USDC

“But currently today, it's about 90% of the economics, at least on Coinbase, are given to the user. So we are keeping, you know, the 10%.”

“You know, with crypto rails, you can now send money instantly less than a second anywhere in the world for less than a cent, and you can do that on the base network with USDC, for instance, and that's democratizing payments, right, and just bringing, lowering …”

“We have daily transparency on the most of it through a system we set up with BlackRock.”

“The average duration tends to be of, like, the, of the T-bills and that portfolio tends to be around, like, 13 days, so it's super, super liquid, and kind of, it sort of allows it to be treated as, like, a cash instrument.”

“Visa actually using it themselves to actually move money on their own internal network instead of using the legacy banking system”

“Ramp just yesterday launched, you know, USDC as like core to their treasury system. You can use it to pay invoices, pay anywhere in the world.”

“So now today, like you know, you actually can look at like transaction volumes of USDC, which is by far the most transacted digital currency in the world, way more than anything else.”

“The other piece is that it's sort of designed with real money as the foundation. So there's not like a volatile gas token. USDC is actually the default native token.”

“There's really only five crypto assets that I've spent more than a thousand hours on. Bitcoin, Ethereum, Solana, USDC, Zcash.”

“You know, to make it so that, you know, just give me your wallet and that's, you know, it's going to end up being a scam and a lot of people are going to get ripped off there.”

“There's actually been examples where I voted no on something and it turned out to be a massive success. And an example of that is like USDC, which is the stable coin. I actually, Embarrassed to admit, I voted no on that idea. Luckily, somebody else funded it o…”

“They also launched their US focused stable coin this week to compete with USDC. The new token is known by its ticker USAT. Cantor Fitzgerald, which already manages the reserves of Tether's mainstay, a hundred and eighty six billion USDT stable coin will do the…”

“There's a global systemically important bank we work with who's actually moving their own money between their own global branches using USDC, because it's faster than going through the correspondent banking system.”

“USDC, amongst the largest stablecoins, has been growing faster.”

“When interest rates were actually very low we saw a thousand percent year over year growth two years straight.”

“We've had a multi-hundred percent increase in the amount of USDC in circulation, and so there's an inverse correlation there.”

“We've received conditional approval for something called First National Digital Currency Bank, which is a national trust bank that we're setting up to be part of how we operate USDC as well.”

“You know who the biggest users of USDC are? It's actually, it is a form of gamblers, which is, it's the biggest electronic markets firms in the world.”

“USDC is the largest regulated stablecoin, because it is compliant under Genius in the US, they're compliant under Mika in Europe, et cetera.”

“I suspect that there will be a convergence of One side of crypto and core financial services be that exchanging you know, like checking accounts with dollars in them for checking accounts with USDC in them, wallets with USDC in them or similar.”

“The first two to three years of USDC, we had launched it, but it didn't grow that much. Like, it took us a while to get to a billion dollars of issuance.”

“It will, it'll, to some extent, commoditize the issuance layer because it'll be easier for new issuers To emerge and create their own stable coins that, that are also user, you USD denominated to the point that those new stable coins are somewhat fungible and …”

“USDC, I will tell you, I actually voted no on USDC to like, which was a terrible, now it's like almost a billion dollars of revenue or something for us.”

“We're working on a couple of checkout type solutions with other players that we'll announce soon where the AI agent can actually get through the checkout flow in many of these e-commerce sites and pay with USDC on base.”

“And the space is partitioned in an interesting way, and I think many other things will partition this way into like a US and a global, right? Like the USDC coin or the USDC asset is like US regulated, and then USDT is like intentionally non-US regulated, right…”

“USDC, I will tell you, I actually voted no on USDC to like, which was a terrible, now it's like almost a billion dollars of revenue or something for us.”

“And so to me, I'm looking at circle and it's like, here's like the power law winner, the dominant, you know, they're 80, they have 80 times the circulating supply as their next like regulated, you know, Western institution.”

“The one thing that was, like, truly existential, Was when SVB went under, and USDC depegged, because, and that was the week that we launched.”

“Circle is, Has taken on thirty four billion dollars and is earning interest yield on that, which right now is somewhere around five percent.”

“We have a digital dollar today and that's stable coins like USDC on platforms like Ethereum.”

“So I'm like, look, if I was building this thing today, I'll just build USDC and be like, yeah, do whatever you like on the ground.”

“USDC gets all the attention from the regulators and the other ones are ignored. And it creates this perverse incentive where it actually, I think, incentivizes people to be offshore, more aggressive, because they don't get the scrutiny, and the people that wan…”

“And now it's just which chain does USDC and Tether go to? Because they can't duplicate the offline reserves. When the chain forks, they really are going to determine the real chain.”

“So of the two hundred billion, about a hundred and fifty billion are fiat backed stable coins. The largest one is Tether. The second largest one is USDC, and then there are longer tail of others.”

“So if you own USDT, you're taking tether counterparty risk. How do you price that? What return do you need to earn to make that worth your while? If you own USDC, you're taking kind of circle counterparty risk, and you're making a bet on their risk management.…”

“We probably do about a fourth of our investments in USDC, because it's just faster.”

“So like two stable coin pools, a USDC and dive pool that does, you know, anywhere from like eight to 15%. And that's been like that on the low end of the spectrum for the last year plus.”