Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
As regulators scrutinize stablecoins Circle pushes financial inclusion
FT | Nov 18, 2021
Payments company and stablecoin operator Circle announced a range of measures around financial inclusion on Wednesday, as global regulators increasingly debate how to supervise the $130bn industry. Circle is among those promoting stablecoins as digital currencies with little friction and low transaction costs. “You don’t talk about sending ‘cross-border’ emails any longer, you just talk about sending emails,” said Disparte.
“We’re doing for money what email did for the transfer of information.”
Circle Impact plans include accelerating the use of its stablecoin, USD Coin, for humanitarian relief and aid, said Disparte. “There’s a massive need around the world, we think this should be a standard.”
See: Will Digital Currencies and Fintech Solve the Financial Inclusion problem?
USD Coin, which Circle jointly operates with crypto exchange Coinbase, was used in Venezuela last year as a medium to help pay healthcare workers in the country using funds that had been seized from the Maduro government.
Other plans include allocating “billions” of the cash and treasuries, which the Boston-based firm said underpin the $34bn worth of USD Coin, to minority-owned depository institutions and community banks as well as supporting women and minority entrepreneurs through its crowdfunding platform SeedInvest.
Circle, which in July announced plans to go public through a deal with a blank-cheque company chaired by former Barclays chief Bob Diamond and intends to become a bank, has long sought to position itself as the leading regulated stablecoin. However, policymakers have raised concerns about the effect on consumer wellbeing, the suitability of monetary policy and wider financial stability.
See: Speech by Jon Cunliffe: ‘Is crypto a financial stability risk’?
A report by the President’s Working Group on financial markets, made up of several US regulatory agencies, said legislation was “urgently needed”, arguing that operators should be treated as banks. Other bodies have suggested alternative approaches, leading the international Financial Stability Board to raise concerns about regulatory arbitrage.
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