Ben Morris

Live stream now from Seoul

Incredible visit to Jakarta. What a thriving market and energy. More to share!

Recently, we’ve heard a lot about the USDT audit. I decided to check how liquidity has improved over the past year for USDC instruments compared to USDT instruments (on Binance, spot exchange). The procedure is as follows: 1. Calculate the roundtrip cost for a $100k trade — the cost of executing a buy and sell simultaneously for $100k. 2. Do this for both the USDT and USDC instruments for a given coin. 3. Randomly select N two-hour intervals for each coin — one from roughly a year ago and one from the current market. 4. Compute CostImbalance = (USDT_cost − USDC_cost) / (USDT_cost + USDC_cost) for the first interval (one year ago) and the second interval (now). 5. Compute the difference between the two CostImbalance values. Positive values indicate an improvement in USDC liquidity. For example, if CostImbalance = −0.75 in the first interval (meaning much higher roundtrip cost for USDC) and CostImbalance = −0.5 in the second interval (still higher roundtrip cost for USDC, but less extreme), then the difference would be 0.25 — showing that USDC liquidity has improved relative to USDT. I ran this for around 40 coins, using 6 different interval pairs per coin. You can clearly see that the liquidity gap for USDC is significantly smaller now than it was a year ago — not just nominally, but relative to USDT liquidity.

@Jason Dumb take. You clearly know nothing about stablecoins if you think they’re “getting close”. Tether are bitcoin maxis. Also zero chance of them doing an audit. They have an incredible business. Entering the US isn’t a big unlock for tether. I know that’s hard for you to hear.

Tether has a lot left to clean up, but they're getting close! Best advice: go AMERICA FIRST, AMERICA ONLY 1. Sell 100% of Bitcoin 2. own 100% US treasuries 3. get not one, but TWO, audits done by AMERICAN firms Do that, and their sorted and insane history will fade. And credit to the 47th administration for giving TETHER and other stable coins a clear path to legitimacy: BUY AMERICAN ONLY!

Announcing Circle StableFX and Circle Partner Stablecoins FX is the world’s largest market, yet one of its least modernized. Circle StableFX is an institutional-grade stablecoin FX engine that combines RFQ execution with onchain settlement. → Competitive RFQ pricing across liquidity providers → Instant, onchain settlement → 24/7 capital-efficient design StableFX is currently live on @Arc Testnet. Request access to get started: circle.com/join-stablefx Building on that, we’re introducing Circle Partner Stablecoins, a program that supports select regional issuers, expanding the range of stablecoin currencies available in StableFX. Initial participants include: 🇦🇺 AUDF by @ForteAUD 🇧🇷 BRLA by @aveniaio 🇯🇵 JPYC by @jpy_coin 🇰🇷 KRW1 by @BDACSKorea  🇲🇽 MXNB by Juno (a @Bitso company) 🇵🇭 PHPC by @coinsph 🇨🇦 QCAD by @stablecorp 🇿🇦 ZARU by the @ZARUniversal Together, StableFX, Circle Partner Stablecoins and Arc are designed to deliver seamless execution, a wide range of assets, and instant settlement, accelerating the shift to a globally connected financial system running on stablecoin rails. Learn more: circle.com/blog/introduci… Read the litepaper: circle.com/stablefx-litep…

“Synthetic dollars give you synthetic feelings of safety”— This debate from a couple weeks ago foreshadowed this week. Tokenized funds are great— but when they masquerade as rebasing stablecoins, ppl forget you cant put the genie back in when something inevitably goes wrong..

USDC utility for 290M users. Global payment utility unlock is incredible. Well done @binance !

Arc Public Testnet is now live. Open to developers and enterprises globally, Arc is the Economic OS for the internet that unites programmable money and onchain innovation with real-world economic activity. Start building: docs.arc.network Learn more: arc.network/blog/circle-la…

“[Holders] have seen the most rapid growth for USDC.” Catherine Chen, Head of @BinanceVIP shared that since @binance and Circle’s partnership started in end-2024, the number of USDC holders on Binance has grown 140%

Introducing Arc, the home for stablecoin finance. @Arc is an open Layer-1 blockchain purpose-built to drive the next chapter of financial innovation powered by stablecoins. Designed to provide an enterprise-grade foundation for payments, FX, and capital markets, Arc delivers the performance, reliability, and liquidity builders need to meet global financial demands. Arc features: ✅ USDC as native gas ✅ Built-in FX engine ✅ Deterministic sub-second finality ✅ Opt-in privacy ✅ Full Circle platform integration Open, composable, and EVM-compatible, Arc is designed to interoperate seamlessly with the broader multichain ecosystem. As part of our mission to advance blockchain infrastructure, we're excited to welcome the Malachite team and IP from @informalinc to Circle. Arc is built on Malachite’s high-performance consensus engine. In line with our commitment to open-source development, the core software for Arc will be released under a permissive license, enabling the broader developer community to contribute, extend, and build on top. Serving as foundational infrastructure for the internet, Arc will enable 24/7 global settlement that’s as seamless and native as messaging on the web. Arc will enter private testnet in the coming weeks, with public testnet expected this fall. Read the litepaper: arcnetwork.xyz/litepaper Let’s build the new internet financial system together: circle.com/blog/introduci…

Providing near instant convertibility between yield bearing collateral and cash is a holy grail for markets. @Binance and @Circle are together making that happen with the integration of Circle’s USYC (Tokenized Treasuries) as a form of collateral into @Binance. This can be a major unlock in the further institutionalization of crypto asset markets

USYC is now supported as off-exchange collateral for @binance institutional clients, unlocking more capital efficient yield with tokenized U.S. Treasuries. ✅ TMMF backed by U.S. Treasuries ✅ Near-instant fungibility with USDC This collaboration brings the power of tokenized traditional assets to one of the largest ecosystems in crypto. Read all about it: circle.com/pressroom/circ… Learn more: circle.com/usyc

I am incredibly proud and thrilled to share that @circle is now a public company listed on the New York Stock Exchange under $CRCL! 12 years ago we set out to build a company that could help remake the global economic system by re-imagining and re-building it from the ground up natively on the internet.  Our mission – to raise global economic prosperity through the frictionless exchange of value – has animated our work ever since. When we founded the company, I told every employee and every investor that this was a multi-decade opportunity, and that I sought to build a deeply lasting internet technology platform.  Now, just over a decade in, we are just starting to realize our early vision. Our transformation into being a public company is a significant and powerful milestone – the world is ready to start upgrading and moving to the internet financial system. From inception, we have been deeply focused on being trusted, transparent, compliant, ethical and well governed. Holding ourselves to the high standards of the NYSE and SEC rules and regulations further deepens those attributes.    To every single person, project and firm who’s been part of this journey, thank you.  I am humbled and deeply grateful.  This is not only a moment for each of us personally, I believe it's a significant moment in the future development of our global economic system as it inexorably synthesizes with the internet.

Across global markets, businesses and individuals need faster, more transparent ways to move money. We’re excited to expand our partnership with @Bitstamp to bring secure @USDC and EURC trading pairs to over 5 million users worldwide. From individuals seeking trusted digital assets to businesses transacting across borders, Bitstamp is helping power a more open financial system. Together, we are helping more people use and trust USDC and EURC every day.

Circle Japan and USDC Launch 🚀 🚀🚀

“Bermuda is the natural choice as regulator and home for USYC and our tokenized money market operations,” -@jerallaire With our long-standing comprehensive licensing from the Bermuda Monetary Authority, we are sharing plans to bring recently acquired Hashnote TMMF under our existing DABA License. circle.com/pressroom/circ…

RT @binance: #Binance is thrilled to announce a strategic partnership with @Circle to enhance our ecosystem and bring more value to our use…

BREAKING NEWS:  Circle and Binance have entered into a strategic partnership that will accelerate global USDC and crypto adoption.  The world’s largest exchange and crypto super app and the world’s largest trusted and compliant dollar stablecoin operator are coming together to work on the next phase of stablecoin and crypto adoption. Today, Binance CEO @_RichardTeng and I joined together on-stage in Abu Dubai Finance Week to announce our new and groundbreaking strategic partnership. Through this partnership, Binance will make USDC more extensively available across their full suite of products and services, ensuring that their more than 240M global users are able to seamlessly access and use USDC for trading, saving and payments applications. I’m also excited to share that Binance will adopt USDC as a vital dollar stablecoin for their own corporate treasury, demonstrating that one of the most sophisticated onchain treasury operations is putting their full faith behind USDC as a digital dollar for storing and moving value. Through our collaboration, Circle will provide Binance with a range of technology, liquidity and other tools for Binance users to benefit from the trust and innovation that Circle has built for USDC. We will also be coming together to work on products and partnerships that advance the use of stablecoins and crypto infrastructure in everyday finance and commerce all around the world. I have long admired Binance for their relentless commitment to product quality, innovation and user-centricity, which shows in their massive and loyal global community of more than 240M users.  As a comprehensive service that spans investing, trading, saving, storing and payments, Binance is truly one of the world’s largest and most open financial superapp’s in the world.  And I look forward to being a close partner as they scale to 1B+ users in the coming years. As Binance itself becomes one of the most widely regulated global exchanges, and continues to invest in robust compliance and risk management infrastructure, the marriage of the largest and fastest growing compliant stablecoin with their global platform marks a major and material shift in the emerging crypto market structure as we enter 2025. There will be much to come from this partnership spanning products and how we bring our combined capabilities to the market. We look forward to sharing it all with you in the weeks, months and years ahead! Jeremy Tune in now: x.com/i/spaces/1rmxp…

Big week. Circle Forum Hong Kong kicks off on Tuesday. Packed with announcements, and participation from leaders in government and industry, including some of the largest players in the region. Join us if you can! circle.com/cfhongkong24