Circle USDC circulation up 72% to $75.3B
A CNBC segment shows Circle's USDC circulation surging 72% to $75.3 billion, with CRCL trading at $70.78,up 15.33%,despite a YTD loss of 10.74%. The bald analyst in a black blazer comments on the milestone as the red stock chart highlights the gains. Meanwhile, a separate report notes that 140 major financial firms, including BlackRock, Coinbase, Visa, Mastercard, Stripe, BNY Mellon, and Google, have formed a consortium to effectively dismantle the very company they helped build over the past seven years.
Transcript (en)
Circle is building an internet financial platform company that spans the operating system layer for how this infrastructure works, the actual digital money, the dollars, the euros, the tokenized funds, and the payment networks that ultimately are needed to move this around. And so we're building out this much broader infrastructure footprint to work with institutions. Within the stablecoin network world, actually, the numbers tell us an interesting story, which is that we saw, for example, the amount of on-chain transactions with USCC grow over 250% to about $12 trillion in the quarter. You know, incredible. And what we've also seen is that this is really a durable network effect business. And kind of there's a couple of players. And that has consolidated, in fact, if you look at transactions happening. Visa measures this. We are now about 50 percent of all transactions. That's up from just over a third in the prior quarter. And the collected amount of transactions from all the other stable coins that have launched is basically rounds to zero. And so these are platform utilities and network-effect businesses. We see opportunities to work with J.P. Morgan. And, in fact, J.P. Morgan launched multiple initiatives last quarter that use USDC.
