Gnosis Launches Circles 2.0 Personalised Currency System

Gnosis, a pioneer in open applications and infrastructure for the new economy, has announced the launch of Circles 2.0, a groundbreaking personalised currency system that allows users to create and use their own digital currency without the need for traditional financial institutions. This innovative system is powered by the newly introduced Metri app, a consumer-friendly, self-custodial wallet operating within the Gnosis ecosystem.

Circles 2.0 aims to address the uncertainties of the global economy by empowering users to take control of their wealth and foster vibrant local economies based on trust, community, and fairness. The system's predictable and equitable money supply protocol is designed to avoid the systemic advantages often seen in early token distribution models, providing a fairer starting point for all participants. This aligns with Gnosis' vision of a decentralized payment infrastructure that promotes financial inclusivity and equity.

Martin Köppelmann, Co-Founder of Gnosis, highlighted the goals of Circles, stating, “The goal of Circles is to introduce a complementary money system that doesn’t put any participant or institution at an undue and systematic advantage over another while remaining attractive as a means of exchange and storage of value. We believe that by coupling the momentum of financial technology, together with products that propel OpenFi such as Gnosis Pay and CoW swap, we can provide enough immediate utility to solve the issues faced by new money systems and facilitate the next evolution in a completely decentralized financial system.”

In Circles 2.0, every account holder has the right to mint their own individual Circles (CRC) at a rate of 1 CRC per hour, as long as they maintain minimum activity levels on the platform. Each user’s CRC is a unique token, and real-life trust—whether with friends, family, or community members—is replicated through trusted connections within the system. Users can send CRC to others they trust directly or through common connections, creating an active web of trust. CRC can also be earned by inviting new users, creating trusted connections, or by being bought in exchange for bridged stablecoins such as USDCe, GBPe, and EURe. Early demand and expectation have led to 100,000 users on the waitlist for Circles, with an initial anticipated value fluctuating between $0.01 and $0.05. Users can back their Circles with assets like Bitcoin, Ethereum, or sDAI to establish price and make their Circles tradeable. The Circles Marketplace, where trusted vendors will accept CRC, is expected to go live some weeks after the launch.

Key features of Circles 2.0 include the right for every account holder to mint their own individual Circles (CRC) at a rate of 1 CRC per hour, a 7% per year reduction in all CRC balances to encourage spending and discourage hoarding, the ability to create and join groups based on shared factors, and the design of CRC to be used as a form of currency between trusted connections rather than a digital asset for speculation. The launch of Circles 2.0 seeks to provide an equitable solution to concerns about centralised control of money issuance, building on the innovation of cryptocurrency while avoiding the problem of undue and systemic advantage where early adopters benefit most.

The Metri app makes it easy for anyone to enter the world of decentralized money, with a focus on personal currencies, stablecoins, and accessibility. Metri integrates with cutting-edge OpenFi solutions, including the Circles Protocol, Gnosis Pay, and CoW Swap, offering a comprehensive suite of tools for users. This user-friendly platform allows users to spend their assets using a debit card, further enhancing the accessibility and utility of the Circles 2.0 system.

Gnosis is dedicated to building open applications and infrastructure for the new economy. The Gnosis ecosystem is underpinned by Gnosis Chain, a secure, resilient, and decentralized blockchain that extends Ethereum with lower transaction costs. Gnosis Studios is a product incubator focused on payments, identity, and internet freedom, while GnosisVC is an early-stage investor in projects focused on decentralized infrastructure, real-world assets, and financial rails. The launch of Circles 2.0 represents a significant step forward in Gnosis' mission to create a more equitable and decentralized financial system.