- Circle Internet Financial Ltd. and Genesis have announced their partnership to develop yield and lending services for USD coin (USDC).
- Digital Currency Group (DCG) has also made a strategic investment of $25 million in Circle, to facilitate the mainstream adoption of USDC digital currency.
Circle Internet Financial Ltd. and Genesis have announced their partnership to develop yield and lending services for USD coin (USDC) for Circle’s suite of business and developer products. In addition, Digital Currency Group (DCG), the parent company of Genesis, has also made a strategic investment of $25 million in Circle, to facilitate the mainstream adoption of USDC digital currency.
Brief Overview Of The Collaborators: Circle And Genesis
Genesis is a leading regulated digital asset prime brokerage company. It launched the first-ever U.S. OTC bitcoin trading desk in 2013. Genesis also lends digital assets like BTC and USDC to meet the requirements of institutional funds. Moreover the holders of the digital assets can gain yield over the assets that they have lended to Genesis. The other partner, Circle is a global fintech company. The firm helps one to run business on the USDC stablecoin for a more efficient and scalable alternative for traditional banking systems. It also offers API tools for developers to create USDC products.
Extraordinary Growth Of Stablecoins In 2020
Both the companies chose to invest in this stablecoin project because of the extraordinary growth of stablecoins in this year. As of now almost 12 billion stablecoins are in circulation. Stablecoins represent the largest sector of blockchain usage and transaction volumes. USDC is a similar stablecoin whose value is pegged to the US dollar. USDC has been the fastest growing stablecoin so far. The total USDC supply has leaped from 400 million to 1.1 billion in just 6 months. With growing adoption of USDC, Circle and Genesis have decided to integrate USDC yielding and lending products in the Circle’s suite.
The Project Will Provide Essential Services For Companies Holding USDC
CEO of Genesis, Michael Moro said that Circle is a pioneer in the digital currency industry and constantly helped Genesis with their leadership on technology, standards, and regulatory policy. He further added that with a rapid rise of USDC and the mainstream momentum for digital currencies, Genesis believes that they can advance together in this mission of building brand new financial services.
Chairman and CEO of Circle, Jeremy Allaire regarding the partnership said that Circle has powerful capabilities with USDC payments and platform infrastructure for businesses and on the other hand Genesis has institutional underwriting capabilities. Combining both the superpowers, the project will deliver efficient services to the companies holding USDC.