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Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
@jerallaire
Oct 22 • 1 tweets • 1 min read • Read on X
We just passed USDC doing $17 Trillion (GTV) on EVM-based on-chain transaction volume LTD. The numbers on Solana in the past year have also been incredible (will share).

We are seeing a vast ecosystem of startups building products and services on top of USDC.

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More from @jerallaire

Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
Mar 23, 2023
Reflections on Post-SVB Market Dynamics

1/ We are getting lots of color and perspective from the market, and wanted share some of what I am seeing. There seems to be a large-scale risk-off from USD that is exposed to US banks and US regulatory risk.
2/ Deep market anxiety about general exposure to the US financial system, given aggressive regulatory actions on crypto and the risk of a large scale US banking system failure.
3/ Ironically, the players who have had the strongest position with US regulation and US banking system integration, are considered "un-safe", with fears that assets could be stranded.
Read 10 tweets
Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
Mar 12, 2023
Update thread on USDC

We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system.

100% of deposits from SVB are secure and will be available at banking open tomorrow.
100% of USDC reserves are also safe and secure, and we will complete our transfer for remaining SVB cash to BNY Mellon.

As previously shared, liquidity operations for USDC will resume at banking open tomorrow morning.
With the closure of Signature bank announced tonight, we will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.
Read 6 tweets
Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
Mar 11, 2023
Sharing an Update on USDC and Silicon Valley Bank. circle.com/blog/an-update…
Tl;Dr: While USDC can be used 24/7/365 on chain, issuance and redemption is constrained by the working hours of the U.S. banking system.

USDC liquidity operations will resume as normal when banks open on Monday morning in the United States. As a practical matter, our teams are… twitter.com/i/web/status/1…
What just happened?

Silicon Valley Bank, a venerable and trusted partner to the US innovation economy, has just suffered a classic bank run, much like those we saw during the financial crisis in 2008.
Few traditional banks have sufficient liquidity to withstand such a run.

SVB… twitter.com/i/web/status/1…
Read 6 tweets
Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
Dec 5, 2022
1/ Some big @circle news. This morning, we announced the termination of our proposed deSPAC transaction. While disappointing that we did not complete SEC qualification in time, we remain focused on building a long-term public company. circle.com/en/pressroom/c…
2/ From my perspective, I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry. This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.
3/ We also today shared our high-level Q3 financial results, with $274M in revenue, $43M in Net Income, and ~$400M on our balance. We are strong, growing, profitable and in the best financial position we've ever been in.
Read 5 tweets
Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
Nov 9, 2022
gm

1/ Lots of FUD accruing out there, so another thread to help dispel the noise.
2/ Circle has no material exposure to FTX and Alameda. FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions. Circle's crypto payments beta product uses FTX and other exchanges, for BTC/ETH liquidity.
3/ Alameda has been a customer of Circle for many years, using Circle's USDC service for creating and redeeming USDC. They have the exact same product and same terms of use as all of our institutional customers.
Read 11 tweets
Jeremy Allaire - jda.eth / jdallaire.sol Profile picture
Nov 8, 2022
1/ Some initial reflections on the FTX and Binance situation, and what impact we think this has on Circle, USDC and crypto more generally. These are fresh thoughts and will evolve. First, seeing a major industry peer and their loyal customer base impacted like this is god awful.
2/ This entire market cycle (down), has given us many opportunities to reflect on deep issues in the market. Lack of transparency, lack of counter-party visibility, and project treasuries and balance sheets anchored in speculative tokens are root causes.
3/ An inordinate amount of the "value created" during the past bull market was almost entirely speculative in nature, and the focus on utility often an afterthought, or entirely nonexistent.
Read 15 tweets

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