Circle, a prominent issuer of regulated stablecoins, has announced its application to participate in Project Agorá, an initiative spearheaded by the Bank for International Settlements (BIS) and supported by the Institute of International Finance (IIF). This collaboration aims to foster public-private sector partnerships to build a safer, more resilient, and efficient financial system, according to Circle.
Circle’s Role and Expertise
As the largest regulated stablecoin issuer globally, Circle aims to bring its extensive experience in tokenized cross-border payments to the table. The company’s motivation to join Project Agorá aligns with its commitment to leveraging digital currencies and blockchain technology to transform global financial transactions. Circle advocates for competition on a level playing field in public-sector-led innovation projects, believing that both banks and non-banks should collaborate to address critical challenges in financial innovation and reduce systemic risks.
Track Record in Financial Innovation
Circle has been a leader in the realm of payments, digital currencies, and tokenization. With its flagship products, USDC and EURC, Circle has facilitated billions in transaction volumes on public blockchains, particularly in cross-border scenarios. In May 2024, the company partnered with the United Nations High Commission for Refugees (UNHCR) to provide humanitarian aid to displaced persons in Ukraine using USDC, demonstrating their capability and commitment to leveraging stablecoins for impactful applications.
Vision for a Digitally Connected Financial System
Circle believes that the advent of blockchain technology offers a unique opportunity to create a globally connected financial system, replacing outdated and fragmented legacy settlement systems with the efficiency and speed of the internet. The company views this as a pivotal moment to plan and build this new financial infrastructure and is eager to contribute to Project Agorá.
For additional details, visit the official announcement on Circle.
Image source: Shutterstock
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