Global interest in USDC (USD Coin), a stablecoin developed by Circle, is growing. Businesses and individuals are recognizing its potential and USDC is focused on solving long-standing issues in global payments.
These problems stem from outdated systems like SWIFT (1977) and ACH (1972), which dominate today’s fragmented global payment infrastructure. In this article, you will discover more about the Circle report and the role of USDC.
The Need for a New Global Payment Standard
Current payment methods offer high transaction costs, time consumption, and inaccessibility. These shortcomings are a major cost in international business and trading. Circle aims to introduce a new method for cross-border payments that is frictionless, secure, and accessible.
Circle has conducted over $850 billion in transactions. It enables businesses, consumers, and financial institutions to complete payments in USDC. These payments can be made across borders at a much lower cost than existing systems.
It’s time.
The State of the USDC Economy 2024 Report has arrived, bringing new insights and a global perspective on $USDC and the internet financial system. The #OpenMoneyEra is bringing greater speed, accessibility, and innovation to the global economy. Read it now:… pic.twitter.com/68XQA1dkFK
USDC is a digital representation of the US dollar, running on different blockchains simultaneously. It functions as a:
Store of Value.
Unit of Account.
Medium of Exchange.
Interestingly, users can transfer USDC almost immediately, paying as little as one cent. An added advantage is that you can transfer money anywhere and everywhere. USDC removes technical barriers, paving the way for digital currency adoption.
1) USDC circulation grew 78% year-over-year, outpacing the growth rate of all other large, global stablecoins. pic.twitter.com/r8Y8jQJEDP
Circle’s robust risk management ensures USDC’s stability and trustworthiness. BlackRock manages 90% of USDC reserves. They returned these reserves to short-term US Treasury bonds through the SEC-regulated Circle Reserve Fund. Circle ensures USDC’s 1:1 dollar backing with weekly updates and Deloitte-audited monthly reports.
EURC: Expanding Beyond the Dollar
In addition to USDC, Circle issues EURC, a euro-backed stablecoin. EURC, regulated under the EU’s MiCA framework, became the largest euro stablecoin. By October 2024, it surpassed €1 billion in weekly transfers. EURC’s growth highlights the potential of blockchain financing. It is impacting foreign exchange, cross-border payments, and tokenized capital markets.
10) In early October 2024, EURC, USDC’s euro equivalent, became the largest euro-backed stablecoin by total circulation and surpassed $1 billion in weekly transfer volume. pic.twitter.com/3z6YD7XE74
USDC acts as a bridge between traditional banking and blockchain technology. Circle collaborates with G-SIBs to provide reliable transactions. The focus is on offering cheap, inclusive solutions for popular, high-demand markets. With integration into domestic payment systems and local currencies, USDC is gaining traction. It is gradually becoming the preferred settler on many card and payment platforms.
6) Circle’s Cross-Chain Transfer Protocol (CCTP), which provides seamless interoperability across supported blockchain networks, has now facilitated more than $20 billion in USDC transfers. pic.twitter.com/sZ8NfwALjp
USDC is especially useful to the unbanked. They can now access digital dollars without any fees or complex infrastructure. Instead, it is available directly on mobile phones and is a stablecoin on open blockchains. It also incorporates more programmable capabilities, including payments, lending, and other financial products. This supports the goal of building an internet-native financial system.
Empowering Developers with USDC
USDC’s open-source standards and smart contracts provide developers with powerful tools. These enable the creation of scalable global applications. Circle simplifies the process by offering:
USDC-enabled wallets: They can be easily embedded in customer-interacting platforms.
Smart contract templates: Efficient management of accomplishing application.
Simplified transaction fees: It is also possible to encourage users to pay for blockchain fees in USDC.
These tools help lower the barrier to entry for developing blockchain solutions.
USDC + CCTP + @Aptos = high-performance, very powerful programmable money infrastructure. Excited for the upcoming launch! https://t.co/3LbJeAH67K
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) November 21, 2024
Driving Global Commerce with USDC
In 2024, the adoption of digital dollars was on the rise, and more wallets had values of at least $10 USDC. Global companies rely on Circle for smooth, virtual payments. This helps improve clients’ experiences and increase productivity.
As global financial services become digital, Circle envisions an internet-native financial ecosystem. Connecting blockchain to traditional finance paves the way for international trade and financial services. It also empowers internet users and encourages creativity.
3) Around the world, the number of people using USDC continues to climb steadily.
Since the beginning of 2023, the amount of wallets holding at least $10 USDC has nearly doubled, with much of that growth occurring in 2024. pic.twitter.com/Rbup7qV8bK
USDC, the digital monetary asset that forms the basis of Circle’s stablecoin network, is transforming global payments. It addresses the problems that exist with conventional payment systems. With partnerships with major banks and clear reserve management, Circle is building the infrastructure. The addition of developer tools further strengthens this foundation, creating an integrated, safe, and globally open financial ecosystem. Here is the second part.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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