Circle’s USDC Milestone: $12 Trillion Settled, $197 Billion in Traditional-Banking to Blockchain Transfers

The US dollar is the world’s most dominant currency, used for trade, investment, and savings across the globe. But the traditional financial system that supports the dollar is slow, costly, and inefficient. That’s why Circle, a leading fintech company, launched USDC in 2018, a stablecoin that combines the stability and trust of the dollar with the speed and innovation of the blockchain.

USDC is a digital token that represents a US dollar on the blockchain. It is backed 1:1 by cash and cash-equivalent assets, and can be redeemed at any time for US dollars. USDC is regulated, compliant, and transparent, with monthly attestations by independent auditors. USDC is also interoperable, meaning it can be used on different blockchain platforms, such as Ethereum, Algorand, Solana, and Stellar.

According to a recent report by Circle, USDC has been used to settle over $12 trillion in blockchain transactions since its introduction in 2018. This makes it the most widely adopted and trusted stablecoin in the world, with more than 190 countries and nearly 3 million on-chain wallets using it. USDC enables users to access, hold, and transact digital dollars over the internet, with near-instant settlement and negligible fees.

USDC is not only a payment tool, but also a platform for innovation and growth. USDC enables new use cases and opportunities for individuals, businesses, and institutions, such as:

  • Cross-border payments: USDC can be sent and received across borders, without intermediaries, delays, or high costs. USDC can also be exchanged for local currencies, through partner platforms and services, such as Bitso, Wyre, and Paxful.
  • DeFi: USDC can be used to access decentralized finance (DeFi) applications, which offer alternative ways to borrow, lend, trade, and invest, without intermediaries or censorship. USDC is the most popular stablecoin in DeFi, with over $30 billion in total value locked, according to DeFi Pulse.
  • NFTs: USDC can be used to buy and sell non-fungible tokens (NFTs), which are unique digital assets that represent art, music, gaming, sports, and more. USDC is the preferred currency for many NFT platforms and marketplaces, such as OpenSea, SuperRare, and NBA Top Shot.
  • Tokenization: USDC can be used to tokenize real-world assets, such as stocks, bonds, commodities, and real estate, and make them accessible and tradable on the blockchain. USDC can also be used to create synthetic assets, such as stablecoins pegged to other currencies, such as EUR, GBP, and JPY.
  • Commerce: USDC can be used to accept and make payments for goods and services, online and offline, with lower fees, faster settlement, and global reach. USDC can also be integrated with existing payment systems and platforms, such as Visa, Mastercard, and Shopify.

USDC is essentially a dollar API on the public internet, that can be easily integrated into any fintech, bank, or digital currency project. USDC is part of the Web3 movement, which aims to create a more open, decentralized, and user-centric internet, powered by blockchain technology. USDC is helping to build a new internet financial system, that is more inclusive, efficient, and innovative than the legacy system.

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