Circle, the company behind the USDC stablecoin, reported a surge in circulation following the BUSD incident, with the company increasing circulation by $600 million in the past seven days.
According to data on its website, Circle issued 2.1 billion and redeemed 1.5 billion USDC as of February 23. The circulation of USDC has decreased by about 1.5 billion in the past 30 days and about 10.7 billion in the past year.
In a related development, the co-founder and CEO of Circle, Jeremy Allaire, spoke about the current sentiment around crypto regulation, noting a feeling of anxiousness in the US market.
Allaire emphasized the global nature of digital assets and the increasing interest they are garnering globally. He also mentioned that several countries in the European Union and Asia have advanced their regulatory guidelines for the crypto industry.
Amid layoffs across the industry, Circle is planning to increase its workforce by 15–25% in 2023. The company has gone against the trend of layoffs and is hiring more people.
In a recent partnership, Circle Internet Financial has teamed up with Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation, to hold some of its reserves in USD Coin. The move is expected to promote financial inclusion and digital literacy in the greater Atlanta area.
As part of the partnership, the Atlanta-based Citizens Trust Bank will hold $65 million in USDC reserves, which will provide small businesses with access to capital and be used for other financial inclusion initiatives. The bank’s USDC reserves will also improve its balance sheet, according to Cynthia N. Day, the president and CEO of Citizens Trust Bank.
