Circle Distancing USDC from Potential U.S. Debt Default
Circle’s move to eliminate U.S. Treasury bonds strengthens USDC’s resilience, setting a precedent for risk mitigation in cryptocurrencies.
USD Coin
Circle’s move to eliminate U.S. Treasury bonds strengthens USDC’s resilience, setting a precedent for risk mitigation in cryptocurrencies.
Stablecoin issuer Circle Internet Financial has ditched all U.S. Treasury bonds from its USD Coin (USDC) backing reserves as part of precautionary measures to protect from a potential fallout from…
Tether USDT recently announced that it will regularly allocate up to 15 percent of its net realized operating profits towards purchasing Bitcoin as a reserve currency.
Over the past year, Circle’s USD Coin has seen its market share decline from 34.88% to 23.05%. Tether’s USDT shows a contrasting picture.
Which stablecoin comes out on top?
Despite the plethora of concerns surrounding its reserves, the debate between USDT and USDC continues, with both stablecoins having their pros and cons.
Circle’s reserve fund has ditched Treasury bills that mature beyond May 31, rotating assets to cash and overnight repurchase agreements instead, a company spokesperson said.
Crypto exchange giant Coinbase has begun offering zero-fee USDC trading for users in Singapore. The initiative followed a survey showing an increasing level of crypto adoption.
Circle founder Jeremy Allaire recounts the ups, downs and pivots of Circle’s journey and the vital debate around USDC and the future of money at Consensus 2023.
As has been known for some time, Stablecoins are becoming increasingly popular in the blockchain sector because, unlike normal cryptocurrencies, their value is pegged 1:1 to that of a given…