Circle is a global internet finance company, built on blockchain technology and powered by crypto assets.
Circle is a consumer finance company focused on transforming the world economy with secure, simple, and less costly technology for storing and using digital money. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle’s mobile payment platform, Circle Pay, allows users to hold, send, and receive traditional fiat currencies .
In September 2015, Circle received the first BitLicense issued from the New York State Department of Financial Services. In April 2016, the British government approved the first virtual currency licensure to Circle. The company is headquartered in Boston, Massachusetts.
Up until December 2016, Circle Pay also operated as a bitcoin wallet service to buy and sell bitcoins. It has since ceased to provide such service, claiming the company “is now more than ever not a consumer bitcoin exchange, and will continue to focus resources on global social payments and future next-generation blockchain technology”. Circle has launched a Bitcoin Blockchain-based remittance and messaging application to serve the unbanked.
On February 26, 2018, Circle announced that they purchased Poloniex Cryptocurrency exchange for $400 million. Amid the developments around the acquisition, one of Circle’s leaked documents detailing its plans on operating Poloniex revealed the company’s moves to become “The US’s First Regulated Crypto Exchange” supported by its mutual understanding with the SEC.
Jeremy Allaire insists that stablecoin issuers operating in the US should be officially registered to ensure compliance and financial integrity.
Despite market challenges, PayPal remains committed to expanding PYUSD’s use cases, positioning it as a reliable payment solution for merchants worldwide.
The stablecoins has now joined Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple’s XRP, and Toncoin (TON) in Dubai’s approved list of tradable cryptocurrencies.