Circle is a fintech company that was founded in 2013 in the United States. The company's main product is the Circle Pay payment system, which allows sending and receiving money through a mobile app.

One of the key advantages of Circle Pay is the ability to make instant transfers between users anywhere in the world. You can also use cryptocurrencies, including bitcoin, in the app to send and receive payments.

Circle also offers other financial products, including Circle Invest, a cryptocurrency investing app, Circle Trade, a trading platform for large investors, and crypto wallets such as Circle Bitcoin Wallet and Circle Ethereum Wallet.

In 2018, Circle acquired Poloniex, one of the largest cryptocurrency exchanges in the world. After that, Circle began to actively develop its ecosystem, adding new products and services for users.

Overall, Circle is one of the leading fintech and cryptocurrency companies, offering a wide range of products and services for users.

Circle is also one of the founders and participants in the Centre Consortium project, which created the stable USDC (USD Coin) coin. USDC is a cryptocurrency whose price is tied to the price of the U.S. dollar. That is, each USDC is in circulation on the Ethereum blockchain and is backed by a reserve in U.S. dollars in bank accounts, making it stable and predictable.

Circle issues and manages USDC, providing regular audits and support for price stability. USDC has received wide support in the cryptocurrency industry and is used in a variety of applications, including payment for goods and services, trading on cryptocurrency exchanges and transfers between countries.

In addition, Circle uses USDC in its products and services, such as Circle Pay, Circle Invest and Circle Trade, making cryptocurrency use easier and reducing volatility risks. Overall, Circle's connection to USDC is an important factor for its success in fintech and cryptocurrencies.

What is the USDC secured by?

USDC (USD Coin) is a stable coin whose price is pegged to the price of the US dollar. This means that each USDC is in circulation on the Ethereum blockchain and is backed by a reserve in U.S. dollars in bank accounts.

To secure the USDC, Circle, along with other Centre Consortium members, maintains a dollar reserve that must be equal to the number of USDCs in circulation. That is, if there are 100,000 USDCs in circulation, the reserve must be at least $100,000.

The USDC reserve is held in bank accounts in various countries, and each reserve account is audited regularly. Centre Consortium also publishes a monthly reserve fund report and audit reports to ensure transparency.

In addition, Circle states that it regularly works with regulators to ensure that its products and services comply with laws and regulations. As such, the USDC is backed by a reserve fund in U.S. dollars that is held in bank accounts and subject to regular audits, making it stable and predictable.

In which banks do you keep your funds?

Circle, as a member of the Centre Consortium, maintains a reserve in U.S. dollars to ensure the stability of the USDC coin. The reserve is held in bank accounts in various countries and is regularly audited to ensure transparency and regulatory compliance.

Circle does not disclose a list of all banks that hold reserves in order to reduce security risks and prevent potential attacks or hacks. However, they claim to work with a number of banks that have high security standards and reputations in the marketplace.

In addition, Circle states that they work with regulators to ensure that their products and services comply with laws and regulations. Thus, holding reserves at trusted banks and complying with regulatory requirements are priorities for Circle in ensuring the stability of the USDC.

#circle