2023 was a year of expansion and growth for Circle. We launched new product offerings like Web3 Services and the Cross-Chain Transfer Protocol that add utility for Web3 developers and make it easier to access and use the internet financial system. We also made significant strides in globalizing our business, acquiring new licenses and conditional approvals that will allow us to bring USDC and EURC to more businesses than ever before.
In our year-end "2023 Highlights and 2024 Horizons" webinar, members of Circle’s executive leadership team also spoke about changes to the digital asset industry, the integrity of our business, and how we’re advancing our mission of raising global prosperity through the frictionless exchange of value.
Building infrastructure for the internet financial system
USDC is available all over the world as an accessible dollar stablecoin that can serve as a platform for increased commercial activity for millions of companies and billions of people. Circle CEO Jeremy Allaire explains how the internet financial system is being unleashed through this innovative form of open money as the world becomes increasingly interconnected:
Over the course of 2023, in countries like Singapore and France, we worked closely with regulators to become licensed and conditionally approved to offer our stablecoins. All of these efforts aim to continuously increase the liquidity available for USDC and EURC, making them easier to acquire and use.
Introducing Web3 Services has been a critical undertaking for Circle in 2023, allowing businesses across a wide range of industries to quickly and easily integrate digital wallets and other Web3 capabilities into their workflows or product offerings. Combined with other 2023 releases like the Smart Contract Platform and Circle Gas Station, we’re providing easy-to-use developer tools to accelerate Web3 adoption and the growth of the internet financial system.
Business integrity and advancing regulatory clarity
The integrity of our business is a top priority and is a core component of building the world’s largest and most widely-used stablecoin network. Chief Compliance Officer Mandeep Walia expanded on how we aim to provide the highest possible level of integrity for management of both our data and the value that moves on Circle’s digital currency networks.
As we maintain and continuously refine our high operating standards, policymakers within the US are moving forward on bringing regulatory clarity into greater focus for digital assets and stablecoins, as explained by Chief Strategy Officer and Head of Global Policy Dante Disparte:
As more nations around the world move towards regulatory clarity on important topics related to digital assets and stablecoins, more work will need to be done to harmonize different regulatory treatments into a global framework that can unlock the full potential of the emerging internet financial system.
On to 2024
2024 should bring even more progress to our products and stablecoin network, accelerating access and utility. We are continuing to develop our Web3 Services offerings, making it even easier to access the internet financial system. New and stronger relationships with financial and technology partners will add depth to USDC and EURC liquidity around the globe, and advancing regulatory clarity will allow Circle to continue to meet and exceed standards set by policymakers for the security of our network and the integrity of our business.