Jeremy Allaire
@jerallaire
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Co-founder & CEO of Circle @circle Open internet platforms, crypto, bitcoin, globalism, human and civil rights. $USDC
Boston, MA
Joined May 2014
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Pinned Tweet
What's up with Dollar Stablecoins? What's all the fuss?
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1/ Breaking major news from US Treasury OCC, the largest US banking regulator (
@USOCC
), with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.
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Update thread on USDC
We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system.
100% of deposits from SVB are secure and will be available at banking open tomorrow.
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Sharing an Update on USDC and Silicon Valley Bank.
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White House Exec Order and U.S. Government Strategy for Digital Assets -- a thread with thoughts; TLDR = this is a watershed moment for crypto, digital assets, and Web 3, akin to the 1996/1997 whole of government wakeup to the commercial internet. (1/7)
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BREAKING NEWS: US
@federalreserve
and
@USTreasury
announce that US Government will adopt USDC as new Dollar Digital Currency standard, accelerating US role in global digital currency.
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1/6 Major USDC news today -
@Visa
has become the first major payments network to support USDC as a native currency and settlement system on its network. This is massive news, and marks a major turning point in mainstream adoption of crypto.
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1/ CIRCLE LAUNCHES EURO COIN: Today, we announced our 2nd major fiat-backed stablecoin, Euro Coin, which went live on Ethereum mainnet, and will be available to mint and redeem on June 30th.
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2/ This is a huge win for crypto and stablecoins - $USDC
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1/5 A message to US and Western Policymakers on how to think about China's approach to crypto and blockchain. China opposes the Western system of values built on openness, transparency, privacy, free market competition and so forth.
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3/ The new interpretive letter establishes that banks can treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value. The significance of this can’t be understated.
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10/ This is a HUGE way to start 2021, the year that crypto and stablecoins go mass market!
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Simple question. Where/what are the other massive offshore, unregulated, opaque, unaudited (by major public accounting firms) firms and pools of assets in crypto? If we're going to rip the bandaid off, let's do it.
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1/ Some initial reflections on the FTX and Binance situation, and what impact we think this has on Circle, USDC and crypto more generally. These are fresh thoughts and will evolve. First, seeing a major industry peer and their loyal customer base impacted like this is god awful.
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Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank.
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1/ As part of our commitment to increasing transparency and disclosure around USDC, today we're publishing our first monthly breakdown of the USDC reserve assets, by each and every Treasury Bond and list of cash reserve custodians.
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4/ Decentralized, permissionless, open source and internet mediated software is literally becoming the foundation for not just the US financial system but for the global economy.
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New ETH ATH, entire DeFi landscape set to see explosive growth.
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5/ We are on a path towards all major economic activity being executed on-chain. It is tremendous to see such forward thinking support from the largest regulator of national banks in the United States.
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Welcome to the dollar stablecoin party,
@Ripple
. It is encouraging to see more companies taking a compliance-first approach to building onchain dollars. Congrats on taking the plunge!
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USDC is coming to Japan - Circle and SBI Holdings begin partnership combining USDC distribution, banking and Web3 tech proliferation for the Japan market. Official announcement here, my take on this below:
Why is this such a big deal?
In June of this…
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Is this the fastest on chain digital dollar in the world ?
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PSA: USDC on Solana is operating flawlessly, no issues with issuance and redemption, and is completely unaffected by what’s happening on FTX.
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6/ This paves the way for the use of leading dollar digital currencies such as USDC as a mainstream payment medium for all forms of payments and settlement, and helps put the US in a leadership position in embracing the power of public blockchains.
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It’s been rough. USDC price has flatlined for like almost 4 years.
In which Citigroup researchers note that USDC and Tether—stablecoins pegged to $1–have underperformed and “struggled” against US equities
Bruh lmao
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I am super impressed with
@JupiterExchange
on
@solana
. Truly excellent UX and features. An example of maturation in a range of infrastructure -- wallets, usdc on solana liquidity and availability, and product execution.
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1/20 Here's a deep dive on what's really going on, including the behind the scenes, with the Treasury FinCen proposed rule on "unhosted wallets" and new record-keeping and reporting rules. Hang on to your hat.
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We had been seeing $1B in net new USDC in circulation every week, but we just did $1B new issuance in a day! USDC now @ 18 billion in circulation.
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USDC Liquidity. Over the past month, we've issued $5B USDC, and have redeemed $6.6B USDC.
USDC banking is public and transparent, with 24/7/365 mint/burn, and wire settlement with nearly 90 countries.
USDC reserves are attested by Deloitte every month, and all of our T-bill…
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9/ It also sets the stage for more regulated financial institutions to run blockchain nodes, and even become validators.
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For those of us in the crypto community, IMHO this E.O. should be viewed as the single biggest opportunity to engage with policy makers on the issues that matters. The proverbial doors of policymakers are WIDE OPEN, this is now a NATIONAL conversation in the U.S. (7/7)
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1/7 Today, we announced that we have signed definitive agreements for a transaction that will result in Circle becoming a publicly listed company on the NYSE trading under the ticker CRCL.
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1/ A long thread on the rapid growth of USDC on Solana, and why it matters in the future of payments, banking and capital markets. First, in just a week, USDC on Solana jumped from 1B to 2B in circulation. Wow!
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Chairman Powell today - Dollar Stables and future CBDCs will co exist. We agree. But let’s get behind the digital dollars that are here and competing to be currencies of the internet…today…not years from now.
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Using an ATM in Europe to get EURO, crushed by a nearly 20% FX+fees. God we need mass market stablecoin wallets and crypto FX markets. $USDC / $EUROC
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Killer experience today — received P2P USDC transaction with
@blockfolio
using
@solana
USDC and then instantly spent the USDC using
@FTX_Official
@Visa
card. Instant, basically free. Open and interoperable. This is how money should be!
@circlepay
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7/ Beyond payments and settlement, and unlike legacy settlement mediums, public chains combine transactions and compute, enabling a radically new modes of financial and commerce apps to be built.
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15/ Finally, as someone who's been involved in this industry for 10 years, it is disappointing that a technology that was spawned in reaction to the Lehman Bros moment of 2008 has given rise to its own version of the same. We can do better.
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USDC for Avalanche. Native. Available today.
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Mastercard adopts
#USDC
and taps
@circlepay
for new initiative to settle transactions between card issuers and Mastercard itself. Expanding inter-operability between existing payment networks and USDC is happening.
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1/ Today we announced that we have formally registered to be regulated in France as the headquarters for our European expansion, under French digital assets and e-money laws, with plans for EU-wide operations under MiCA.
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This new $ETH ATH is so ridiculously long overdue. Look forward to seeing the breakout!
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BREAKING coverage from
@Bloomberg
on
@circle
.
"Circle had $779 million in revenue in the first half of the year, already surpassing the $772 million for all of 2022. The private firm generated $219 million in adjusted earnings before interest, taxes, depreciation, and…
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gm
1/ Lots of FUD accruing out there, so another thread to help dispel the noise.
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5/5 There are two modes of reacting to China in US. FOMO, envy and a belief that we should be more like them, given their ability to execute; vs a stoic / determined outlook that believes in the open internet. Be on the right side of history; embrace the open internet of value.
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Hi Justin, I would be honored to join you and
@WarrenBuffett
next week to discuss crypto!! Count me in. Crypto is now a major global policy issue and there is a great deal for Mr Buffet to understand and for us to learn from him as well.
I'd like to invite my good friend
@jerallaire
, Co-founder & CEO of Circle, to join my lunch with
@WarrenBuffett
. 7 days to go and more friends to be announced!
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Tl;Dr: While USDC can be used 24/7/365 on chain, issuance and redemption is constrained by the working hours of the U.S. banking system.
USDC liquidity operations will resume as normal when banks open on Monday morning in the United States. As a practical matter, our teams are…
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1/ Some major news from
@circle
and
@coinbase
on the future of $USDC in this joint blog post from
@brian_armstrong
and I (
@jerallaire
).
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1/6 Just wrapped up 5+ hours of testimony with Congress. A few quick reflections. First, huge thanks to
@RepMaxineWaters
and
@PatrickMcHenry
and the
@FSCDems
for a highly engaged, full member participation hearing! Huge accomplishment.
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100% of USDC reserves are also safe and secure, and we will complete our transfer for remaining SVB cash to BNY Mellon.
As previously shared, liquidity operations for USDC will resume at banking open tomorrow morning.
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Unbeknownst to most policy makers, crypto is building the foundation for our global economy for the next 100 years…THAT is critical infrastructure.
It is really remarkable that of all the provisions in a $1 trillion infrastructure bill — crucial to the nation’s water systems; electric grid; trains; highways/bridges/ports etc — the issue generating the most heat at the goal line is … cryptocurrencies
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1/ Yesterday, US Treasury designated for sanctions ETH addresses associated with Tornado Cash. As a US regulated FI subject to Bank Secrecy Act (BSA) requirements, Circle, together with our partner
@coinbase
, restricted the movement of USDC funds in these sanctioned addresses.
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Already here. USDC w SolanaPay enabling this SF coffee house to accept payments with instant settlement, and fraction of a cent tx cost. Industry has got this.
The Hamilton Project's proposal for a CBDC processing system offers, as an example of a CBDC's "primary use case," a user "pay[ing] for coffee...by sending digital currency to the cafe owner." I sure hope the system works: having to carry wampum around is getting to be a drag.
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I can get behind building an internet financial system on this kind of network performance!
Wtf. 1 million tps per core at the network level
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1/ The largest fintech in LATAM,
@mercadopago
, part of Mercado Libre, the Amazon of LATAM with 200M users, is rolling out support for USDC in key markets, starting with Chile. Momentum for USDC and digital dollars building around the world!
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Official post on $AVAX $USDC. We've been so impressed with the rapid growth in the Avalanche DeFi ecosystem, excited to contribute to the growth!
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90% of stablecoin transaction volume on Solana is USDC. Let’s go!
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Additionally, we will be bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow.
We are committed to building robust and automated USDC settlement and reserve operations with the highest quality and transparency.
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1/8 The STABLE Act would represent a huge step backwards for digital currency innovation in the United States, limiting the accelerating progress of both the blockchain and fintech industry.
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The U.S. seems to be taking on the reality that digital assets represent one of the most significant technologies and infrastructures for the 21st century; it's rewarding to see this from the WH after so many of us have been making the case for 9+ years. (2/7)
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Another big move.
@visa
expands adoption of $USDC into merchant settlement network, enabling acquirers to receive and settle natively in USDC. This is a big deal.
1/ We are excited to announce that Visa has expanded our stablecoin settlement capabilities to merchant acquirers launching pilots with
@Worldpay_Global
and
@Nuvei
utilizing the Solana blockchain
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USDC growth continues to rip, having grown 30% from 4B to 5.2B in just 19 days, growing at a faster rate than any dollar stablecoin in the world. Legit internet dollar market infrastructure is here!
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Circle's Cross-Chain Transfer Protocol (CCTP) is getting closer to launch. Such an important piece of infrastructure that can help foster more scalable, efficient, secure and user friendly apps built on USDC.
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Indeed, the Payment Stablecoin Act, which remains a very active pursuit for Congress, would enshrine in law a regime where stabelcoin funds would be held with cash at the Fed and short-term T-Bills. We need this law now more than ever if we want a truly safe financial system.
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1/ With so many firms facing fundamental challenges and risks, Circle has amped up our own information about Circle and USDC. Sharing it here so it's fresh for people to review. We started publishing these in the days following the Terra collapse.
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A much longer thread will be coming with some reflections on all of the past weeks events. We've long advocated for full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.
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.
@circlepay
makes wall st history — we sold a BTC future for physical BTC delivery over the CME.
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1/ This morning,
@circle
announced that Heath Tarbert is joining us as Chief Legal Officer and Head of Corporate Affairs. Heath joins Circle from
@citsecurities
(Citadel Securities), was former
@CFTC
Chair, and worked in
@USTreasury
, the
@WhiteHouse
, the DOJ and
@USSupremeCourt
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Instant merchant focused payment experience with USDC on Solana, with Solana Pay, an open toolkit for any to enable USDC payments that settle in less than a second with a transaction cost of less than a cent.
@phantom
@FTX_Official
apps launch support.
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@cmsholdings
@paoloardoino
USDC on Solana is natively issued by Circle and is functioning fine. Not clear what the motivations are for exchange actions, which are disappointing.
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Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
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3/5 Crypto and blockchain is an absolute threat to systems that are built around total control, centralisation of power, elimination of privacy, etc. which side of this do we want to be on?
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1/ NEWS: Circle today announced a new $400M funding round and new strategic partnership with BlackRock focused on USDC. This is a huge milestone on the road towards mainstream adoption of digital currency. More below (link and thread).
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Very big launch coming this week - Cross-Chain Transfer Protocol (CCTP) is going live on Noble, the asset-issuance chain on Cosmos. This will then be natively wired into DyDx on their app-chain on Cosmos. Why is this a big deal?
1) DyDX is one of the largest DeFi protocols in…
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New proposed FinCEN rule breaks DeFi -- how can a person provide the name and address of a counterparty when the counterparty is a DeFi protocol? This rule is broken.
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1/2 MoneyGram to launch cash in and cash out links to USDC via partnerships with Stellar and Circle.
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Last night had an opportunity up celebrate the next phase of our $USDC partnership with
@brian_armstrong
and the
@coinbase
and
@circle
teams. Grateful for the partnership and the next chapter!
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Very big week in DC for Circle. Crypto and digital currency policy is in full game-on mode. Let’s see what this country can do!
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This is a big deal. Stellar has unlocked wallets and on and off ramps on a massive scale internationally. This provides a superb, fast and inexpensive way to move USDC globally and easily on and off ramp using cash. Congrats
@coinbase
and
@StellarOrg
!
$USDC on Stellar is now officially supported by
@Coinbase
! Coinbase’s millions of users can now benefit from near-instant speeds on USDC deposits and withdrawals via Stellar, and more easily access the network of real world utility. [1/2]
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Really encouraging to see such a strong ecosystem growing for USDC on Solana. ~850B annual run-rate in Tx volume.
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What do we expect with SVB and the FDIC?
We have reason to believe that under applicable FDIC policy, transfers initiated prior to a bank entering receivership would have otherwise been processed normally. In other words, the FDIC should allow transactions to settle in the…
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We are at a turning point in geopolitical and geo-economic systems and history, and the U.S. now has the opportunity to lean into an open, internet-native economic infrastructure while others focus on closed, tightly-controlled and privacy-eroding alternatives. (4/7)
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Specifically, the EO calls for nearly every relevant Federal agency to take on understanding and developing policy positions that understand and address risks, but vitally, that support innovation and U.S. national economic competitiveness. (3/7)
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What does a cup of coffee have to do with the future of the global economic system? As the US Congress prepares for its first vote on Stablecoin laws, US political leaders have a choice to make about the US and Dollar competitiveness. A video for political leaders below. $USDC
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1/4 The bank lobby is going to fight hard to argue that tokenized cash (e.g. 'payment stablecoins') pose a financial stability risk. Compared to banks w/ Basel III rules, stables like USDC are far safer than bank deposits.
@circlepay
Chief Economist
@gordonliao
lays it out.
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With the closure of Signature bank announced tonight, we will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.
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