Circle Launches Initiative to Boost Global Financial Inclusion

The stablecoin issuer is allocating a share of USDC reserves to support minorities and women, as well as help with worldwide humanitarian efforts.

Nov 17, 2021 at 5:05 p.m. UTC
Updated Nov 17, 2021 at 5:23 p.m. UTC

Circle, the payment services company that operates stablecoin USD coin (USDC), has launched an initiative aimed at helping minorities and women, as well as supporting humanitarian efforts around the world.

  • Dante Disparte, the company’s chief strategy officer and head of global policy, announced the initiative in a post on Circle’s website on Wednesday.
  • Circle said its “Circle Impact” initiative will allocate a share of USDC reserves to often underrepresented Minority-owned Depository Institutions (MDIs) and community banks.
  • Circle will also create programs through its SeedInvest platform to facilitate funding startups led by women and minorities.
  • The initiative will also create a digital finance literacy program in partnership with leading Historically Black Colleges and Universities (HBCU) in the U.S.
  • Finally, the program will establish a “rapid response team” to help with aid, development and humanitarian interventions worldwide.
  • “Circle Impact is our commitment to ensuring the future of internet-native financial services is more inclusive than its analog cousin,” said Circle CEO Jeremy Allaire in the post. “Our plan is to place billions of dollars in USDC reserves with minority-owned depository institutions and community banks over time, which can be transformative to communities across the United States.”

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Michael Bellusci is CoinDesk's crypto payments reporter.