[mcintyre1994]

Do you have any idea how Circle works? I guess nobody knows it's blockchain-based because it's instant and has no fees, which doesn't sound like a blockchain. Are they just making a loss and swallowing all the risk (covering fees and transfering real cash before any blockchain confirmations) or is something else going on?

[ForHackernews]

I doubt they're doing anything on a blockchain, unless it's a "private blockchain" (aka database)