Coronavirus Pandemic Causes Explosive Growth in Circle's Profitability
Circle CEO Jeremy Allaire spoke about the tremendous growth in businessmen’s interest in their stable coin, USDC, all against the backdrop of the Covid-19 global pandemic.
The focus on the real sector of the economy showed results, and due to the growth in the turnover of digital versions of the dollar, the company received record profits.
“Over the past several weeks, we have seen explosive interest and growth in USDC. There is clearly very significant global demand for digital dollars, and the use of digital dollars as a new payment medium”, CEO Circle Jeremy Allaire said.
During this time, the company entered into a huge number of new contracts with businesses from various fields of activity. About 70% of Circle's new customers have nothing to do with the cryptocurrency industry.
“We believe we are seeing a real turning point in the adoption of digital currency, We’re seeing record amounts of transaction volume, This much is clear: dollars, digital or otherwise, have been in hot demand over the past several weeks as the pandemic has prompted investors to flock to safe havens.” – added Allaire.
Over the month, the capitalization of the stablecoin USDC raised by 65% and at the time of this writing it is $734 million.
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