Circle launches State of the USDC Economy report

Research rewards and developer grants announced in conjunction with anniversary milestones

Circle, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin, celebrates its 10-year anniversary in 2023 and five years since the launch of USDC. As part of the kick-off to mark the occasions, Circle is releasing the first-ever comprehensive report about the state of the USDC economy: “State of the USDC Economy — Welcome to the Utility Value Phase of Digital Currency.”

The report details why the company’s digital dollar is poised to absorb significant portions of the more than $2 trillion in payments industry revenue and become a new digital expression of the $21 trillion M2 money supply. It includes key details about the growth of USDC, the thriving ecosystem of developers building with USDC, and a macroeconomic analysis from Circle’s Chief Economist about why the speculative phase of digital currencies ended in 2022.

Also in recognition of the milestone year, Circle is announcing new programs to engage developers and research academics and help drive toward the company mission:

• Ten $10,000 USDC grants for students studying Web3 development. “Developers are essential to the success of USDC and the entire Web3 ecosystem,”said Allaire. “We believe a million Web3 developers will rewire financial infrastructure to create a global, equitable, internet-native foundation for the frictionless exchange of value in the next few years and we want to invest in building that knowledge,” said Allaire. Program details, including the opening of the application process this Spring, will be available in the coming weeks.
• The CBER-Circle Insight Award. The first of its kind from Circle and in partnership with the Crypto and Blockchain Economics Research Forum (CBER), the financial award will recognize an exceptional academic paper that offers original, insightful approaches to solving practical issues with blockchain technology. The award is $10,000 and will be announced in May at CBER’s annual conference. The nomination form is available here.

“While the era of speculation on bitcoin and other crypto assets has come through a tumultuous year, digital currencies such as USDC herald the necessary shift into the utility value phase of blockchains and digital currency,” said Circle Co-Founder, Chairman, and CEO Jeremy Allaire. “In addition to being a milestone year for Circle and USDC, 2023 will mark the next evolution of money, payments, and finance, and as we have since our first days 10 years ago, Circle will lead the transformation of global financial infrastructure by leveraging digital assets like USDC and open, public blockchains.”