Circle
Circle: USDC to Be Backed 100% by Cash, US Treasurys by September
By September, Circle announced its stablecoin USDC would be 100% backed by cash and short-term U.S. government Treasurys. This following the USDC developer revealing in July only 61% of tokens were backed by cash and money-market funds, amid plans to go public via a SPAC deal that would value the firm at $4.5 billion.
USDC Builder Circle Wants to Become a ‘Full-Reserve National Commercial Bank’
“The Hash” hosts discuss the industry implications for Jeremy Allaire’s Circle, a neo-bank and stablecoin USDC issuer, intending to become “a full-reserve national commercial bank.” “This is an ambitious plan, but the idea of having an FDIC-insured digital asset bank would be very notable for the sector,” host Zack Seward said.
BlockFi Receives Cease and Desist Order From New Jersey Attorney General
Crypto lending platform BlockFi has received an order from New Jersey’s acting attorney general (AG) to halt its Interest Account (BIA) operations in the U.S. state. CoinDesk’s Nikhilesh De discusses the implications for BlockFi and its clients. Plus, his take on Circle’s breakdown of its assets backing the stablecoin USDC.
Circle: USDC Backed 61% by Cash and Cash Equivalents
In its latest attestation report, global payments company Circle revealed Tuesday about 61% of its stablecoin USDC is backed by “cash and cash equivalents,” meaning cash and money market funds. “The Hash” panel discusses Circle’s breakdown of its asset reserves, at least partially answering swirling questions about how USDC is supported.
Circle revela los activos que respaldan la stablecoin USDC
La segunda moneda estable más importante de las criptomonedas está respaldada principalmente (en un 61 %) por efectivo y equivalentes de efectivo. Esto es lo que compone el resto.
Circle’s Transparency Pledge
Circle’s CEO, Jeremy Allaire, promised to make the company ”the most public and transparent operator of full-reserve stablecoins.” Circle began issuing quarterly attestation reports to prove that its assets are fully backed; however, the reports don’t state what the assets are backed by. “The upper echelons of Tether truthers are now bringing the same questions to Circle that they’ve brought to Tether,” Zack Seward, CoinDesk’s Deputy Global News Editor, said.
Circle CEO Jeremy Allaire on Taking His Company Public
Jeremy Allaire of Circle, an issuer of stablecoin USDC, says he vows to make his company “the most public and transparent operator of full-reserve stablecoins in the market.” Allaire discusses taking his company public and the mission to increase transparency around USDC.
USDC Stablecoin Backer Circle to Go Public in $4.5B SPAC Deal
Jeremy Allaire’s Circle, which issues stablecoin USD coin (USDC), is going public in a special purpose acquisition company (SPAC) deal that values the firm at $4.5 billion. “This deal matters because it’s a continuation of crypto companies making good, going public, and infiltrating the traditional world,” host Adam B. Levine said.
USDC Backer Circle to Go Public in SPAC Deal
Amid much debate on the outlook for stablecoin regulation, Jeremy Allaire’s Circle, which issues stablecoin USD coin (USDC), is going public in a special purpose acquisition company (SPAC) deal. “Circle has a huge opportunity to provide more transparency than any other stablecoin issuer,” CoinDesk’s Nikhilesh De said.