Circle is a company that has seriously focused on the growth and expansion of its services in the recent months. We're over the moon to have one of the most important and forward-thinking companies join our investor's list. Since its inception, the company has grown to encompass multiple products, including Circle Invest, Circle Trade, Circle Pay, and Poloniex. According to Circle co-founder, board chair and CEO, Jeremy Allaire, the new investment lifts the company's valuation to around $3 billion. "USDC provides a full reserve USA dollar-backed stablecoin, and is based on the open source fiat stablecoin framework developed by CENTRE".
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Circle itself will mint USDC tokens that meet specifications for "stablecoins" set Centre, which is now a wholly owned subsidiary of Circle.
The tokens will be based on Ethereum's ERC20 standard and developed and governed by CENTRE, a foundation that will manage a collection of new, fiat-backed tokens. "Bitmain will help Centre introduce multiple fiat stablecoins in a variety of geo-currency zones", Circle says. In a recent interview with Xconomy, Allaire, Circle's CEO, declined to disclose the company's revenues, but he said it has been profitable since previous year. "And so, you have a more open, global, inclusive economy that's made possible when this stuff gets delivered at scale". It unlocks an incredible amount of power for the dollar. In conjunction with the investment of Bitmain technologies, it will be involved with the subsidiary of Circle (Centre) and help to launch digital currencies linked to other fiat currencies or legal tenders. According to the company, the invention of blockchain-based computing and cryptographic assets has brought in a new era of the 'open internet.' However, it adds that 'a price-stable medium of exchange and store of value is missing, ' which is needed for 'global financial interoperability to function reliably and consistently'.
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 an ERC-20 token, based on the Ethereum network.