Ever wondered how a digital dollar could revolutionize financial inclusion?
Join us on the Web3 CMO Stories podcast as we welcome Mercina Tillemann Perez, VP of Impact at Circle, to explore the incredible potential of USDC, a stablecoin issued by Circle.
Mercina, with her rich background in policy, technology, finance, and health, shares her insights on how USDC is transforming access to financial services, especially for underserved communities.
Discover how this digital dollar leverages blockchain technology and the stability of the US dollar to provide fast, affordable financial solutions, from cross-border remittances to humanitarian aid. With 75% of USDC wallets holding balances under $100, it's clear that these services are accessible and practical for a broad range of users.
But that's not all—we also delve into Circle's impactful initiatives aimed at small and medium-sized enterprises (SMEs). Learn about the benefits of real-time payments and reduced transaction fees, which are crucial for global business operations.
Mercina discusses Circle's educational platform, Circle U, and its efforts to enhance digital financial literacy through partnerships with universities worldwide.
Furthermore, we highlight the significance of global pitch competitions in advancing sustainable development goals and Circle's vision for a seamless global financial system. Tune in and understand how Circle is not just talking about change but actively creating a world where financial inclusion is a reality for everyone.
Ever wondered how a digital dollar could revolutionize financial inclusion?
Join us on the Web3 CMO Stories podcast as we welcome Mercina Tillemann Perez, VP of Impact at Circle, to explore the incredible potential of USDC, a stablecoin issued by Circle.
Mercina, with her rich background in policy, technology, finance, and health, shares her insights on how USDC is transforming access to financial services, especially for underserved communities.
Discover how this digital dollar leverages blockchain technology and the stability of the US dollar to provide fast, affordable financial solutions, from cross-border remittances to humanitarian aid. With 75% of USDC wallets holding balances under $100, it's clear that these services are accessible and practical for a broad range of users.
But that's not all—we also delve into Circle's impactful initiatives aimed at small and medium-sized enterprises (SMEs). Learn about the benefits of real-time payments and reduced transaction fees, which are crucial for global business operations.
Mercina discusses Circle's educational platform, Circle U, and its efforts to enhance digital financial literacy through partnerships with universities worldwide.
Furthermore, we highlight the significance of global pitch competitions in advancing sustainable development goals and Circle's vision for a seamless global financial system. Tune in and understand how Circle is not just talking about change but actively creating a world where financial inclusion is a reality for everyone.
Circle is the sole issuer of a digital dollar or stablecoin called USDC, and payment stablecoins combine the efficiency of blockchain technology with the stability of currencies like the US dollar.
Joeri:
Hello everyone and welcome to the Web3 CMO Stories podcast. My name is Joe ri Bil last and I'm your podcast host, and today I'm so excited to be joined by Mercina Tillemann Perez. That's a beautiful name, Me rcina. Welcome to the show.
Mercina:
Thank you so much for having me. I'm looking forward to the conversation.
Joeri:
Me too. Guys, if you don't know who Mercina is, she's the VP of Impact at Circle. She leads Circle Impact and it's driving initiatives to benefit underserved communities through technology. She has presented on human-centric tech at forums like the UN, G g20, and US Congress and, with experience in strategic planning, she has worked with Nancy Pelosi and the Human Rights Commission, and she also has advised Fortune 100 companies and governments on technology and public health. Mercina holds a degree in bioethics, political science and law from Yale University. That's already impressive, Me rcina, but yeah, feel free to share a bit more about your background and what led you to your current role as a VP of Impact at Circle.
Mercina:
Wonderful. Thank you again so much for the chance to be part of this conversation. Before coming to Circle, I had the opportunity to work in diverse roles at the intersection of policy, technology, finance, and health, and I really started, as you mentioned, on Capitol Hill, first in a congressional office and then with the Human Rights Commission. I also spent meaningful time in the health sector, contributing to pandemic planning for a major US city and working in health policy for a leading pharmaceutical company, but ultimately, I was really drawn to Circle's mission of leveraging digital currencies and blockchain technology to promote financial inclusion and economic empowerment globally. To promote financial inclusion and economic empowerment globally and, as you mentioned, in my current role at Circle Impact, I really try to focus on ensuring that the positive effects of Circle's technology are felt by people and places that have been historically underserved by traditional financial services and systems.
Joeri:
Guys, if you hear a baby on the background, that's no problem, that's life. It's actually the second time, maxine, that this happens in an episode that you have a baby on the background, but we keep this in the episode. No worries, it's life.
Mercina:
Well, I appreciate it. Yes, my one-year-old apparently just woke up from his nap and could not help himself from joining the conversations.
Joeri:
No worries, we're now that out of the way. So people listening. Maybe we will hear your baby again. What's her or his name?
Mercina:
His name is Holland.
Joeri:
Holland. Okay, if you're Holland, yeah guys then you know that we are not two, but three on the show today. Merc Sina, thank you for giving some more information about your background. I know you emphasize human-centered technology a lot in your work. Can you explain what this means and why it is crucial for the development of W eb3 technologies?
Mercina:
Yeah, absolutely. I'll speak to what it really means to me. I am focused on ensuring that what we build and the initiatives that we support are designed with a strong emphasis on human-centered technology, which means putting the needs, experiences and well-being of end users from all demographics at the forefront of our innovation efforts. To me, this perspective is really critical because it keeps us from embracing technology for technology's sake. I want to make sure that what I'm contributing to improves existing systems, that what's being created is more accessible, more intuitive and more empowering for more people. I think too often emerging technologies can be overly complex, often catering to very tech-savvy early adopters, and by adopting a human-centered approach, I'm hopeful that the next generation of Web3 applications and infrastructure is better equipped to serve an increasingly broad part of the population.
Joeri:
That's a nice message, and so how is USDC and Circles technology contributing to financial inclusion globally and maybe what impact do you see this having on these traditionally underserved communities?
Mercina:
Is it helpful to give a little bit of background on Circle and USDC just to start? Would that be helpful?
Joeri:
Absolutely, because you know what Mostly I dive straight in. But this is good. Sometimes it's good to give some more background for our listeners. So yes, Me marcina, go.
Mercina:
Wonderful. So Circle is the sole issuer of a digital dollar or stable coin called USDC, and payment stable coins combine the efficiency of blockchain technology with the stability of currencies like the US dollar. The value of a stablecoin is intended to remain pegged to a reference currency or asset, as opposed to fluctuating with supply and demand like other digital assets, and so USDC has price parity with the US dollar. It's fully backed by highly liquid cash and cash equivalent assets. Its reserves are held in the management of a leading global bank and it's always redeemable one-to-one for US dollars.
Mercina:
So today, I think, more than 12 trillion USDC have been redeemed for US dollars, and I think that's helpful context because, as a whole, in my view, the blockchain industry has not done enough to realize the promise of financial inclusion, but by providing a stable, highly liquid and widely accepted digital asset liquid and widely accepted digital asset USDC is being leveraged to expand financial access across the globe.
Mercina:
I think the scope of what USDC does enables access to fast, affordable financial services that might otherwise be out of reach, and, interestingly, 75% of USDC wallets hold balances less than $100, which I think demonstrates its accessibility to a very wide range of users. So we see it being used to facilitate a lot of cross-border remittances, enabling migrant workers to send money back to their families more efficiently. In some cases, we've seen companies using USDC for this purpose cutting costs by more than 40%, which is very meaningful for individuals who require remittances to keep their families abroad afloat, and USDC has also been adopted by humanitarian organizations to deliver aid more quickly and securely to people in crisis situations, cutting through bureaucratic barriers and reaching those in the most austere environments.
Joeri:
Thank you for this explanation, M ercina. The audience of this podcast say half of them is already in Web3. They really know what it is USDC, but you have the other half that for them, probably stablecoin is not something that they hear about every day. So thank you for explaining all of that. You mentioned humanitarian aid. In the world today, A lot of things are happening, a lot of crisis. Can you maybe give a specific example how USDC has been used?
Mercina:
Yes, so there are a couple of examples, but I'll start with one that's ongoing and, I think, represents a really interesting use case for USDC.
Mercina:
During COVID, so in 2020, circle was approached about an effort to support healthcare workers in Venezuela. These individuals were on the front lines of fighting the pandemic, but they lacked the equipment and medical resources necessary to do so. A company that we now work with called Airtm approached us about onboarding 62,000 Venezuelan frontline healthcare workers to their platform in an effort to deliver tens of millions of dollars in aid to them in the form of USDC, and it was a very interesting collaboration. The funds used for this initiative had actually been seized from the Maduro regime in Venezuela by the US Treasury Department, and RTM and Circle have collaborated to ensure that these funds reach the intended recipients, these healthcare professionals with unmatched security. These healthcare professionals with unmatched security, traceability and efficiency. And to me, this example illustrates how USDC can enable the creation of corruption-resistant pipelines for humanitarian aid delivery. By leveraging digital currencies like USDC, airtm was able to facilitate the swift, secure distribution of critical financial assistance to these healthcare workers in Venezuela, bypassing the financial controls of an adversarial government in the process.
Joeri:
That's a great example. When I thought about this podcast episode I was going to record it I was thinking what are all these possibilities? This is a really nice story or a real-life example. So USDC obviously it's on blockchain technology. You already mentioned, of course, what is a stablecoin, but maybe you can talk a bit more about in which ways you believe that USDC and blockchain can positively disrupt the traditional financial system.
Mercina:
Absolutely, I think. So many of the systems that we take for granted thrive off of opacity, and, by offering a more transparent, efficient and inclusive alternative to legacy financial infrastructure, usdc has the capacity to empower businesses and individuals to engage in commerce and financial transactions with increased speed, lower costs and increased accessibility. And increased accessibility. We're seeing a lot of MSMEs leveraging USDC to accept payments, manage payroll and conduct cross-border transactions more seamlessly, without the friction and barriers associated with traditional banking, and I think this really helps level the playing field and enables businesses to compete more effectively in the global marketplace. There's innovation happening all over, but I have been quite intrigued by what is happening in Latin America, and we have entered recently into a partnership with NewBank. They've expanded access to digital dollars to their more than 92 million customers, and so it will be really exciting to see what comes from that partnership over the coming years and months.
Joeri:
Absolutely. Now. I'm a small business, I'm a sole entrepreneur. I understand that. Digital currencies, that it's not only for big companies but also for smaller businesses from all sizes right.
Mercina:
Absolutely, and I think it's really critical to understand that. For smaller companies, the fees associated with moving money can be quite significant, but it's also the inefficiency not understanding when the resources will actually arrive, and all of those things can be very challenging for small and medium-sized enterprises to deal with, and so we are hopeful that by providing increased liquidity and real-time payments 24-7, we can alleviate some of those frictions for smaller enterprises.
Joeri:
Yeah, that makes it more easy to work with people from all around the world Now that we work so much virtually digitally. We are now recording this podcast. You are there on the other side of the world and then, if I can make the payments also so frictionless that it really would benefit everyone. You mentioned an example, but maybe you have another story, or maybe a success story, if I can call it like that, where Circle's impact has significantly improved financial inclusion.
Mercina:
Yeah, so one of the initiatives that I launched soon after coming to Circle is really focused on promoting financial inclusion by enabling digital financial literacy.
Mercina:
Circle is, before I joined, launched something called Circle U, which is a platform for educational content and information about the industry.
Mercina:
It was used as a mechanism initially to ensure that everyone who joined the company achieved a certain level of literacy on these subjects, accepting that many people would be coming from traditional finance or tech and needed kind of a baseline of understanding. But we realized that it could be expanded to educate partners from many different industries on the topics and concepts related to our work literacy by giving anyone who participated in the course access to thoughtful and rigorous content related to blockchain and Web3. In 2022, we partnered with a number of historically Black colleges and universities across the United States and have since expanded that to include other universities in Europe to offer this tool, circle, as well as mentorship programs and other opportunities to interface with the industry, and the intention is that the next generation of solutions in this industry are actually built by the people who are using them, and I think it's a meaningful way for Circle to contribute to financial inclusion by really expanding access to these educational resources.
Joeri:
Yeah, education is really important in Web3 and broader in the world. But something else than education is partnerships, collaborations. You already mentioned one of them. Yeah, Can you talk a bit further about the importance of those partnerships for your mission of financial inclusion and innovation?
Mercina:
Yeah, absolutely.
Mercina:
One of the really fun initiatives that I launched at the end of last year is this global series of pitch competitions, and they're really focused on empowering entrepreneurs who are building solutions that will move us closer to achieving the United Nations Sustainable Development Goals, and it's a really incredible opportunity to interface with these builders from all over the world.
Mercina:
But it's also been a fantastic vehicle for bringing together kind of unconventional partners. So for the first event, we hosted it actually in collaboration with BlackRock at their global headquarters in New York City During the UN General Assembly. We brought together folks from the World Food Program, the International Rescue Committee, the UN's shared computing platform, the National Venture Capital Association, and we've continued the series. So we've hosted subsequent events in Paris and in Washington DC at the Institute of International Finance with folks from the Milken Institute, devex and Mercy Corps. So it has been an incredible opportunity to bring together all of these different partners who are really working towards the same goals and to allow us to align a little bit more seamlessly in our efforts to foment the best kind of innovation in this industry.
Joeri:
Yeah, I love everything that Circle is doing. I was happy to meet Jeremy and a few of your colleagues in Paris at Paris Blockchain Week, so that's actually the reason that we are now talking today, Mer alcina. A question that I would like to ask also, of course, is the long-term vision In Web3, time goes really fast. It's difficult, maybe, to see the coming years, but what is Circle's long-term vision for the future of digital currencies and blockchain technology, and how do you see your role in achieving this vision?
Mercina:
Joeri, I think, as you spoke to earlier in the conversation, our world is more interconnected than ever. Technology has enabled us to have this conversation today and my nephews, regardless of whether they're in Korea or India or Colorado, are able to play chess together, which I think is pretty amazing. And for Circle, I think we bring that vision of interconnectedness to the world of commerce. Wouldn't it be incredible if global commerce functioned as seamlessly as digital communication, if global commerce functioned as seamlessly as digital communication?
Mercina:
Today, the notion of sending a cross-border email is obvious that it seems absurd. But when it comes to executing cross-border payments, the frictions that exist continue to create major constraints. And while consumers don't accept walled gardens when it comes to communications, and while consumers don't accept walled gardens when it comes to communications, my circlecom email address would be highly questionable if I couldn't actually use it to send you communications at your domain name. We still do accept those barriers when it comes to money movement, but for Circle, we view a future where those barriers cease to exist when it comes to global payments, and our overarching vision is really to raise global economic prosperity by enabling the frictionless exchange of value, by developing products like USDC and by engaging in strategic partnerships and collaborations, we're expanding access to payments and making them work better for everyone. I think, looking ahead, we're committed to continuing with partnerships and initiatives that drive financial innovation and inclusion and, ultimately, we hope to help create a more equitable and prosperous global financial system in the process.
Joeri:
That's a beautiful vision and actually Holland has stayed quiet for some time. Well, Mer marcina, it was great to talk to you and probably I'm sure people are listening. They want to know more about Circle, if they don't know already, about USDC and so on. Where would you like to send those people?
Mercina:
Thank you again so much for the opportunity to speak today. It's been my pleasure and for anyone who wants to learn more, you can visit us at circle. com.
Joeri:
Amazing and it's so easy. People that are now listening. Everyone knows there is a blog article, that it's available together with the podcast episodes. If you want to read or learn about things that were mentioned in the podcast episode, you will find them in there. So yes, M mercina, thank you so much. It was a pleasure to have you on the show thank you so much.
Mercina:
Have a wonderful day guys, an amazing episode.
Joeri:
this episode is really useful for people around you, I'm sure so share it with friends, share it with colleagues, share it with other entrepreneurs. If you're not yet following the show, this is a really good moment to do this. Also, before I forget it, if you would like to give me a review for the podcast, if you want to give me five stars, that would really be amazing, with a small comment, then I can even reach more people from around the world. And then, of course, yes, I would like to see you back next time. Take care, bye.
As a small business owner and sole entrepreneur, isn't it true that digital currencies are accessible and beneficial for businesses of all sizes, not just large corporations?
What is Circle's long-term vision for the future of digital currencies and blockchain technology, and how do you envision your role in achieving this vision?
