Coinbase to Acquire Equity Stake in Circle Internet Financial and Shut Down Centre Consortium for USD Coin Governance
Coinbase Global has announced that it will acquire an equity stake in Circle Internet Financial and shut down their jointly managed Centre Consortium, which operates the stablecoin USDC. Circle will now have full control over USDC issuance and governance, while Coinbase and Circle will continue to generate revenue from USDC reserves interest income. <br>
Coinbase Is Taking a Minority Stake in Circle, USDC Adds 6 Blockchain Support
Coinbase is acquiring a minority stake in stablecoin issuer Circle Internet Financial. In addition, six more blockchains will receive native support for USDC, bringing the total number of supported blockchains to 15. Coinbase and Circle have not disclosed how many shares Coinbase has purchased in blog posts or interviews, nor have they specified the names of the six blockchains.
Earlier in September, Circle announced plans to add support for Polkadot, Near, Optimism, and Cosmos by 2023. <br>
The Circulation of USDC Is About 26.1 Billion Pieces, Which Is the Same as a Week Ago
On August 19th, according to Circle's official website data, from August 10th to August 17th, the amount of USDC issued and redeemed by Circle was around 1.9 billion each, and the circulating supply did not change much. As of August 17th, the circulating supply of USDC is still about 26.1 billion, with a reserve fund of 26.2 billion US dollars.
A Certain Address Deposited Another 12.1 Million USDC Into Circle, and 72.1 Million USDC Have Been Deposited in the Past 7 Days
According to Lookonchain monitoring, the wallet address starting with 0x74c has once again deposited 12.1 million USDC into Circle. In the past 7 days, a total of 72.1 million USDC has been deposited into Circle.
Circle Chief Strategy Officer Calls for U.S. Stablecoin Laws
Dante Disparte, Chief Strategy Officer of Circle, called on the United States to enact stablecoin legislation in an interview. Dante Disparte stated that earlier this year, the collapse of banks in the United States led investors to enter overseas "unsafe and opaque" cryptocurrencies, and called on federal regulators to focus on stablecoin legislation, as its value should be consistent with the US dollar.
0x74c Deposited a Total of 60 Million USDC To Circle in the Past 7 Days
Lookonchain monitoring shows that 0x74c...441 deposited a total of 60 million USDC into Circle in the past 7 days. Among them, 47.4 million USDC was withdrawn from Binance.
Circle Burned Approximately 360.9 Million USDC and Minted 288.8 Million USDC in the Past 24 Hours
According to Paidu Shield monitoring, Circle burned about 360.9 million USDC and minted 288.8 million USDC in the past 24 hours.This includes Voyager, which redeemed $85 million worth of USDC during the same period.
Voyager Has Received 84.5 Million USDC From Coinbase
According to Lookonchain monitoring, Voyager has received 84.5 million USDC from Coinbase and deposited a total of 85 million USDC to Circle. Voyager currently holds assets worth $11.3 million, including: 52.4 million VGX ($8.27 million); 55 BTC (1.62 million); 537,000 KNC ($371,000); 1.18 FTM ($286,000); 20.7 million STMX ($140,000); and 4.85 million GALA ($111,000).
USDC Circulation Increased by $100 Million in the Past Week
According to official data, as of August 10th, Circle issued 1.3 billion USDC and redeemed 1.3 billion USDC in the past 7 days, increasing the circulation by 100 million US dollars. The total circulation of USDC is 26.1 billion US dollars, with a reserve of 26.2 billion US dollars, including 1.9 billion US dollars in cash and 24.3 billion US dollars held by the Circle Reserve Fund.
Circle CEO Jeremy Allaire announces launch of programmable wallets as part of firm's push into web3 services
Circle is expanding its web3 services with the launch of programmable wallets, according to CEO Jeremy Allaire. Circle has also released developer-friendly programmable wallets to build out "wallets-as-a-service," which can use any blockchain to give customers easier access to cryptocurrencies, NFTs, and other digital assets. <br>
Circle's $779 million in first-half revenue exceeds full-year 2022 revenue
On August 10th, Circle CEO Jeremy Allaire announced that Circle's revenue for the first half of this year was $779 million, surpassing the full-year revenue of $772 million projected for 2022. Circle's adjusted EBITDA for the first half of the year was $219 million, also exceeding the $150 million in revenue projected for the full year of 2022. As of June, the company's balance sheet showed over $1 billion in cash.
USDC Market Capitalization Drops 50% as Tether Rises in Popularity
The market capitalization of Circle's stablecoin USDC has fallen by approximately 50% in the past year, with its current market cap standing at around $26.7 billion. This is due to competition from Tether, which has seen a 27% increase in market cap since July 2022. USDC's credibility has also been affected by a temporary de-pegging to $0.97 following the insolvency of Silicon Valley Bank.
USDC Circulating Supply Falls by $100 Million in a Week
Circle's USDC stablecoin has experienced a decrease in circulating supply of around $100 million in the past week due to redemptions exceeding new coin issuance. This trend has been ongoing for the past year, resulting in a reduction of approximately $28 billion from USDC's market capitalization.
Circle CEO Jeremy Allaire Optimistic About Hong Kong's Stablecoin Regulations and Potential for Yuan Internationalization
Jeremy Allaire, CEO of Circle, has expressed optimism about the development of Web3 in Hong Kong and the HKMA's efforts to regulate stablecoins. He believes that stablecoins could play a role in the internationalization of the yuan and that they could offer a more immediate solution compared to a central bank digital currency. Hong Kong is positioning itself as a global virtual asset hub and is focusing on regulating stablecoins, with the HKMA committed to introducing regulations for stablecoins by 2024. Circle is encouraged by the HKMA's prioritization of stablecoin regulations and is motivated to grow its presence in the region.
Circle lays off Staff to Focus on Core Business Activities
According to CoinDesk, Circle has laid off some of its employees in order to improve its financial position. The company stated that this move will allow them to concentrate on their core business activities and execution. While they have reduced or ended investments in non-core activities and operational expenses, they have also identified new areas for investment and are continuing to hire in key areas of focus globally. Circle has recently made headlines for hiring former U.S. Commodities Futures Trading Commission head Heath Tarbert as its chief legal officer and former Goldman Sachs chief risk officer Craig Broderick to its board of directors.
As of July 6, the USDC Circulation Dropped Again to 27.5 Billion
According to data from Circle’s official website, from June 30 to July 6, Circle issued a total of about 800 million USDC, redeemed about 1.3 billion USDC, and reduced circulation by about 400 million. As of July 6, the circulation of USDC was 27.5 billion, and the reserve fund was 27.6 billion US dollars.
Circle blacklists wallets involved in $63 million USDC outflow from Multichain protocol security breach
Circle, the issuer of USDC, has responded to a security breach by blacklisting three wallet addresses and freezing $63 million in USDC. The breach involved the transfer of $126 million worth of crypto assets from Multichain's bridge deployments on Fantom and Dogechain to third-party wallets, prompting Multichain to advise users against using its services temporarily.
Circle Launches Wallet-As-A-Service Platform for Developers to Embed Web3 Wallets in Their Apps
Circle, the issuer of USDC stablecoin, has launched a wallet-as-a-service platform for developers. The platform enables developers to embed web3 wallets in their apps with a user-friendly design, allowing users to access NFTs, cryptocurrencies, and other web3 digital assets on any blockchain. Circle CEO Jeremy Allaire announced on Twitter that the platform is now available for self-service, with forthcoming updates allowing developers to control user private keys. The company's wallet-as-a-service developer platform is currently in beta testing and USDC remains the second-largest stablecoin supply after Tether.
Circle Considers Issuing Stablecoin in Japan Following New Legislation
Payment services company Circle is considering issuing a stablecoin in Japan following the implementation of legislation governing stablecoins on June 1. CEO Jeremy Allaire believes Japan could become an extremely large market for stablecoins if they are more widely used for cross-border trade and global commerce.
A Whale borrowed 22M $USDC from Aave and Compound
July 4 (Cointime) - According to Lookonchain, A whale deposited 7,265 $ETH ($14.22M) and 205 $WBTC ($6.36M) into #Aave and #Compound 2 hours ago, borrowed 10M $USDC and deposited to #Circle.
