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USDC: A Dollar with Superpowers

• Circle spoke to over a dozen leaders at the World Economic Forum to „reset the crypto narrative with an emphasis on inclusive growth.“
• USD Coin (USDC) founder Circle attended the World Economic Forum to explain „why USDC is a dollar with super powers.“
• According to Circle’s „State of the USDC Economy“ report published on Jan. 17, USDC in circulation grew from zero to $45 billion in four years.

Circle, the USD Coin (USDC) founder, attended the World Economic Forum (WEF) to explain “why USDC is a dollar with superpowers”. The WEF took place between Jan 16-20th, 2023 in Davos and hosted over 1,500 industry leaders and government representatives from around the globe.

Circle saw the WEF as an important platform to “reset the crypto narrative with an emphasis on inclusive growth, sustainability, and use cases rooted in the utility value of USDC and blockchain technology.” To do this, the company hosted over a dozen conversations with the participants of the WEF to discuss the evolution of money and the regulatory approaches to crypto that promote responsible innovation. Circle also emphasized its vision that “the future of money should include everyone.”

According to Circle’s “State of the USDC Economy” report, USDC in circulation has grown from zero to $45 billion in four years. USDC is the native currency of eight blockchains, supported by wallets from 190 different countries, and has over 200 integrated protocols.

Almost a year ago, in February 2022, USDC started to gain traction in the stablecoin market and began to challenge the dominance of USDT. The growth of USDC’s market share has been steady and in December 2022, it had a market share of 32%. This is a significant improvement from its market share of 19% in February 2022.

The success of USDC has been attributed to its stability, transparency, and security. USDC is backed by fiat currency held in reserve by a growing list of regulated financial institutions and is audited monthly. It also adheres to the ERC-20 protocol, which ensures that all transactions are transparent and secure.

Circle believes that the success of USDC can be attributed to the fact that it is a dollar with “super powers”. It has all the benefits of a fiat currency but with the added benefits of blockchain technology. This allows it to be used in a variety of ways, from payments to trading.

Circle is committed to continuing its work to promote the use of USDC for a variety of use cases. The company is exploring partnerships with leading financial institutions and developing new products that will allow people to use USDC more easily. It is also actively engaging with regulators to ensure that the use of USDC is compliant with existing laws and regulations.

The success of USDC is an example of the potential of blockchain technology to create more inclusive and efficient financial systems. Circle is optimistic that the use of USDC will continue to grow and that it will become a mainstream currency in the near future.