a clear focus: build a safe, transparent, compliant and ALWAYS redeemable at $1 digital currency.
4/30 And focused on the customers that needed it most in 2018, crypto markets and traders.
5/30 Circle and Coinbase made it easy for businesses, institutions and individuals to easily get and redeem USDC.
6/30 We focused on working with the entire ecosystem, with a significant focus on wallets, exchanges, and protocol developers (aka. DeFi). Within a year, hundreds of companies supported the USDC protocol.
7/30 With more adoption, and a highly reliable framework, the industry has grown to depend on USDC as a core market infrastructure.
8/30 As developer teams launched breakthrough protocols, adding support for USDC has been easy. Adoption begets adoption. Now if you build a crypto product, if you don’t support USDC you can’t access the trusted standard for dollar market infrastructure.
9/30 We’ve built up Centre, with expanded governance, new policies, with USDC v2 and gasless sends, and with a framework for the USDC protocol to be brought to more and more blockchains and Layer 2 protocols.
10/30 As 2020 came around, the use cases for stablecoins started to explode -- payments and settlement, borrowing and lending, safe haven digital dollars, use in digital securities, trade finance, digital content and gaming, corporate treasury, and so much more.
11/30 While much of the world focused on the theoretical (e.g. Libra, CBDC research), we just kept shipping and delivering, while also staying engaged in high-level dialogue.
12/30 We’re now at a tipping point -- the G20 acknowledges that global stablecoins are here to stay, though there’s still denial and an attempt to keep them at bay while central banks rush to figure out if this is something they should do.
13/30 National and regional policy makers and regulators are providing guidance for how the financial sector can start adopting and using stablecoins and public blockchains.
14/30 We’re getting so much closer to truly connecting the world economy together over the public internet.
15/30 Centre, USDC and future fiat digital currencies built on these standards, are ready to take hold more broadly. It’s time for these standards to become more woven into the core of fintechs and banks more broadly.
16/30 Mainstream acceptance of Bitcoin is paralleled with the integration of stablecoins into the financial system more broadly.
17/30 And this growth is also fueled by the incredible continued pace of innovation in Layer 1 blockchain infrastructure. Open technical communities are going to run circles around central governments in building the plumbing of the global economy.
18/30 To scale this to huge new heights, we’re honored to be joined by David Puth as Centre CEO. https://medium.com/centre-blog/financial-industry-veteran-david-puth-joins-centre-as-chief-executive-officer-840712968ef4
19/30 Now it’s time for this to grow way beyond any one or two companies, any one currency, one country, and fulfil its broader mission.
20/30 With that growth, USDC can see it’s usage proliferate. It can be woven into financial contracts, tokenized funds, and new digital asset native capital markets, CeFi and DeFi.
21/30 It can be connected to popular consumer digital wallets around the world, creating that interoperability that is so needed in the world, and unlocking the benefits of digital currency for billions of end-users.
22/30 Corporations can start to weave it into how they forge commerce in code with smart contracts and public chain based trade and settlement.
23/30 Combined, with proliferation in use cases and market participants, there is no reason to think that Centre stablecoins such as USDC can’t reach 1 trillion in circulation.
24/30 Yes, at scale, this is going to become systemically important. Yes, we will work together with central banks and regulators to figure out the best way to supervise this incredibly exciting new financial market infrastructure.
25/30 But we shouldn’t stop and wait, we should work together to forge these standards and envision a much more open, inclusive and integrated economic system built on the internet.
