We are excited to announce that this week, we have entered into an agreement to become a part of Circle Internet Financial LLC, issuer of the USDC stablecoin! We’re joining forces with Circle to bring CYBAVO’s digital asset management solutions to more organizations, advancing the future of blockchain and Web3 and bringing forth a global crypto economy accessible worldwide.
First and foremost, we want to emphasize to you, our customers, that nothing will change about your CYBAVO product with this news. We will continue regularly operating all our platforms, and our features, services, support, and dedication have not changed. We remain steadfast in our mission to provide you with advanced crypto security technology and comprehensive digital asset operations solution.
Joining Circle is an exciting opportunity to bring blockchain infrastructure, digital assets, and digital currency to a broader audience. Circle is a global financial technology firm that provides payments and treasury infrastructure for today’s internet, enabling businesses to harness the power of digital currencies and public blockchains. In 2018, Circle also launched USDC, now the leading regulated USD-pegged stablecoins with more than 50 billion in circulation as of June 8 2022 and supported natively on 8 public blockchains. USDC is always redeemable 1:1 for U.S. dollars and is fully backed by cash and short-dated U.S. government Treasuries with maturities of 3 months or less.
Circle built and launched USDC as an open protocol and platform that developers could build on for seamlessly integrating a trusted and reliable digital dollar into their on-chain applications. Today, thousands of 3rd party developers have integrated USDC into their products and services, and the number of projects using USDC is growing fast. Circle wants as many developers as possible to be able to easily integrate its stablecoin market infrastructure, and the company wants to support the growth of a range of use cases for digital assets.
Circle has also been building out a suite of self-service products and developer API services that build on the strength of USDC. Circle has seen thousands of companies sign up for these products, and hundreds of companies building on its API services. These customers span a broad array of categories that touch multiple aspects of crypto and Web3.
Over time, we will leverage Circle’s technologies and abundant experience to enhance existing functionalities and deliver new product offerings, which will ultimately help our customers in a meaningful, more impactful way. We’ll provide more concrete details in the coming weeks and months, but if you’re familiar with Circle and CYBAVO, we’re sure you are as excited as we are about the direction we’re heading.
We’re very optimistic about the future. Over the past months, we’ve realized that we are becoming a part of a team with which we share core values: to provide secure, trusted products and services that let users leverage blockchain technology to unlock growth and explore new opportunities. This understanding has guided the decision process of the important announcement we are making today.
Jeremy Allaire, Circle’s co-founder, chairman and CEO, shared his perspectives on what the combination of Circle and CYBAVO will mean for the company and our customers, as well as the opportunity to advance broader mainstream adoption of Web3.
We thank you for your continued support and allowing us to grow alongside you over the past 4 years! We look forward to continuing our relationship with you and invite you to embark on this exciting journey with us!