Circle Internet Group (NYSE: CRCL) is the issuer of USDC, one of the world’s largest regulated stablecoins.
A stablecoin is simply a digital currency that is linked to the US dollar. Because the stablecoin is digital, consumers can use it to send money anywhere in seconds at virtually no cost. To date, CRCL has issued more than $75 billion in USDC (figures in US dollars).
In that sense, CRCL acts as the intermediary, much like a money centre bank. Clients can exchange US dollars for USDC which in the FinTec world is known as “minting.” Clients can also digitally “redeem” (i.e., exchange) their USDC for US dollars on a one for one basis.