Circle is soon releasing the easiest way for businesses to access DeFi, enabling companies to easily and confidently access new lending markets powered by decentralized finance. With our new DeFi API, businesses will be able to access leading DeFi protocols, beginning with Compound Finance on the Ethereum blockchain.
The past year has seen an explosion of interest in and usage of decentralized finance (DeFi) infrastructure, foreshadowing a deeper breakthrough in delivery of capital markets and financial services. Dollar digital currencies such as USDC have seen tremendous growth. More than $1.25 billion in USDC as collateral has been deposited into to the Compound protocol*, the most of any stablecoin on the platform as of June 16, 2021. And according to data from Flipside Crypto, USDC was the most widely used stablecoin in DeFi markets in the first quarter of 2021**.
To date, accessing and using DeFi protocols has been complex for institutions. Managing, securing and interacting with direct network participants is complicated and risky for most businesses, and the cost and regulatory complexity of running crypto finance infrastructure can be significant.
Businesses will soon be able to automate USDC flows into DeFi lending markets by leveraging Circle’s powerful DeFi API. By utilizing the DeFi API, businesses will have easy and quick access to DeFi protocols where they can earn interest, governance tokens and offer that same access to their customer platforms. Circle APIs make accessing DeFi easy and secure, allowing businesses to build powerful internal tools and customer experiences without the complexity of implementing a home-grown framework.
With USDC, Circle Accounts, our new Circle Yield offering and now our DeFi API, Circle is providing businesses with a comprehensive suite of digital currency-native payments and treasury infrastructure.
As of November 17, 2022, Circle Yield is not accepting new loans. We are evaluating future updates to the program.
We’re excited to see what developers, fintechs and businesses around the world can do with this powerful set of new APIs.