Circle CEO: Not Competing with Banks, Going Public to Demonstrate Financial Openness to Banks and Tech Companies

Circle CEO and former CFTC Chairman Heath Tarbert stated in a recent interview with Yahoo Finance that when Circle launched USDC in 2017 to 2018, the goal was to create a new foundational currency layer for the internet that could circulate at internet speed and endure over time. As a publicly listed U.S. company, going public and subjecting Circle to the highest standards of transparency and corporate governance is an essential part of its identity and a necessary next step according to Circle. Compared to traditional financial institutions, Circle is a neutral platform with both the compliance genes of traditional financial services and the philosophy of Web3. Banks are Circle's ideal partners and do not compete with them. Going public also signals to banks and tech companies that their funds are now open and, with regulatory approval, they can engage in significant business with Circle.