In 2023, Circle, a global digital financial technology company and the issuer of USD Coin (USDC) and Euro Coin, is celebrating its 10th anniversary and the 5th anniversary of the launch of USDC. As part of the celebrations, Circle is publishing the first complete analysis of the state of the USDC economy, titled “State of the USDC Economy – Welcome to the Utility Value Phase of Digital Currency.”
The report explains why the firm’s digital dollar is ready to absorb substantial parts of the over $2 trillion in payments sector revenue and serve as a new digital expression of the $21 trillion M2 money supply. It outlines the expansion of USDC, the thriving community of developers building with USDC, and Circle’s Chief Economist’s macroeconomic explanation of why the speculative phase of digital currencies concluded in 2022.
Engaging Web3 Developers and Research Academics
In addition, in commemoration of the landmark year, Circle has announced the launch of new programs designed to encourage participation from academic researchers and Web3 developers, as well as to contribute to the accomplishment of the company’s mission.
Ten $10,000 USDC grants for students studying Web3 development:
Developers are essential to the growth of USDC and the Web3 ecosystem as a whole. In the coming years, Circle anticipates that a million Web3 developers will redesign financial infrastructure to establish a global, fair, internet-native foundation for the seamless exchange of value, and the company intends to invest in the development of this knowledge. In the upcoming weeks, specifics regarding the program, including the application period’s commencement this spring, will be made publicly available.
The Circle Insight Award:
The financial prizes, the first of its type from Circle and in collaboration with the Crypto and Blockchain Economics Research Forum (CBER), will recognize outstanding academic papers that propose innovative, incisive ways to solve real problems using blockchain technology. The awards, ranging from $5,000 to $10,000, will be announced during the annual CBER conference in May.
Circle is a global financial technology company that enables organizations of all sizes to leverage cryptocurrencies and public blockchains for global payments, trade, and financial applications. Circle powers always-on internet-native commerce, payments, and custody. Circle’s open and programmable platform and APIs make it simple for both large and small businesses to manage their internet-scale operations.
