Circle Burned Approximately 360.9 Million USDC and Minted 288.8 Million USDC in the Past 24 Hours
According to Paidu Shield monitoring, Circle burned about 360.9 million USDC and minted 288.8 million USDC in the past 24 hours.This includes Voyager, which redeemed $85 million worth of USDC during the same period.
Voyager Has Received 84.5 Million USDC From Coinbase
According to Lookonchain monitoring, Voyager has received 84.5 million USDC from Coinbase and deposited a total of 85 million USDC to Circle. Voyager currently holds assets worth $11.3 million, including: 52.4 million VGX ($8.27 million); 55 BTC (1.62 million); 537,000 KNC ($371,000); 1.18 FTM ($286,000); 20.7 million STMX ($140,000); and 4.85 million GALA ($111,000).
USDC Circulation Increased by $100 Million in the Past Week
According to official data, as of August 10th, Circle issued 1.3 billion USDC and redeemed 1.3 billion USDC in the past 7 days, increasing the circulation by 100 million US dollars. The total circulation of USDC is 26.1 billion US dollars, with a reserve of 26.2 billion US dollars, including 1.9 billion US dollars in cash and 24.3 billion US dollars held by the Circle Reserve Fund.
Circle CEO Jeremy Allaire announces launch of programmable wallets as part of firm's push into web3 services
Circle is expanding its web3 services with the launch of programmable wallets, according to CEO Jeremy Allaire. Circle has also released developer-friendly programmable wallets to build out "wallets-as-a-service," which can use any blockchain to give customers easier access to cryptocurrencies, NFTs, and other digital assets. <br>
Circle's $779 million in first-half revenue exceeds full-year 2022 revenue
On August 10th, Circle CEO Jeremy Allaire announced that Circle's revenue for the first half of this year was $779 million, surpassing the full-year revenue of $772 million projected for 2022. Circle's adjusted EBITDA for the first half of the year was $219 million, also exceeding the $150 million in revenue projected for the full year of 2022. As of June, the company's balance sheet showed over $1 billion in cash.
USDC Market Capitalization Drops 50% as Tether Rises in Popularity
The market capitalization of Circle's stablecoin USDC has fallen by approximately 50% in the past year, with its current market cap standing at around $26.7 billion. This is due to competition from Tether, which has seen a 27% increase in market cap since July 2022. USDC's credibility has also been affected by a temporary de-pegging to $0.97 following the insolvency of Silicon Valley Bank.
USDC Circulating Supply Falls by $100 Million in a Week
Circle's USDC stablecoin has experienced a decrease in circulating supply of around $100 million in the past week due to redemptions exceeding new coin issuance. This trend has been ongoing for the past year, resulting in a reduction of approximately $28 billion from USDC's market capitalization.
Circle CEO Jeremy Allaire Optimistic About Hong Kong's Stablecoin Regulations and Potential for Yuan Internationalization
Jeremy Allaire, CEO of Circle, has expressed optimism about the development of Web3 in Hong Kong and the HKMA's efforts to regulate stablecoins. He believes that stablecoins could play a role in the internationalization of the yuan and that they could offer a more immediate solution compared to a central bank digital currency. Hong Kong is positioning itself as a global virtual asset hub and is focusing on regulating stablecoins, with the HKMA committed to introducing regulations for stablecoins by 2024. Circle is encouraged by the HKMA's prioritization of stablecoin regulations and is motivated to grow its presence in the region.
Circle lays off Staff to Focus on Core Business Activities
According to CoinDesk, Circle has laid off some of its employees in order to improve its financial position. The company stated that this move will allow them to concentrate on their core business activities and execution. While they have reduced or ended investments in non-core activities and operational expenses, they have also identified new areas for investment and are continuing to hire in key areas of focus globally. Circle has recently made headlines for hiring former U.S. Commodities Futures Trading Commission head Heath Tarbert as its chief legal officer and former Goldman Sachs chief risk officer Craig Broderick to its board of directors.
As of July 6, the USDC Circulation Dropped Again to 27.5 Billion
According to data from Circle’s official website, from June 30 to July 6, Circle issued a total of about 800 million USDC, redeemed about 1.3 billion USDC, and reduced circulation by about 400 million. As of July 6, the circulation of USDC was 27.5 billion, and the reserve fund was 27.6 billion US dollars.
