Circle unveils the full disclosure of its USDC reserves

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Circle has provided full disclosure of the reserves backing the USDC stablecoin. This is the first time that the stablecoin issuer is providing this disclosure. The move seeks to boost transparency and ensure that investors have more trust in the coin, given the debacle that has happened with several stablecoins over the past few months.

Circle releases USDC reserve details

The data provided shows that as of June 30, Circle’s total reserves were at $55.7 billion. These reserves comprise $42.12 billion worth of short-term US Treasuries and $13.58 billion worth of cash held at regulated financial companies in the United States.

The disclosure given by the company said that the weighted average maturity of the Treasury assets was 43.9 days. Circle’s chief financial technology officer, Jeremy Fox-Green, added that the reserves were separate from the company’s operations.

Buy Bitcoin Now

Your capital is at risk.

Circle also said that this report was the first monthly data provided about the reserves of the stablecoin. The company also said that it has plans to give daily disclosures of its holdings. This plan is awaiting authorization from custodians before it can come into effect.

USDC ranks as the second-largest stablecoin by market capitalization. Stablecoin has witnessed massive growth over the past few months. The company has paid close attention to complying with regulations. The data provided by ConsenSys shows that the growth of USDCX is because of positive market sentiment about the coin.

Besides, Circle is also planning to expand its operations beyond being a USD-backed stablecoin. Circle recently launched a stablecoin backed by the euro. Circle’s new stablecoin, known as Euro Coin (EUROC), will be backed by a fiat currency. Moreover, the euro has also dropped in value to achieve parity with the US dollar for the first time in 20 years.

Stablecoin regulations

Stablecoins have been under intense scrutiny from regulators because of the collapse of TerraUSD (UST). The UST stablecoin has collapsed to $0, and it caused massive losses for investors. Because of this development, regulators and authorities investigate Terraform Labs and its co-founder, Do Kwon.

Crypto investors have also lost faith in stablecoins after it seemed that most were not as stable as they were deemed to be. Following the collapse of UST, the largest stablecoin by market cap, USDT, experienced a slight depeg. Other stablecoins have also witnessed signs of stress.

Read more:

Battle Infinity – New Crypto Presale

Battle Infinity
  • Presale Until October 2022 – 16500 BNB Hard Cap
  • First Fantasy Sports Metaverse Game
  • Play to Earn Utility – IBAT Token
  • Powered By Unreal Engine
  • CoinSniper Verified, Solid Proof Audited
  • Roadmap & Whitepaper at battleinfinity.io
Battle Infinity

Source link



Post Views:
13



[ad_2]

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close