- Circle’s Chief Strategy Officer, Dante Disparte, will speak to Congress about “Understanding Stablecoins’ Role in Payments and the Need for Legislation”.
- Circle’s USD Coin (USDC) has supported over $10 trillion in cumulative transactions on the public internet, promoting a wide range of use cases and developments.
The Advantages of Stellar-based Payment Systems
Circle’s USD Coin (USDC) is a dollar digital currency that supports the extensibility of the U.S. Dollar in a competitive, always-on internet-based global economy. Circle has always aspired to a regulation-first approach based on trust, transparency, accountability, and financial integrity. USDC has been in circulation for five years, supporting over $10 trillion in cumulative transactions on the public internet.
USDC is held in digital wallets and smart contracts, making it a strong correlation as a dollar-denominated store of value. Circle’s USDC is built on and uses open blockchain technology, promoting responsible innovation courtesy of its programmable, composable, trusted, and open nature.
USDC for Humanitarian Efforts
Circle, together with the Stellar Development Foundation and MoneyGram, partnered with the United Nations High Commissioner for Refugees (UNHCR) to enable USDC as a form of digital dollar cash assistance supporting war-displaced Ukrainian refugees. This partnership enables UNHCR to dispatch a form of universally portable digital dollars directly to the mobile-based wallets of refugees.
USDC is used for near real-time digital cash assistance, which helps protect the personal safety of vulnerable communities. Critically, this partnership also permits Ukrainian refugees to present their USDC at any MoneyGram location, enabling them to convert from a payment stablecoin at the dollar exchange rate to the local currency, or to use USDC as a store of value or medium of exchange in its digitally native form. USDC is designed at a technological level to extend the perimeter of the formal economy and the utility value of internet-native dollars, even in extreme conflict zones.
Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, spoke before the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion about the role of stablecoins in payments and the need for legislation. As Circle’s USD Coin (USDC) has supported over $10 trillion in cumulative transactions on the public internet, this holds the promise of being a breakthrough in how people send, spend, save and secure their money in digital form to any internet-connected device. U
SDC’s partnership with Stellar and MoneyGram also enables USDC as a form of digital dollar cash assistance supporting war-displaced Ukrainian refugees. This near-real-time digital cash assistance project marks a breakthrough and a new humanitarian blueprint for moving funds in a transparent, corruption-resistant, and auditable manner.