{"id":468945,"date":"2021-08-10T08:52:18","date_gmt":"2021-08-10T08:52:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=468945"},"modified":"2021-08-10T09:04:32","modified_gmt":"2021-08-10T09:04:32","slug":"crypto-company-circle-seeks-to-become-global-digital-currency-bank","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-company-circle-seeks-to-become-global-digital-currency-bank\/","title":{"rendered":"Crypto Company Circle Seeks To Become Global Digital Currency Bank"},"content":{"rendered":"

The company behind the increasingly popular USDC stablecoin dreams big. Circle wants to leverage its know-how and good reputation to become \u201c<\/span>a global digital currency bank.<\/span><\/i>\u201d That means it\u2019s also looking into becoming a digital currency bank in the US. Their <\/span>plan\u2019s announcement<\/span><\/a> focused on that region of the planet, but the wording makes it clear that they\u2019re ultimately looking for worldwide domination.\u00a0<\/span><\/p>\n

Related Reading | Is USDC\u2019s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?<\/a><\/strong><\/em><\/p>\n

According <\/span>to Coindesk<\/span><\/a>, \u201c<\/span>this would be an industry first, with a scope far beyond the OCC banking charter already conditionally issued to Anchorage, Paxos and other crypto-native financial services firms.<\/span><\/i>\u201d The company\u2019s aim is to provide \u201c<\/span>frictionless, instant and nearly free payments that combined fiat reserve currencies with open, permissionless blockchains, and eventually building on these open networks to support new forms of capital formation and intermediation.<\/span><\/i>\u201d\u00a0<\/span><\/p>\n

It\u2019s the project ready for prime time or in its infancy? Did they file the documents already? Will they be able to pull this off? Keep reading for extra clues and info.<\/span><\/p>\n

\"USDCUSD<\/p>\n

USDC price chart for 08\/10\/2021 on Bitbay | Source: USDC\/USD on TradingView.com<\/a><\/pre>\n
Circle Played Nice With Governments From The Get-Go\u00a0<\/span><\/h2>\n
The USDC stablecoin is issued by CENTRE, a joint venture between Circle and Coinbase. Their aim is \u201c<\/span>to conform with stringent U.S. money transmission supervisory and regulatory standards<\/span><\/i>.\u201d In contrast Tether, their main competition, is famous for the probe that the US Department Of Justice launched against them.<\/span><\/p>\n
The main point of contention against Tether is the reserves they hold to back up their USDT. Attacking their competition\u2019s weak spot, Circle claims, \u201c<\/span>Establishing national regulatory standards for dollar digital currencies is crucial to enabling the potential of digital currencies in the real economy, including standards for reserve management and composition.<\/span><\/i>\u201d\u00a0<\/span><\/p>\n
Since regulatory compliance is their forte, Circle spends half of their announcement praising their own transparency and USDC\u2019s liquidity even \u201c<\/span>in times of intense demand to redeem USDC<\/span><\/i>\u201d. To prove that, they provide <\/span>an independent accountant report<\/span><\/a> that highlights the \u201c<\/span>composition of USDC reserves, including the credit quality of the underlying assets.<\/span><\/i>\u201d<\/span><\/p>\n
Related Reading | Tether (USDT) To Face Do or Die Situation in 2021: Messari Report<\/a><\/strong><\/em><\/p>\n
Why does all of that have to do with their plans to become a national digital currency bank? It proves that they\u2019re in tune with the US Government.\u00a0<\/span><\/p>\n
Now, with USDC at more than $27.5 billion in circulation, and building on our long-standing commitment to trust, transparency and accountability in the dollar-denominated reserves backing USDC, we are setting out to become a U.S. Federally-chartered national commercial bank. <\/span>
\n<\/span>Circle intends to become a full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve, U.S. Treasury, OCC, and the FDIC.<\/span><\/p><\/blockquote>\n
Other Big Plans For The Crypto Company<\/span><\/h2>\n
Recently, Circle announced its intention to go public before the end of the year. According to Coindesk, the company \u201c<\/span>partnered with a special purpose acquisition company (SPAC) to go public later this year. The deal valued Circle at $4.5 billion.<\/span><\/i>\u201d Also, their <\/span>USDC project will soon go live in multiple blockchains<\/span><\/a>. As NewsBTC informed:<\/span><\/p>\n
It will soon be available in, \u201cAvalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.\u201d That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana.<\/span><\/p><\/blockquote>\n
In related news, NewsBTC recently highlighted <\/span>a Messari report that shows USDC is the most used stablecoin<\/span><\/a> in DeFi.<\/span><\/p>\n
From what Ryan Watkins, a credible researcher, predicted, the stablecoin share for Tether on Ethereum could dip below 50%. In addition, Watkins revealed that more than half of USDC\u2019s total supply is now in smart contracts.<\/span><\/p>\n
The equivalent value for this USD Coin supply is about $12.5 billion. According to Messari, CoinMetrics data estimates show that USDC\u2019s stablecoin supply is over 40% on Ethereum.<\/span><\/p><\/blockquote>\n
However, none of that guarantees that their plans to become a global digital currency bank will come true. Keep the NewsBTC tab open for further information on this developing story.<\/span><\/p>\n
Featured Image by Chaitanya Tvs<\/a> on Unsplash<\/a> - Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
The company behind the increasingly popular USDC stablecoin dreams big. Circle wants to leverage its know-how and good reputation to become \u201ca global digital currency bank.\u201d That means it\u2019s also looking into becoming a digital currency bank in the US. Their plan\u2019s announcement focused on that region of the planet, but the wording makes it clear that they\u2019re ultimately looking for worldwide domination.\u00a0 Related Reading | Is USDC\u2019s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether? According to Coindesk, \u201cthis would be an industry first, with a scope far beyond the OCC banking charter already conditionally issued to Anchorage, Paxos and other crypto-native financial services firms.\u201d The company\u2019s aim is to provide \u201cfrictionless, instant and nearly free payments that combined fiat reserve currencies with open, permissionless blockchains, and eventually building on these open networks to support new forms of capital formation and intermediation.\u201d\u00a0 It\u2019s the project ready for prime time or in its infancy? Did they file the documents already? Will they be able to pull this off? Keep reading for extra clues and info. USDC price chart for 08\/10\/2021 on Bitbay | Source: USDC\/USD on TradingView.com Circle Played Nice With Governments From The Get-Go\u00a0 The USDC stablecoin is issued by CENTRE, a joint venture between Circle and Coinbase. Their aim is \u201cto conform with stringent U.S. money transmission supervisory and regulatory standards.\u201d In contrast Tether, their main competition, is famous for the probe that the US Department Of Justice launched against them. The main point of contention against Tether is the reserves they hold to back up their USDT. Attacking their competition\u2019s weak spot, Circle claims, \u201cEstablishing national regulatory standards for dollar digital currencies is crucial to enabling the potential of digital currencies in the real economy, including standards for reserve management and composition.\u201d\u00a0 Since regulatory compliance is their forte, Circle spends half of their announcement praising their own transparency and USDC\u2019s liquidity even \u201cin times of intense demand to redeem USDC\u201d. To prove that, they provide an independent accountant report that highlights the \u201ccomposition of USDC reserves, including the credit quality of the underlying assets.\u201d Related Reading | Tether (USDT) To Face Do or Die Situation in 2021: Messari Report Why does all of that have to do with their plans to become a national digital currency bank? It proves that they\u2019re in tune with the US Government.\u00a0 Now, with USDC at more than $27.5 billion in circulation, and building on our long-standing commitment to trust, transparency and accountability in the dollar-denominated reserves backing USDC, we are setting out to become a U.S. Federally-chartered national commercial bank. Circle intends to become a full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve, U.S. Treasury, OCC, and the FDIC. Other Big Plans For The Crypto Company Recently, Circle announced its intention to go public before the end of the year. According to Coindesk, the company \u201cpartnered with a special purpose acquisition company (SPAC) to go public later this year. The deal valued Circle at $4.5 billion.\u201d Also, their USDC project will soon go live in multiple blockchains. As NewsBTC informed: It will soon be available in, \u201cAvalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.\u201d That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana. In related news, NewsBTC recently highlighted a Messari report that shows USDC is the most used stablecoin in DeFi. From what Ryan Watkins, a credible researcher, predicted, the stablecoin share for Tether on Ethereum could dip below 50%. In addition, Watkins revealed that more than half of USDC\u2019s total supply is now in smart contracts. The equivalent value for this USD Coin supply is about $12.5 billion. According to Messari, CoinMetrics data estimates show that USDC\u2019s stablecoin supply is over 40% on Ethereum. However, none of that guarantees that their plans to become a global digital currency bank will come true. Keep the NewsBTC tab open for further information on this developing story. Featured Image by Chaitanya Tvs on Unsplash – Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":468948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[15062,1336,1393,84000,83998,7918,83999,17261,6067,3631,15241,4100,16835,83997,9449,16680,10263],"class_list":["post-468945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-centre","tag-circle","tag-coinbase","tag-digital-currency-bank","tag-fdic","tag-federal-reserve","tag-global-digital-currency-bank","tag-messari","tag-occ","tag-regulation","tag-stablecoins","tag-tether","tag-tether-controversy","tag-u-s-treasury","tag-us-government","tag-usdc","tag-usdt"],"acf":[],"yoast_head":"\nCrypto Company Circle Seeks To Become Global Digital Currency Bank<\/title>\n<meta name=\"description\" content=\"The company behind the increasingly popular USDC stablecoin dreams big. 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