This is a great trip down memory lane, but @balajis allow me to correct a few points and provide the other perspective.
At the end of 2017 Circle had a small team working on a project called Spark. Some of the best engineers I've ever worked with, like Pete Farland, Erik
Here's how USDC launched.
In mid-2018, Circle had an audited smart contract.
But they'd exited the exchange business in 2016.
Coinbase, meanwhile, had capital & distribution.
So I flew to Boston and proposed a deal.
We set up the CENTRE consortium with Circle.
And capitalized it
Big day at @m0, we've given a lot of ❤️❤️❤️ to this collaboration. The complexity that matters behind the news that most will miss: M0 is neutral stablecoin infrastructure that on one side allows app developers to customize digital dollar behavior, and on the other side can
I will say the quiet part out loud that you hear if you are in the trenches. @m0 pioneered a novel digital dollar infra model that delivers a network of truly interoperable stablecoins.
Ethena, Bridge and others are now catching up to the concept, and obviously copying some
Had a blast with @LucaProsperi diving into the future of stablecoin issuance.
The M0 team is pioneering a model built on interoperable shared liquidity from first principles and likely the default framework for stablecoins going forward.
Coinbase will add support for Euro Coin (EUROC) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
"During the banking crisis, USDC traded down on every single venue. There was *no* place where you could buy USDC for $1. Redemptions were literally halted, so $0.87 was the *true* price. That’s what a depeg means."
Utterly incorrect. We're rewriting history now.
Did Ethena Really Depeg?
I’ve seen a lot of chatter about the Ethena depeg during the market mayhem this weekend. The story is that USDe briefly depegged to ~68c before recovering. Here’s the Binance chart everyone is quoting:
But digging into the data and talking to a bunch of
Introducing Circle xReserve, a new interoperability infrastructure for blockchain teams to launch USDC-backed stablecoins.
Built to expand the USDC ecosystem, xReserve enables developers and users to transfer value seamlessly between USDC and USDC-backed stablecoins across
Incredibly rapid growth in #USDC adoption, clocking >50% month-on-month growth in USDC in circulation, just crossing $700M. @circlepay @centre_io@coinbase