Open money is a big idea, comprising economic, technical, and philosophical principles rooted in the internet’s design of openness and interoperability. By bringing the marginal cost of data dissemination to zero, the web made the sum of human knowledge accessible to all. By making it easy for developers and creators to build, it enabled a rich ecosystem of sites and apps.
Yet the project of the internet remains incomplete, because even though data moves around the world securely, instantly, and for free, the monetary superhighway on the internet is still being paved.
Everything we do today is focused on building and accelerating this internet financial system.
As this report details, it all starts with our efforts to build USDC into the largest, most widely-used stablecoin network in the world. Through USDC, we are empowering almost anyone, anywhere, with the ability to access and use dollars on the internet. And we are turning USDC into an open platform for companies and developers to build a new wave of apps that could rival and reshape today’s dominant internet and financial platforms.
Last year marked a major turning point for the future of blockchain-based, internet native finance. Bad actors began to bear the full weight of their nefarious activity, frauds were uncovered, yet the underlying technology matured, and mainstream businesses deepened their involvement with technologies like USDC.
Leading payment companies and merchant settlement firms are now using USDC to solve real-world pain points. Blockchain-based credit markets are using USDC to support real economic activity around the world. Fintechs and neobanks that were born on the internet are turning to USDC as a means of moving dollars at the speed of internet commerce. Remittance companies and non-governmental organizations (NGOs) are building with USDC to tackle the hard problem of moving value quickly and fairly to people who need it. Traditional banks, capital markets firms, and custodians are supporting USDC as a way to grow their businesses.
This momentum is why policymakers globally have made significant progress on issuing rules and guidelines for how to responsibly engage with payment stablecoins and open blockchains. They understand the magnitude of the opportunity and are determined to harness the benefits for their economies and societies. Together, innovators and policymakers are redefining the art of what is possible with money on the internet.
While it is still early, there are unmistakable signs that USDC and the broader ecosystem are poised to reach escape velocity – unleashing the power of open money around the world.
I hope you enjoy the 2024 edition of State of the USDC Economy. My team and I look forward to discussing the findings with you.
Sincerely,
Jeremy Allaire
Co-Founder, Chairman and CEO
The dollar’s new form factor
Backed 100% by highly liquid cash and cash-equivalent assets, always redeemable 1:1 for US dollars.
Deep connectivity to the banking system to maintain price stability, ensure timely redemption, and expand global availability.
In 2023, Circle bridged more than $197 billion between the banking system and the blockchain through minting and redeeming.2
A dollar API for internet finance
USDC is essentially a dollar API on the public internet. It is a well regulated, open-source building block that offers easy integration into other fintech, bank, and digital currency projects to enable nearly-instant, nearly-free transactions denominated in the world’s most widely used currency. This creates tremendous opportunities at a time of rapid evolution in the finance tech stack and the growing ubiquity of APIs.
Built for blockchain interoperability
USDC is natively available on 15 blockchain networks. Over time, our plan is to make USDC available wherever developers are active and the right security measures are in place, so that it can easily and safely flow across the blockchain ecosystem.
At the same time, we are making the complexities of blockchains fade into the background. The recently launched Cross-Chain Transfer Protocol (CCTP) helps reduce friction, increase safety and security, and reduce costs when sending USDC from one blockchain to another. In the near future, we aim to enable CCTP support for every blockchain where USDC is native, making it seamless to send dollars across the internet without the present challenges users have moving USDC from one blockchain to another.
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories.
Visa has expanded its stablecoin settlement pilot program, working with participating issuers and acquirers to move millions of USDC between its participating clients over select blockchain networks to settle fiat-denominated payments authorized over VisaNet. According to Cuy Sheffield, Head of Crypto, Visa, “By leveraging USDC and select global blockchain networks, we're exploring new options for participating clients to easily send or receive funds.”
Coinbase is building the online platform for the cryptoeconomy – evolving a more fair, accessible, efficient, and transparent financial system.
Since jointly launching USDC more than five years ago, Coinbase has helped enable access to USDC for millions of users across the world, providing trusted digital dollar access and facilitating efficient money movement at scale. With millions of end-user customers and more than 245,000 ecosystem partners in over 100 countries, Coinbase is committed to serving the public interest by helping to advance USDC as the on-chain dollar of choice for businesses, developers, and users worldwide.
Circle is proud to partner with leading banks and financial institutions globally, including:
BlackRock is an asset manager and one of the world’s leading providers of investment, advisory, and risk management solutions.
As part of BlackRock’s digital asset strategy, the company made an investment in Circle and announced a strategic partnership to explore tokenization and how digital cash – like USDC – can help eliminate inefficiencies in financial services activity. In addition, BlackRock manages the majority of the USDC reserves through the Circle Reserve Fund (USDXX), a registered Rule 2a-7 government money market fund. The Circle Reserve Fund is subject to the requirements of the Investment Company Act of 1940 and reports portfolio holdings on a daily basis.
MoneyGram is a leading global financial technology company that enables millions of consumers to send money around the world.
MoneyGram leverages USDC on Stellar to provide global money movement capabilities – offering consumers the ability to ‘cash-out’ to fiat from digital assets like USDC in 180+ countries and ‘on-ramp’ to USDC in 30+ countries around the world. Additionally, with MoneyGram’s forthcoming non-custodial digital wallet, set for release in Q1 2024, users will be able to send, receive, and hold USDC – empowering users to safeguard their wealth; when a user wants to cashout, they can visit any participating MoneyGram location or any payment method that MoneyGram supports. USDC is helping MoneyGram advance an evolution in international money transfer that is fast, cost-effective, and trusted.
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories.
Visa has expanded its stablecoin settlement pilot program, working with participating issuers and acquirers to move millions of USDC between its participating clients over select blockchain networks to settle fiat-denominated payments authorized over VisaNet. According to Cuy Sheffield, Head of Crypto, Visa, “By leveraging USDC and select global blockchain networks, we're exploring new options for participating clients to easily send or receive funds.”
BlackRock is an asset manager and one of the world’s leading providers of investment, advisory, and risk management solutions.
As part of BlackRock’s digital asset strategy, the company made an investment in Circle and announced a strategic partnership to explore tokenization and how digital cash – like USDC – can help eliminate inefficiencies in financial services activity. In addition, BlackRock manages the majority of the USDC reserves through the Circle Reserve Fund (USDXX), a registered Rule 2a-7 government money market fund. The Circle Reserve Fund is subject to the requirements of the Investment Company Act of 1940 and reports portfolio holdings on a daily basis.
Coinbase is building the online platform for the cryptoeconomy – evolving a more fair, accessible, efficient, and transparent financial system.
Since jointly launching USDC more than five years ago, Coinbase has helped enable access to USDC for millions of users across the world, providing trusted digital dollar access and facilitating efficient money movement at scale. With millions of end-user customers and more than 245,000 ecosystem partners in over 100 countries, Coinbase is committed to serving the public interest by helping to advance USDC as the on-chain dollar of choice for businesses, developers, and users worldwide.
MoneyGram is a leading global financial technology company that enables millions of consumers to send money around the world.
MoneyGram leverages USDC on Stellar to provide global money movement capabilities – offering consumers the ability to ‘cash-out’ to fiat from digital assets like USDC in 180+ countries and ‘on-ramp’ to USDC in 30+ countries around the world. Additionally, with MoneyGram’s forthcoming non-custodial digital wallet, set for release in Q1 2024, users will be able to send, receive, and hold USDC – empowering users to safeguard their wealth; when a user wants to cashout, they can visit any participating MoneyGram location or any payment method that MoneyGram supports. USDC is helping MoneyGram advance an evolution in international money transfer that is fast, cost-effective, and trusted.
Circle is proud to partner with leading banks and financial institutions globally, including:
The world is open for business with USDC
Today, ideas can cross the world in a matter of seconds – and our economies are connected like never before. But almost two billion people do not have access to something as simple as a bank account. Hear from Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy, about how USDC is enabling practically anyone, anywhere to participate in the global economy.
Regulators lead the way
This rapid advance of private sector innovation has occurred in lockstep with key Asia Pacific policymakers and regulators. It aligns with a regional vision set forth several years ago to steer toward a well regulated digital economy powered by financial services super apps. Forward-thinking governments have successfully nurtured new digital financial infrastructure that can move value with greater speed, less cost, and more transparency, positioning both businesses and individuals to benefit.
Several Asian economies – notably India, Singapore, Hong Kong, Malaysia, and Thailand – have established 24/7/365 real-time payments systems that have achieved significant scale and volume.
Buoyed by the success of these real-time payment systems, regulators in the Asia Pacific region are looking at the next financial evolution and moving rapidly to establish regulatory frameworks for payment stablecoins.
Singapore — The Monetary Authority of Singapore (MAS) already regulates stablecoins, such as the distribution of USDC, through the Major Payment Institution licensing regime. Circle Singapore has received a Major Payment Institution License to offer digital payment token services as well as cross-border and domestic money transfer services. In August 2023, Singapore authorities built on the existing rules and proposed a framework to establish a “MAS-regulated stablecoin” in an effort to solidify the city-state’s position as a digital asset hub.10
Japan — Stablecoin implementation rules came into effect in June 2023, setting the stage for distribution of foreign-issued stablecoins such as USDC.11 Circle is partnering with SBI Holdings to circulate and expand the use of USDC in Japan.
Hong Kong — Concluded its first consultation on stablecoins in January 2023 and is expected to implement regulatory arrangements in 2024.12
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Leading Southeast Asian superapp Grab piloted Web3 customer experiences in Singapore through the integration of Circle’s new Web3 Services platform in the Grab app.
Available as the ‘Grab Web3 Wallet,’ Singapore-based users are currently able to set up a blockchain-enabled wallet, use non-fungible token (NFT) vouchers, and earn rewards and collectibles. Grab and Circle worked together to create a seamless, secure customer experience that stripped away complexities typically associated with Web3.
BitoGroup, one of Taiwan’s digital assets leaders, and Taiwan FamilyMart, the market’s second-largest convenience store chain, have pioneered a “Points-to-Crypto” service to allow customers to convert their FamilyMart loyalty points, called FamiPoints, into digital currencies like USDC.
Loyalty programs are a cornerstone of daily life in Taiwan; FamiPoints has attracted over 17 million members in Taiwan due to its simplicity in accumulation, redemption, and conversion, which now includes USDC. The collective innovations of BitoGroup, FamilyMart, and Circle expand the utility of loyalty points and is helping to lower the barrier of engaging in the digital economy across Taiwan. The collaboration with BitoGroup has injected new vitality into Taiwan's digital economy and laid a solid foundation for the future applications of USDC.
Coins.ph, the Philippine’s leading digital asset exchange platform regulated by the Philippine central bank, has partnered with Circle to deliver safe, low-cost, and near-instant international money movement using USDC. Remittances, with over $36 billion flowing into the Philippines in 2022, remain vital for the country's economy.18
Together, Coins.ph and USDC tackle high fees and lengthy transaction times that impact remittance channels by adopting blockchain-based systems that enable real-time settlement at minimal transaction costs. According to Coins.ph CEO Wei Zhou, “Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for Coins.ph's 18 million Filipino users and their families and loved ones abroad.”
Leading Southeast Asian superapp Grab piloted Web3 customer experiences in Singapore through the integration of Circle’s new Web3 Services platform in the Grab app.
Available as the ‘Grab Web3 Wallet,’ Singapore-based users are currently able to set up a blockchain-enabled wallet, use non-fungible token (NFT) vouchers, and earn rewards and collectibles. Grab and Circle worked together to create a seamless, secure customer experience that stripped away complexities typically associated with Web3.
Coins.ph, the Philippine’s leading digital asset exchange platform regulated by the Philippine central bank, has partnered with Circle to deliver safe, low-cost, and near-instant international money movement using USDC. Remittances, with over $36 billion flowing into the Philippines in 2022, remain vital for the country's economy.18
Together, Coins.ph and USDC tackle high fees and lengthy transaction times that impact remittance channels by adopting blockchain-based systems that enable real-time settlement at minimal transaction costs. According to Coins.ph CEO Wei Zhou, “Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for Coins.ph's 18 million Filipino users and their families and loved ones abroad.”
BitoGroup, one of Taiwan’s digital assets leaders, and Taiwan FamilyMart, the market’s second-largest convenience store chain, have pioneered a “Points-to-Crypto” service to allow customers to convert their FamilyMart loyalty points, called FamiPoints, into digital currencies like USDC.
Loyalty programs are a cornerstone of daily life in Taiwan; FamiPoints has attracted over 17 million members in Taiwan due to its simplicity in accumulation, redemption, and conversion, which now includes USDC. The collective innovations of BitoGroup, FamilyMart, and Circle expand the utility of loyalty points and is helping to lower the barrier of engaging in the digital economy across Taiwan. The collaboration with BitoGroup has injected new vitality into Taiwan's digital economy and laid a solid foundation for the future applications of USDC.
Digital dollars power faster, more efficient commerce
Imagine paying a fee to email someone. Or waiting for days for a text to reach a friend. Unfortunately, this is commonplace when sending money across borders. Listen to Kash Razzaghi, Circle’s Chief Business Officer, discuss how future-ready organizations – in every geography and industry – are gaining a competitive advantage by leveraging the properties of open money.
Latin America
Stablecoins and Web3 fuel a global fintech powerhouse
While North America drove global adoption of the original internet, Latin America is taking on a leading role when it comes to digital currency and financial technology more broadly. This is partly due to necessity, because Latin America has traditionally been a large remittance corridor where moving money is slow and expensive, and where demand for US dollars is high. The reliance on and requests for the US dollar has far-reaching impact in a region long-vexed by macroeconomic uncertainty and instability, with blockchain networks well-suited to deliver digital dollars as a feasible medium of exchange for economic activity.
Many in this region lack access to analog financial services, underscoring the potential impact of device-centric banking and payments. Demographics also play a key role in defining the opportunity at hand; with a population of 658 million19 – roughly double the US – Latin America has roughly the same number of people as Southeast Asia. Nearly a quarter of this population is aged 14 or younger,20 giving Latin America another advantage over other regions with aging populations.
Digital currency use in Latin America
Securing wealth, igniting dreams – practically everywhere
The shortcomings of traditional money movement prove most acute in moments of stress – such as health emergencies or during monetary instability – particularly for nontraditional workers, youth, and other exposed populations. Hear from Keyla, a remote worker in Buenos Aires, who gets paid in USDC and uses digital dollars to plan a more secure future for herself, including her ambition to start an adventure tourism business.
Nubank – one of the world’s largest digital financial platforms serving 90 million customers across Brazil, Mexico, and Colombia – and Circle have announced a partnership to extend USDC access to Brazilian Nubank customers.
USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars. Future opportunities for integration with Nubank’s broader digital banking platforms offers the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC. True to the spirit of both companies’ missions, the partnership includes mutual contributions to educational campaigns aimed at spreading knowledge about USDC in the Brazilian market, establishing it as a secure, cost-efficient and transparent method for accessing and transacting in digital dollars.
Airtm offers a USDC-powered digital dollar account that enables efficient access to the global economy for users and organizations throughout Latin American and other geographies.
For example, high cross-border payment costs and unstable local currencies often make it expensive and difficult for businesses to hire workers in some markets. Airtm uses USDC to enable businesses to deliver low-cost, dollar-denominated payouts in minutes, and enables recipients to easily convert to local currency. According to Lisa Nestor, Airtm’s Chief Strategy Officer, “Millions of people… depend on Airtm to access earning opportunities paid in digital dollars, so that they can bring stable money home. USDC allows us to offer them that, and with speed, reliability and transparency.”
Grupo Elektra, part of the Grupo Salinas conglomerate, is a leading specialized trade and financial services company in Latin America, headquartered in Mexico City.
Through more than 2,500 retail locations, Grupo Elektra serves as one of the foremost money transmitters in Mexico and Latin America. The company enables nearly half of Mexico’s remittance transfers, powering a critical activity in an economy where remittances totaled $61 billion in 2022, according to the World Bank. By leveraging USDC and Circle’s Programmable Wallets solution, Grupo Elektra is enhancing the remittance and payments offerings available to users through their multiple digital channels. Circle is also partnering with Banco Azteca, part of the Grupo Salinas conglomerate, to evolve the availability of key stablecoin infrastructure for efficient money movement, reducing the friction of cross-border payments and trade.
Lemon is an Argentina-based company that enables blockchain-powered financial services for more than two million customers across Brazil, Argentina, Mexico, Colombia, and other parts of Latin America.
Lemon’s goal is to be the bridge into the future of money and the internet. Emphasizing Web2 to Web3 interoperability, its primary offering is a virtual wallet that integrates traditional finance with digital assets like USDC. Their innovations include a range of products and solutions such as DeFi products, peer-to-peer exchange, and expense management. Because of their partnership with Visa, USDC can be spent alongside local currency in Argentina via the Lemon Card.
Nubank – one of the world’s largest digital financial platforms serving 90 million customers across Brazil, Mexico, and Colombia – and Circle have announced a partnership to extend USDC access to Brazilian Nubank customers.
USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars. Future opportunities for integration with Nubank’s broader digital banking platforms offers the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC. True to the spirit of both companies’ missions, the partnership includes mutual contributions to educational campaigns aimed at spreading knowledge about USDC in the Brazilian market, establishing it as a secure, cost-efficient and transparent method for accessing and transacting in digital dollars.
Grupo Elektra, part of the Grupo Salinas conglomerate, is a leading specialized trade and financial services company in Latin America, headquartered in Mexico City.
Through more than 2,500 retail locations, Grupo Elektra serves as one of the foremost money transmitters in Mexico and Latin America. The company enables nearly half of Mexico’s remittance transfers, powering a critical activity in an economy where remittances totaled $61 billion in 2022, according to the World Bank. By leveraging USDC and Circle’s Programmable Wallets solution, Grupo Elektra is enhancing the remittance and payments offerings available to users through their multiple digital channels. Circle is also partnering with Banco Azteca, part of the Grupo Salinas conglomerate, to evolve the availability of key stablecoin infrastructure for efficient money movement, reducing the friction of cross-border payments and trade.
Airtm offers a USDC-powered digital dollar account that enables efficient access to the global economy for users and organizations throughout Latin American and other geographies.
For example, high cross-border payment costs and unstable local currencies often make it expensive and difficult for businesses to hire workers in some markets. Airtm uses USDC to enable businesses to deliver low-cost, dollar-denominated payouts in minutes, and enables recipients to easily convert to local currency. According to Lisa Nestor, Airtm’s Chief Strategy Officer, “Millions of people… depend on Airtm to access earning opportunities paid in digital dollars, so that they can bring stable money home. USDC allows us to offer them that, and with speed, reliability and transparency.”
Lemon is an Argentina-based company that enables blockchain-powered financial services for more than two million customers across Brazil, Argentina, Mexico, Colombia, and other parts of Latin America.
Lemon’s goal is to be the bridge into the future of money and the internet. Emphasizing Web2 to Web3 interoperability, its primary offering is a virtual wallet that integrates traditional finance with digital assets like USDC. Their innovations include a range of products and solutions such as DeFi products, peer-to-peer exchange, and expense management. Because of their partnership with Visa, USDC can be spent alongside local currency in Argentina via the Lemon Card.
The Middle East and Africa
Blockchain enhances interoperability and builds on mobile money dominance
There are many reasons why people, businesses, and software developers across the Middle East and Africa are rapidly embracing and building on the blockchain; chief among them is a lack of access to traditional finance. Today, nearly 60% of Africans lack access to a bank account.32 In the Middle East, 85 million adults are unbanked.33 By equipping every internet-connected device with financial services capabilities, blockchain networks help build on existing fintech solutions that have already had success tackling this widespread access problem. In fact, we have already seen this in practice: in sub-Saharan Africa, users sent or received over $800 billion in transactions in 2022 – nearly double the value of the rest of the world combined34, demonstrating the value of digital assets even to those who do not have access to banks.
Onafriq is a leading force in African digital payments, revolutionizing financial accessibility across the continent.
Formerly known as MFS Africa, Onafriq operates a vast and interoperable financial services network, spanning 40 countries and over 500 million mobile wallets and 200 million bank accounts. Building on the stability and reach of USDC to enhance their global treasury operations, Onafriq is poised to leverage USDC to supercharge existing use cases, including remittances, enterprise settlement, card services, and merchant payments. This partnership positions Onafriq at the forefront of leveraging blockchain technology for real-world financial applications in Africa, promising a future where payments are as seamless and universal as a phone call.
Goldfinch is a decentralized credit protocol that unlocks global financing with USDC.
Goldfinch makes business lending and borrowing more accessible in emerging markets by connecting a network of businesses to Goldfinch’s on-chain credit marketplace. Serving as the trusted and frictionless medium of exchange, USDC helps unlock credit access to borrowers in more than 25 countries and across a range of use cases, including asset financing, small and medium business loans, and consumer loans, among others. Goldfinch shares Circle’s mission to make finance more accessible, transparent, and secure.
Chipper Cash is a financial technology company serving more than five million customers across the African continent.
Chipper Cash – which leverages USDC for efficient treasury management throughout multiple regions – offers cross-border payments, cards, and investment opportunities for retail users, plus business solutions including AI-led onboarding and verification integration. The company is exploring new use cases and revenue lines powered by Circle Programmable Wallets, including facilitating payroll and low-cost remittance offerings in USDC – allowing customers to retain USDC as a store of value in regions enduring high inflation or high currency devaluation rates – as well as for use in transactions or cash out via Chipper local rails. Circle is proud to enable Chipper Cash to pursue its mission of providing trusted and accessible financial services throughout Africa.
Onafriq is a leading force in African digital payments, revolutionizing financial accessibility across the continent.
Formerly known as MFS Africa, Onafriq operates a vast and interoperable financial services network, spanning 40 countries and over 500 million mobile wallets and 200 million bank accounts. Building on the stability and reach of USDC to enhance their global treasury operations, Onafriq is poised to leverage USDC to supercharge existing use cases, including remittances, enterprise settlement, card services, and merchant payments. This partnership positions Onafriq at the forefront of leveraging blockchain technology for real-world financial applications in Africa, promising a future where payments are as seamless and universal as a phone call.
Chipper Cash is a financial technology company serving more than five million customers across the African continent.
Chipper Cash – which leverages USDC for efficient treasury management throughout multiple regions – offers cross-border payments, cards, and investment opportunities for retail users, plus business solutions including AI-led onboarding and verification integration. The company is exploring new use cases and revenue lines powered by Circle Programmable Wallets, including facilitating payroll and low-cost remittance offerings in USDC – allowing customers to retain USDC as a store of value in regions enduring high inflation or high currency devaluation rates – as well as for use in transactions or cash out via Chipper local rails. Circle is proud to enable Chipper Cash to pursue its mission of providing trusted and accessible financial services throughout Africa.
Goldfinch is a decentralized credit protocol that unlocks global financing with USDC.
Goldfinch makes business lending and borrowing more accessible in emerging markets by connecting a network of businesses to Goldfinch’s on-chain credit marketplace. Serving as the trusted and frictionless medium of exchange, USDC helps unlock credit access to borrowers in more than 25 countries and across a range of use cases, including asset financing, small and medium business loans, and consumer loans, among others. Goldfinch shares Circle’s mission to make finance more accessible, transparent, and secure.
Wedding bliss, courtesy of USDC
Planning a wedding is complicated as it is, let alone one taking place in another country with a different currency. Learn how Eche and Chika simplified the process of paying for their ceremony in Lagos, Nigeria, using cross-border payments powered by USDC.
Europe
Early Web3 adoption and regulatory clarity drive global standards
Europe is creating a unique technology and economic path that is shaped by greater digital sovereignty, individual empowerment, and regulatory leadership. Web3 aligns well with the European ethos to build a shared, free, open, and secure global internet that empowers personal rights while pushing back on the concentration of data and power by governments or industry titans. European values of decentralization, self-determination, and digital sovereignty are inherent in the design of blockchain-based internet and financial services.
Europe has advanced technological infrastructures and widespread smartphone usage – often with government support – enabling seamless digital transactions for a tech-savvy population that accepts and trusts digital platforms. Europe was also among the first regions in the world to make mobile phone numbers portable and interoperable, and may stand to do the same for digital assets.
Europe is a digital asset innovation leader
Europe is moving purposefully to adopt Web3 and blockchain. Taken together, the European Union, United Kingdom, Switzerland, and Eastern Europe are home to the largest relative share of blockchain activity,39 a large portion of the world’s blockchain jobs40 (including blockchain developers41), a growing share of VC digital asset investment,42 and a high number of banks that are friendly to digital currency.43
EU and Web3 Adoption
Worldpay from FIS, whose payment processing solutions enable businesses in 146 countries to accept payments in-person and online, is allowing customers to receive settled funds quickly and efficiently in USDC.
Using Worldpay solutions, merchants can develop fit-for-purpose settlement and treasury strategies that leverage diverse payment rails – both blockchain-powered and traditional – that are optimized to their currency and payment needs. Today, digital asset exchanges are leveraging this functionality and settling card processing proceeds in USDC with Worldpay.
Deel is the all-in-one HR platform for global teams, allowing organizations to simplify every aspect of managing an international workforce.
Deel offers its customers the ability to cover payroll and payments in USDC, which can be a lower-cost, faster, more reliable, and preferred payment method for staff, contractors, and vendors in many regions. USDC is the only stablecoin that Deel offers for payouts because it is regulated, fully-reserved, and transparent. In addition to enabling payroll and payments for its business customers, Deel enables anyone paid through Deel to withdraw their earnings in USDC. Deel is proud to serve over 20,000 customers, from SMBs to publicly traded companies.
Worldpay from FIS, whose payment processing solutions enable businesses in 146 countries to accept payments in-person and online, is allowing customers to receive settled funds quickly and efficiently in USDC.
Using Worldpay solutions, merchants can develop fit-for-purpose settlement and treasury strategies that leverage diverse payment rails – both blockchain-powered and traditional – that are optimized to their currency and payment needs. Today, digital asset exchanges are leveraging this functionality and settling card processing proceeds in USDC with Worldpay.
Deel is the all-in-one HR platform for global teams, allowing organizations to simplify every aspect of managing an international workforce.
Deel offers its customers the ability to cover payroll and payments in USDC, which can be a lower-cost, faster, more reliable, and preferred payment method for staff, contractors, and vendors in many regions. USDC is the only stablecoin that Deel offers for payouts because it is regulated, fully-reserved, and transparent. In addition to enabling payroll and payments for its business customers, Deel enables anyone paid through Deel to withdraw their earnings in USDC. Deel is proud to serve over 20,000 customers, from SMBs to publicly traded companies.
North America
A homebase for innovation
North America served as the bedrock for many of the innovations that defined the first iterations of the internet as well as the financial innovations we rely on daily. The impact of these innovations was revolutionary, shifting how we all live, work, play, and spend.
Today, the advent of blockchains as truly internet-native networks of value represents a generational opportunity to build on this tradition of leadership in both technology and capital markets. Among the multiple use cases we are observing, two stand out: First, the utility of faster, more cost-effective cross-border payment flows for individuals and businesses. Second, driving dramatic efficiencies across a range of financial services applications.
From Main Street to Wall Street and everywhere in between
As nations embedded in global commerce and peopled by immigrants with cultural and familial ties that span the world, the US and Canada have much to gain from making cross-border payments easier and cheaper. Today, whether remitting funds overseas or sending a wire to a foreign supplier, moving money across borders remains costly, difficult, and slow. With more than $87 billion in combined remittance outflows in 202253 and as the world’s largest and ninth largest economies,54 respectively, the US and Canada present a significant opportunity to reduce payment and commercial friction at a global scale.
Stripe is leveraging the power of the blockchain and USDC to advance its mission to increase the GDP of the internet.
Organizations of all sizes across more than 45 countries use the company’s products to facilitate global payments. Through Stripe's Connect solution, platform customers have the ability to payout their ecosystem stakeholders – such as sellers, freelancers, creators, or service providers – in USDC. This allows platform companies to reach new global users with a cheaper, more efficient payment rail that also empowers recipients to secure their wealth with the safe and reliable digital dollar access afforded by USDC.
As part of Robinhood, Robinhood Crypto is on a mission to democratize finance for all.
Through their partnership with Circle, Robinhood Crypto makes USDC accessible to its millions of customers with no commission fees and easy off-ramping to DeFi/Web3. Robinhood Crypto offers a user-friendly platform where people can access, store, and exchange USDC with a 1:1 match, as well as trade other supported cryptocurrencies. USDC is also an essential part of Robinhood Connect – Robinhood Crypto's fiat on/off ramp that enables Web3 wallets and dapps to fund and sell using their Robinhood account.
Solana Pay is an open, free-to-use payments framework on Solana.
Built for instant transactions and near-zero fees, Solana Pay uses USDC to offer businesses a faster, more cost-effective way to accept global payments and unlock new opportunities to reach and transact with a global audience. Solana Pay is currently available as an approved app integration on Shopify, enabling millions of merchants to settle transactions instantly by connecting merchant and consumer wallets directly. Beyond Shopify, ASICS – an apparel and footwear company – worked with Solana Pay to power retail transactions and loyalty program activations with customers in 62 countries. Together, Solana Pay and USDC are harnessing the power of blockchain-based payment networks to enable more direct channels for engagement between brands and their customers with a true peer-to-peer communication channel.
Stripe is leveraging the power of the blockchain and USDC to advance its mission to increase the GDP of the internet.
Organizations of all sizes across more than 45 countries use the company’s products to facilitate global payments. Through Stripe's Connect solution, platform customers have the ability to payout their ecosystem stakeholders – such as sellers, freelancers, creators, or service providers – in USDC. This allows platform companies to reach new global users with a cheaper, more efficient payment rail that also empowers recipients to secure their wealth with the safe and reliable digital dollar access afforded by USDC.
Solana Pay is an open, free-to-use payments framework on Solana.
Built for instant transactions and near-zero fees, Solana Pay uses USDC to offer businesses a faster, more cost-effective way to accept global payments and unlock new opportunities to reach and transact with a global audience. Solana Pay is currently available as an approved app integration on Shopify, enabling millions of merchants to settle transactions instantly by connecting merchant and consumer wallets directly. Beyond Shopify, ASICS – an apparel and footwear company – worked with Solana Pay to power retail transactions and loyalty program activations with customers in 62 countries. Together, Solana Pay and USDC are harnessing the power of blockchain-based payment networks to enable more direct channels for engagement between brands and their customers with a true peer-to-peer communication channel.
As part of Robinhood, Robinhood Crypto is on a mission to democratize finance for all.
Through their partnership with Circle, Robinhood Crypto makes USDC accessible to its millions of customers with no commission fees and easy off-ramping to DeFi/Web3. Robinhood Crypto offers a user-friendly platform where people can access, store, and exchange USDC with a 1:1 match, as well as trade other supported cryptocurrencies. USDC is also an essential part of Robinhood Connect – Robinhood Crypto's fiat on/off ramp that enables Web3 wallets and dapps to fund and sell using their Robinhood account.
UNHCR, the UN Refugee Agency, is a global relief organization that protects people forced to flee their homes due to conflict and persecution.
UNHCR delivered a pilot program utilizing blockchain technology to rapidly deliver aid assistance using USDC as transfer value to Ukrainians displaced by the Russian invasion. Recipients were able to safely store USDC in their digital wallets and exchange it for cash at MoneyGram locations to help cover basic necessities including rent. While aid recipient participation was completely voluntary and other payment modalities remain in use, this program is a powerful illustration of the potential for blockchain-based networks to deliver universally portable digital assets in cash assistance to forcibly displaced people and refugees. Plans to scale are underway and are being approached for contexts meeting the specific requirements for cash based interventions, with ongoing assessment and review.
Endaoment is a blockchain-based philanthropic services platform that enables a more transparent, efficient, and cost-effective model of charitable giving.
To date, Endaoment has facilitated more than $70 million in donations. In addition to receiving and distributing donations via USDC, Circle technology helps Endaoment reduce costs, simplify processes, and increase transparency, reducing administrative overhead. According to Endaoment CEO Robbie Heeger, “USDC is the life force of Endaoment that keeps the whole operation moving smoothly. We need robust stablecoin providers that are trustworthy in order to be able to operate a community foundation that's paying out to thousands of nonprofits across the country.”
The International Rescue Committee (IRC) is a global non-profit organization that helps people whose lives have been shattered by conflict and disaster to survive, recover and rebuild.
Founded in 1933, the IRC – which currently works in over 50 countries – utilized USDC and technology-enabled solutions through a first-of-its-kind digital cash assistance pilot in Ukraine in partnership with Stellar Development Foundation. Using USDC issued by Circle, the program enabled cash assistance in the form of stabilized digital dollars to IRC clients. Additionally, the IRC has engaged in innovative initiatives with Circle, including a pitch competition and thought leadership panels, focused on highlighting and accelerating innovative solutions to the world’s biggest challenges.
UNHCR, the UN Refugee Agency, is a global relief organization that protects people forced to flee their homes due to conflict and persecution.
UNHCR delivered a pilot program utilizing blockchain technology to rapidly deliver aid assistance using USDC as transfer value to Ukrainians displaced by the Russian invasion. Recipients were able to safely store USDC in their digital wallets and exchange it for cash at MoneyGram locations to help cover basic necessities including rent. While aid recipient participation was completely voluntary and other payment modalities remain in use, this program is a powerful illustration of the potential for blockchain-based networks to deliver universally portable digital assets in cash assistance to forcibly displaced people and refugees. Plans to scale are underway and are being approached for contexts meeting the specific requirements for cash based interventions, with ongoing assessment and review.
The International Rescue Committee (IRC) is a global non-profit organization that helps people whose lives have been shattered by conflict and disaster to survive, recover and rebuild.
Founded in 1933, the IRC – which currently works in over 50 countries – utilized USDC and technology-enabled solutions through a first-of-its-kind digital cash assistance pilot in Ukraine in partnership with Stellar Development Foundation. Using USDC issued by Circle, the program enabled cash assistance in the form of stabilized digital dollars to IRC clients. Additionally, the IRC has engaged in innovative initiatives with Circle, including a pitch competition and thought leadership panels, focused on highlighting and accelerating innovative solutions to the world’s biggest challenges.
Endaoment is a blockchain-based philanthropic services platform that enables a more transparent, efficient, and cost-effective model of charitable giving.
To date, Endaoment has facilitated more than $70 million in donations. In addition to receiving and distributing donations via USDC, Circle technology helps Endaoment reduce costs, simplify processes, and increase transparency, reducing administrative overhead. According to Endaoment CEO Robbie Heeger, “USDC is the life force of Endaoment that keeps the whole operation moving smoothly. We need robust stablecoin providers that are trustworthy in order to be able to operate a community foundation that's paying out to thousands of nonprofits across the country.”
Secure, ready-to-use aid for first responders
Working in coordination with the US government, Airtm leveraged USDC to provide life-saving financial aid to health workers in Venezuela during the pandemic. Hear Ana, Betty, and José share how this program helped them meet key needs – for themselves and their community – during a period of severe distress in Venezuela.
Despite another year of crypto correction in 2023, progress is advancing on a number of fronts.
Next year will see Europe’s far-reaching MiCA regulations come into force. MiCA will create a pan-European framework for digital assets, including stablecoins, which will be regulated with equivalent frameworks to e-money. A critical provision in MiCA is passportability across European Union jurisdictions, which will ensure that Europe’s population of nearly 750 million people can rely on digital assets offered with legal and regulatory certainty.
2024 may also mark the year that US federal legislation is passed not only for payment stablecoins, but also broader digital assets market structure. This would enact critical bookends in digital asset markets, clarifying regulatory swimlanes between markets and prudential regulators, along with state and federal interests.
In spite of often fierce internecine political fighting between Democrats and Republicans in the US – set against the boundaries between state oversight of payments and money transmission and federal preemption – new US laws for digital assets would represent a national win. After all, it was under US leadership of the Financial Action Task Force that the world’s first calls to regulate digital assets in a globally harmonized way were made.63
Just as the dot-com bubble bursting or the 2008 financial crisis were necessary preconditions for comprehensive market reforms, new rules and a straightened code of conduct among survivor firms, digital assets are broadly enjoying a cycle of maturation, accountability, and, ultimately, success.
Rather than being defined by the worst actors in the crypto economy or the cascading series of interconnected risks, including a wave of bank failures, 2024 presents an opportunity for convergence and demonstrable market value. Just as the dot-com bubble bursting or the 2008 financial crisis were necessary preconditions for comprehensive market reforms, new rules and a straightened code of conduct among survivor firms, digital assets are broadly enjoying a cycle of maturation, accountability, and, ultimately, success.
Against this backdrop, well-regulated and trusted payment stablecoins, like USDC and EURC, will see further integration in the global economy as essential forms of digital money. Public money is the trust anchor of these innovations. Their ultimate reach to billions of people who have remained persistently on the margins of the formal economy can only be achieved through a value chain that espouses responsible financial innovation, promotes financial inclusion and, critically, is responsive to global financial integrity norms that do not allow illicit activity to take root.
07
USDC Macro Perspective: Beyond Speculation in Five Charts
First impressions are hard to shake. Stablecoins were born to meet the demand of digital asset traders who needed a stable medium of exchange 24/7/365. Commercial bank money, generally only available during business hours, could not meet that demand. So it is not surprising that in 2019 every dollar of non-USDC stablecoins supported about $5 of digital asset daily trading volume.
Each dollar worth of USDC, in contrast, supported less than 50 cents of daily trading volume in 2019. That is because we created USDC with the intention of serving as a medium of exchange for general payments and as a strong digital dollar store of value. When we first launched USDC in 2018, we said we envisioned many “use cases where USDC has the potential to be extremely useful, from all sorts of payments and commerce (P2P payments, merchant payments, B2B payments, cross border payments, consuming virtual goods and other non-fungible tokens, Internet-of-Things payments)...to further applications within financial contracts.”68
In fact, empirical and anecdotal evidence make clear USDC has evolved into a form of general-purpose money. Its ‘moneyness’ has also been recognized by the Federal Reserve – Chairman Jerome Powell testified in Congress that “We do see stablecoins as a form of money.”69 Other parts of this report detail the anecdotal evidence of USDC’s non-speculative use cases– whether it is enabling remittances and cross-border payments, reducing frictions in payroll flows, or as a store of value for people trying to fend off the negative effects of high inflation.
The five charts in this section empirically support the anecdotal evidence about the evolving use of USDC beyond speculative purposes.70
Get a PDF of the 2024 report
