Minds builds the future of social media with Circle Yield and USD Coin (USDC)

Rachel Mayer 
VP of Product

A startup makes their cash last longer

Recently, I wrote about how corporate treasurers and institutional fund managers are exploring digital assets to maximize cash returns in an environment of historically low interest rates. I also highlighted how Shark Tank star Kevin O’Leary¹ chose to allocate funds at his venture firm into Circle Yield, a crypto investment built on USD Coin (USDC) with bitcoin collateral. 

Today, I want to cover how Circle Yield* can benefit another type of business: startups who want to strategically use their treasury to make their cash last longer while delaying their next funding round and founder dilution. Minds is a blockchain-based social media startup that has recently captured the attention of major media outlets, including the Wall Street Journal, Wired, TechCrunch and Reuters. They recently closed a $10 million Series B funding round and began considering ways to put the funds to work on-chain, due to the above-average returns in digital asset markets and their commitment to the crypto ecosystem. Minds chose to allocate a portion of their raise into Circle Yield. Here’s a look inside their choice.

Crypto returns, without the volatility

Circle Yield is denominated in USDC, the world’s fastest-growing dollar digital currency, which can be ideal for investing idle treasury balances, paying suppliers and accepting payments from customers. Yield offers a fixed term and a rate** that’s much higher than those available from banks and many fixed income markets, which helps balance growth and security. Importantly, it is overcollateralized with bitcoin that’s held with a third-party custodian for extra security. 

“The ability to create yield on our idle USDC balance is a game-changer,” notes Bill Ottman, Minds’ CEO. “Circle Yield is helping us plan our growth, because we can project future cash flows from the earnings and budget that money into how we scale.”  Circle Yield is available in terms ranging from a month up to a year, and the ability to choose a fixed, short term can be crucial for growing companies with unpredictable working capital needs.

Circle Yield is central to Minds’ treasury diversification strategy. Since it offers a fixed rate, Minds can grow their treasury reserves and minimize volatility while keep