CEO Circle opened USDC provision details

Co -founder and CEO Circle Jeremy Allair presented details of the work of Stablecoin USD Coin (USDC). The initiative is aimed at strengthening confidence against the background of difficulties in the industry after Terra’s collapse.

1/ with so many firms facing Fundamental Challenges and Risks, Circle Has Amped UP OUR OWN Information ABOUT CIRCLE AND USDC. Sharing Its It’s Fresh for People to Review. We Started Publishing these in the Days Following the Terra Collapse. https: // t.Co/synpwyxuif

– Jeremy allaire (@jerallaire) July 2, 2022

USDC reserves are stored in leading US financial institutions like BlackRock and Bank of New York.

Of the $ 50.6 billion, $ 39 billion (71.1%) accounted for treasury bills with a maturity of no later than three months, $ 11.6 billion for cash as security.

On a monthly basis, Circle publishes reports on the conformity of USDC issuance to reserves, every year – an audit of one of the leading firms in the industry is underway.

Possessing the MTL license, the company and its operations are under federal supervision.

Stablecoin co -eumitator will begin to provide weekly, and subsequently daily reports on the release and repayment of USDC. For owners of Circle accounts, operations actually occur on an instant basis.

Allair promised to reveal the details of the work of Circle Yield within a week. The product is positioned as an adjustable investment contract with which only accredited trading participants can interact.

Recall that in June 2022, Circle introduced the Euro Coin (Euro) tied to the Euro Stablecoin course.

In April, Allaire said that the company is preparing to submit an application for a license from a cryptocurrency bank in the United States. According to him, this should happen “in the near future”.

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