Circle founder and CEO Jeremy Allaire denied reports that the stablecoin USD Coin (USDC), the company’s issuer, is on the verge of a possible collapse.
CEO Jeremy Allaire 2 July on Twitter on in the posts dollar-pegged stablecoin USDC amid the slump in the cryptocurrency market had bad days and rumored to be on the verge of collapse addressed the issue and made statements and included blog posts on the subject.
In one of the blog posts shared by the CEO, titled “How to be stable”, How USDC is fully backed, its reserves and procedures In addition to information about the following statements were included:
USDC has always been backed by the equivalent value of assets in US dollars; USDC reserves are held under the management and oversight of leading US financial institutions, including BlackRock and Bank of New York Mellon.
Allairein his statement, given what has happened in the crypto money market in the past months Some users’ concerns are understandable. told.
Given the history of scammers in crypto, it’s understandable why some users are paranoid. We have always tried to hold ourselves to the highest possible standards for us. This has allowed us to work with regulators, top assurance firms and leading FIs (financial institutions).
Circle’s CEO also “financially in its strongest position ever” that and “will continue to increase their transparency” stated.
CoinGecko according to data USD Coin (USDC) It has a total supply of 55,890,996,417 in circulation and is between stablecoins with its market capitalization. Tether (USDT) it ranks second.
Circlenot long ago bridge between crypto and traditional financial services to create Euro-pegged stablecoin fully separated from the US for EURO Coin (EUROC) put it on the market.