The rise of blockchain technology has fueled a convergence of money and the internet, rewiring the software used to move value globally. We’re building the largest and most widely used open money network in the world with USDC, and Circle executives recently hosted an Executive Insights discussion to review the state of the USDC economy.
Circle was inspired by the vision that open protocols, open networks, and open software are foundational parts of the internet. Network-effect based platforms have created significant benefits to communication, information distribution, and more. Circle CEO Jeremy Allaire explains how access to USDC has already begun to stimulate growth in businesses around the world.
Today, USDC has become an integral part of crypto capital markets, and supports global access to dollars and cross-border payments that are changing the financial system for millions of people around the world.
While the expansion of the USDC ecosystem makes access to the global financial system faster and easier for millions of people around the world, technical aspects of USDC as ‘programmable money’ can unlock even greater financial services innovation.
Open blockchain infrastructure and programmable money, like USDC, continue to be adopted for use in financial services around the world. As a result, the new internet financial system can continue to push down the marginal cost of moving money, just as the early internet did for moving communications and data.
USDC growth on-chain and worldwide
USDC continues to grow, with wallets that hold more than $10 worth of USDC doubling compared to last year as of April 2, 2024, and more than half a billion individual USDC transactions conducted on-chain in 2024. Circle Chief Revenue Officer Kash Razzagi explains:
USDC is spreading around the world and is already available in more than 180 countries. As Circle Chief Financial Officer Jeremy Fox-Geen notes, Circle is working to tap into local banking networks globally, and USDC can already be minted by institutions based in Europe, Hong Kong, and Singapore, with more jurisdictions expected to come online in the future.
As USDC is further integrated into the traditional financial system, work continues among blockchain infrastructure providers to reduce the complexity of interacting with Web3 applications. By making the open platforms more usable, we’re closer than ever to bringing billions of users into a more efficient, equitable internet financial system.
Want to hear more from the Circle executive leadership team? Watch the full Executive Insights discussion, or read the 2024 State of the USDC Economy report.
