Circle Selects Clearwater for Portfolio Data Services

Rhea-AI Summary

On November 16, 2021, Clearwater Analytics (NYSE: CWAN) announced that Circle Internet Financial has chosen its SaaS solutions for enhanced transparency in the reserves reporting process for USD Coin (USDC). With over $33 billion in circulation and $1.3 trillion in transactions, USDC is the leading regulated dollar digital currency. Clearwater's platform aims to improve data consolidation and reconciliation for Circle, aligning with its priority for public reporting transparency as USDC continues to grow.

Positive

• Circle's selection of Clearwater enhances its reporting transparency, directly impacting investor confidence.
• Clearwater's platform supports the operational scalability Circle needs as USDC grows.

Negative

• None.

BOISE, Idaho, Nov. 16, 2021 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, announced today that Circle Internet Financial, LLC has selected Clearwater to provide clarity, consistency and transparency in the reserves reporting process for USD Coin (USDC).

Circle is the principal operator of USDC and enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. With more than $33 billion USDC in circulation and over $1.3 trillion in on-chain transactions, USDC is the leading regulated dollar digital currency, redeemable 1:1 for U.S. dollars, and fully backed with cash and equivalents, and short-duration U.S. treasuries, held in segregated accounts.

This year, as USDC's growth has accelerated, Circle needed a solution that would enable it to provide continued reporting transparency to the public, which is one of Circle's core priorities. Clearwater's SaaS platform is helping Circle increase transparency and clarity in its investment accounting and reporting processes through automated data consolidation and reconciliation – while providing the necessary operational scalability Circle requires with the growth of USDC.

"As investment professionals around the globe are working to untangle the complexities of accounting and reporting for an evolving investment landscape, Clearwater's commitment to data accuracy and timeliness are more relevant than ever," said Scott Erickson, President of Americas and New Markets at Clearwater. "We are very excited to work closely with Circle to help them keep their commitment to transparency and streamline their reporting."

About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), the leading dollar digital currency powering always-on internet-native commerce and payments with a circulation greater than $33 billion and over $1.3 trillion in on-chain transactions. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, one of the largest startup fundraising platforms in the U.S. Learn more at https://circle.com.

About Clearwater Analytics
Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance, and reporting. Each day, the Clearwater solution reports on more than $5.6 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations – helping them make the most of their investment portfolio data with a world-class product and client-centric servicing. Investment professionals around the globe trust Clearwater to deliver timely, validated investment data and analytics. Additional information about Clearwater can be found at clearwateranalytics.com, LinkedIn, and Twitter.

 

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SOURCE Clearwater Analytics

FAQ

What is Clearwater Analytics announcing on November 16, 2021?

Clearwater Analytics announced that Circle Internet Financial has selected its SaaS solutions for USD Coin reserves reporting.

How much USDC is currently in circulation?

There is over $33 billion in USD Coin (USDC) currently in circulation.

What impact does Clearwater's platform have on Circle's operations?

Clearwater's platform aims to enhance Circle's transparency and operational scalability in reporting.

What is the significance of USD Coin in the digital currency market?

USD Coin is the leading regulated dollar digital currency, fully backed by cash and U.S. treasuries.

How does Clearwater Analytics support its clients?

Clearwater Analytics provides automated data aggregation, reconciliation, and reporting for over $5.6 trillion in assets.