Stablecoins are an integral part of the blockchain and crypto world. They help in forming a connection between cryptocurrencies and fiat currencies. Several stablecoins have a vast market demand. They are used to limit the impact of volatility on an investor’s portfolio. Most of these stablecoins are backed by fiat currencies, like the Dollar or Euro. USDC is one such dollar-pegged stablecoin that is issued by Circle.
Circle is the primary issuer of the USD Coin, a highly popular stablecoin in the market. The USD Coin has a market cap of over $50 billion. USDC is closing the gap with the most popular stablecoin, Tether (USDT). Thus, Circle is in high demand as an organization, and it is planning to create a whole financial ecosystem to expand the potential of USDC. It is working on offering simpler tools for businesses and blockchains so they can easily integrate USDC into their working protocol.
Jeremy Allaire shares the future plans of Circle in an interview
The CEO of Circle, Jeremy Allaire recently shared his views about the integration of stablecoins in the conventional financial ecosystem. He also shared that Circle has ensured to add more layers of security for consumers amid the ongoing Russia and Ukraine crisis. He further stated that Circle has signed a new deal to go public with a $9 billion valuation.
Moreover, Allaire believes that stablecoins can be efficiently utilized by developers planning to develop products and services. Also, Circle is focusing on expanding the reach of USDC through new collaborations and partnerships. As a result, the protocol will have a higher utility and will be linked with a variety of apps.
USDC of $53 billion is currently in circulation. This mammoth amount is equivalent to the valuation of many big banks in the United States. Circle also offers an effective transaction service business and connect banking features. As a result, consumers can easily store, hold, convert, or redeem USDC on several blockchains.
Jeremy Allaire also shared that USDC is created somewhat differently. It acts as a layer above the blockchains while issuing stored value digital assets. He further added that Circle has amended and transformed its policies according to the demand of the market and regulators. The company also runs vital compliance programs to stay in line with law enforcement complications. This gives Circle a competitive edge over its competitors in the market.
