Circle: A Key Player in Crypto Finance

Circle is the fintech firm that created the USDC.

What is Circle?

Circle is a fintech company that provides peer-to-peer payment technology. Through its platform, Circle allows consumers and businesses to make payments to each other using their mobile devices. Circle was created with the belief that there is a better way to move money.

In 2012, three friends, Sean Neville, Jeremy Allaire and John Collison, proposed a solution to the problem of storing digital currency securely online. They concluded that to accelerate digital currency adoption, they needed to solve the most common problem associated with Bitcoin: its volatility. In 2013, Sean and Jeremy founded Circle Internet Financial Limited. Circle received an electronic money license from the U.K. Financial Conduct Authority.

The company set out to create a new type of payment network that could be used anywhere in the world, regardless of currencies, borders or devices.

Today, Circle is in the business of helping money work the way it should – secure, simple, free and instant – wherever people need it. In 2018, Circle launched USDC (Stablecoin), backed by $1 or an asset of equal value. By launching USD Coin, Circle is making the price stability and immutability of blockchain technology available to any business, project or developer.

USD Coin is a Stablecoin pegged to the U.S. dollar at a 1:1 ratio. It is an easy way to move money to, from and through crypto applications, exchanges and protocols, providing a much-needed anchor for decentralized finance.

USD Coin is also a tool for innovators in traditional industries who can use it to explore new business models while avoiding the volatility risk associated with cryptocurrency, whether they want to send payments or manage cash flow more efficiently. Finally, USD Coin enables consumers and businesses around the world to participate in the crypto-economy by exchanging USDC for a “native token” of whatever network they want to join, such as Ethereum or Stellar.

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