Centre Blog

USDC Crosses 30 Billion in Circulation

CENTRE Consortium
CENTRE Consortium
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Sep 23, 2021 4:09:34 PM

 

As the crypto community collectively readies itself for the next chapter in our still nascent industry, here at Centre we want to take the opportunity to celebrate this milestone - $30 billion in USDC market cap - and reflect on the hard work that’s brought us this far and how that experience will enable us to achieve our goals and support our partners going forward. 

Just one year ago, the market cap of USDC was $2.4 billion. And, while this growth of more than 1150% YoY has been tremendous, what it represents is also crucial and at the core of Centre’s mission to provide the standards to support a trusted global network of fiat-backed stablecoins. That number represents the rapid adoption of the first Centre standard stablecoin and the numerous ways that people are deploying it to build countless opportunities for financial development and inclusion, on an individual and institutional scale.

This growth has coincided with the explosion of defi, which has seen USDC become the backbone of the trading, lending, and borrowing infrastructure, providing trusted and transparent liquidity. It has also become an increasingly important part of the payments infrastructure, facilitating daily transactions with instant and secure settlement, and enabling international remittances at a fraction of their previous cost.

USDC has expanded from its flagship chain, Ethereum, to multichain optionality operating on Algorand, Solana, Stellar, and TRON. Earlier this year we announced partnerships with additional chains for USDC integration and look forward to sharing our progress on these projects soon.

Most importantly, throughout this growth, USDC has always been fully reserved. Customers can redeem their USDC at any time and trust that their funds will be available. Responding to community sentiment following a brief but conservative expansion beyond cash and cash equivalents, Circle, with the support of Centre and Coinbase, has announced it will now hold the USDC reserves entirely in cash and short-duration U.S. Treasuries. Grant Thornton continues to provide monthly examinations of reserves and management’s attestations, and these reports by Grant Thornton are publicly available, consistent with our ongoing commitment to transparency and trust.

To support this continued growth, the Centre team is also expanding, having recently announced several key hires, joining organizations in the crypto industry creating jobs and economic opportunity. Under the leadership of CEO David Puth the Centre team has continued to add members who are supportive of its mission to build a financial future that allows everyone, everywhere to transact with trust and transparency at all times. 

If this sounds like a lot, it's just the beginning. In addition to its commitment to multi-chain interoperability, Centre has always believed its standards should be multi-currency, creating the opportunity for anyone, anywhere to transact in the most trusted manner in their native currency on chain. We have established relationships with several global partners and we move closer to making this a reality.

From its formation, Centre was designed to be a consortium, and we are currently finalizing our broader membership framework. We look forward to opening up participation in the Centre Consortium to the wider community, with opportunities for involvement at several tiers and a strong focus on collaboration and connection at every level.

This is an exciting time, not just for Centre and our partners but for the entire crypto community. We look forward to creating even more opportunities for innovation and collaboration, and we hope you’ll join us in building an open and trusted financial future for everyone.