Circle Pay features seamless fiat payment experiences that let people around the world transact across different countries and currencies. Last year, we worked to build upon our existing blockchain infrastructure to launch USDC (US Dollar Coin) -- a digital token whose value is tied to the US dollar that has already been integrated into hundreds of other products and services, and handled nearly $2B in transaction volume on-chain.
USDC uses blockchain technology to transfer value over the open internet. This year, we are working towards merging the seamless fiat on-ramps of Circle Pay with the crypto native payment infrastructure of USDC in our other products.
The integration of USDC into Poloniex and our core wallet services will allow us to interoperate with other payment applications also built on blockchain infrastructure. More importantly, USDC will allow customers to transact with more people around the world, as it utilizes public global blockchains that enable anyone with an internet connection to transact.
We believe this is an integral step toward our goal of building a more connected and financially inclusive financial system on crypto and blockchain technology.
In the long term, we believe that we will all benefit from cost efficiencies through leveraging USDC and public blockchains as our payment rails. In the short term however, these changes mean affecting customers on Circle Pay today with the deprecation of our fiat payment rails. We thank all of the Circle Pay users and hope you will continue to take this journey with us.