USDC Circle, the technology company behind its stablecoin, announced in its blog post that it mint 8.4 billion USDC tokens and burned 6.7 billion USDC tokens last week.
The company minted 99.3 billion USDC in the whole of 2021 and burned 61.1 billion USDC.
Circle Holds 22.9 percent of USDC Reserves in Cash
The blog post shared by the company also included details about its reserves. According to the information, $39 billion, or 77.1%, of USDC reserves is held in US securities, while $11.6 billion, or 22.9%, is held in cash.
USDC was founded in 2018 by the Circle company. The company offers institutional investors a seamless exchange of fiat currencies. to cryptocurrencies He stated that they aim to give the opportunity to make the transition. According to the company’s statement, institutional investors can convert USDC tokens back into dollars when necessary.
In its audits and reports across stablecoins, Circle prides itself on transparently disclosing data on how the USDC token is performing and the market situation around the asset. According to the company’s statement, customers are thus assured and reminded that the USDC token remains stable.
As it is known, there was a very busy agenda regarding stablecoins in the crypto money market during the past week. One of the largest stablecoins, UST, lost its fixed price of 1 dollar and suffered a massive decline.
Following this development, tokens using the algorithmic stablecoin mechanism instead of the mechanism used by Tether, USDT, BUSD and some stablecoins came under pressure.
*Not investment advice.