As a strong proponent of public-private sector collaboration in building a safer, more resilient and more efficient financial system, we are excited to announce that Circle has submitted an application to participate in Project Agorá, an initiative led by the Bank for International Settlements (BIS) and supported by the Institute of International Finance (IIF). As the largest regulated stablecoin issuer globally, Circle is eager to bring its wealth of experience and knowledge to the table, particularly in the realm of tokenized cross-border payments.
Our motivation to participate in Project Agorá stems from our commitment to harnessing the power of digital currencies and blockchain technology to transform global financial transactions. We believe that both banks and non-banks should compete on level playing fields in public-sector-led innovation projects in order to leverage the expertise and experience necessary to tackle critical challenges in financial innovation and to reduce systemic risks.
Circle has been at the forefront of innovation in payments, digital currencies, and tokenization, with a focus on leveraging the power of stablecoins for various kinds of applications. As of May 2024, we have supported billions in transaction volume on public blockchains, often cross-border, through our flagship products, USDC and EURC. As an example of our experience in cross-border payment facilitation, we partnered with the United Nations High Commission for Refugees (UNHCR) to provide humanitarian aid to displaced persons in Ukraine using USDC.
We would be delighted to bring this wealth of experience and knowledge to Project Agorá. We believe that the breakthroughs of blockchain represent a once-in-a-generation opportunity to create a digitally connected global financial system that upgrades decades-old, fragmented, legacy settlement systems with the internet’s speed, scale, and cost advantages. Now is the time to plan and build, and we are excited to be part of this journey.
