Existing Circle shareholders will keep hold of roughly 86% of the shares within the combined company. Circle Reverts to More Conservative Investment Profile for ... It is not clear if self-regulation of this sort is adequate, hence why it will be . According to a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is covered by cash. USDC reserve segregated accounts in USD-denominated assets as of May 28, 2021. USD Coin (USDC) Now Backed by Only Cash and Treasury Bills ... USD Coin (USDC) 61% of USDC Reserves in Cash and Cash Equivalents, Reveals Circle's Transparency Report With a market cap of nearly $26.9 billion, USDC is the second-largest stablecoin capturing 23.57% of the stablecoin market share, up from 9.15% a year back. USD Coin (USDC) Now Backed by Only Cash and Treasury Bills. Circle Publishes USDC Attestation, Reserve Report Reveals ... Stable currency comparison: What are the similarities and ... Auditors reveal USDC backing as Jim Cramer sounds alarm ... Yesterday, Circle the administrator of the USDC stablecoin (market cap $27 billion), shared details about the assets that underpin the digital currency as the company prepares to list via a SPAC.The degree of transparency and quality of assets is significantly superior compared to the Tether stablecoin (market cap $62 billion), where the asset backing raised concerns at the Boston Federal . The attestation report states that " [c] ashes include deposits with banks and money market funds with government . Secondly, Circle will continue to provide timely reserve attestations through Grant Thornton to show the public that USDC is backed by adequate reserves, as it did on Friday for the thirty-third time since it began issuing USDC. Provide USDC Reserves - tidal According to the latest attestation report from Circle, about 61% of USDC is backed by "cash and… Dollars. _____ Timothy Singh, Today, Circle released the latest attestation report on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP. Grant Thornton gave a well-detailed breakdown of the expansion in the paper. Tether released a brief reserve breakdown on May 13 and did not mention any independent review conducted on behalf of the firm. Continue Reading on Coin Telegraph. Circle revealed on Tuesday that the majority of the stablecoin USDC's reserves are held in cash or cash equivalents.. As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. Circle announced Tuesday that the majority of stablecoin's USDC reserves are held in cash or cash equivalents. Circle, the. For those following stablecoin, Centre (founded by Circle) has released another breakdown of USDC reserves as of July 16, 2021. As per a breakdown of USDC reserves in a consulting service from mid-July, 61% of USDC is backed by money and cash equivalents. This makes USDC more transparent than its main competitor Tether, which has been a long and lasting source of FUD. Circle, a global payments company, was one of USDC's creators. The accounting firm Grant Thornton attests that the total fair value of US dollar denominated assets held in segregated accounts are at least equal to the now $22.2 billion of USDC in circulation. Breakdown of USDC's reserves. Prior attestations did not offer a breakdown of the actual assets in their vault, but Circle always stated USDC was 100% backed by cash in a vault. The issuer can (and often does) use consumer funds to pursue risky high-yield investments for its own financial gain. What Is USDC? The Stablecoin That Did It Right | CoinSmart As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. SEE ALSO: You Can Now Buy and Sell Bitcoin and USDT in Bulk on Paxful, Africa's Largest P2P Platform. Reading Time: 2 minutes by Ogwu Osaemezu Emmanuel on August 23, 2021 Altcoins. On Tuesday, the fintech company Circle reveals that the majority of their USDC stablecoin is backed by U.S. Circle revealed on Tuesday that the majority of the stablecoin USDC's reserves are held in cash or cash equivalents. According to a breakdown of USDC reserves in an attestation report that dates back to mid-July, 61% of USDC is backed by cash and cash equivalents. of Total USDC in Circulation for details and definitions. A breakdown of the reserves backing the stable coin showed that 61 percent of USDC reserves were held in case and cash reserves, which is equal to $13.4 billion. The USDC Reserve deposit stays in the discretionary mutual pool at a period of the reserve provider's discretion. Below is a breakdown of the Tether reserves: Cash & cash equivalents & short-term deposits & commercial paper (75.85%) Secured loans (non to affiliated entities) (12.55%) Source: Circle. USDC Reserve Breakdown: Circle Jim Cramer thinks Tether is Mad Money . On Tuesday, Circle revealed that the bulk of the stablecoin USDC's reserves are in the money or cash equivalents. Greater Transparency for USDC Reserves. The U.S. Department of State's Rewards for Justice (RFJ) program, which is administered by the Diplomatic Security Service, is offering a reward of up to $10 million for information leading to the identification or location of any person who, while acting at the direction or under the control of a foreign government, participates in malicious . The Circle CEO reminds that the current regulatory regime does not require they provide such reports. The token aims to become a benchmark for independent electronic payment by being able to be used in all transactions. 5. Withdrawal takes upto 14 days to become effective in your wallet. In another interesting twist on the stablecoin front, USDC released a granular attestation of reserves in mid-July. At the time of writing, USDC is the second-largest stablecoin under tether (USDT), as the market valuation commands $26.72 billion in value on Tuesday. Circle, the issuer of the USDC stablecoin, has released a breakdown of its token reserves for the first time. Cash Equivalents are defined as securities with an original maturity less than or equal to 90 days in . The auditing firm noted that Centre held $13.4 billion (61%) of USDC reserves in cash and cash equivalents and $2.7 billion (12%) in U.S. Treasuries. The attestation report states that " [c] ashes include deposits with banks and money market funds with government . Center has announced via a blog post on August 22, 2021, that the financial instruments in its USD Coin (USDC) stablecoin reserves have been shrunk down to only the fiat dollar and United States Treasury Bills. The audit took a different tack from the April audit and had a breakdown of how assets were denominated. In August, Coinbase changed language on its website to clarify that USDC cash reserves are not kept entirely in a bank account, as a previous statement suggested. Circle, the consortium behind USDC, has released their audit for all assets through May 28th, 2021 conducted by Grant Thornton. The process of non-tokenization, aka going from USDC to USD, is the exact opposite. Circle is the issuer of the mostthe fast-growing stablecoin USDC, now it confidently ranks second after . With a market cap of just over $10 billion, USDC is the second-largest stablecoin and is widely seen as a more institution-oriented solution due to its compliance efforts. A breakdown of the "approved investments" for March 2020 and April 2020. Circle announced Tuesday that the majority of stablecoin's USDC reserves are held in cash or cash equivalents. Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the . Percentage breakdown of USDC's reserves Source: Centre.io Circle also promised in its report to maintain the highest regulatory standards, which are currently . In December 2020, there were $4B USDC and they were all backed by dollars in a bank account. Roughly 61% of this is backed by cash-related assets, while 13% are reserved via Yankee CDs, 12% via U.S. Treasuries, 9% via commercial paper, and 5% via corporate bonds. Below is a breakdown of the Tether reserves: Cash & cash equivalents & short-term deposits & commercial paper (75.85%) Secured loans (non to affiliated entities) (12.55%) Breakdown of Paxos-Powered Stablecoin Reserves . Circle's USDC reserve breakdown was published amid increased scrutiny on the stablecoin sector from the U.S. government, with United States Treasury Secretary Janet Yellen meeting with other financial regulators this week to discuss a regulatory framework for stablecoins. President and chief operating officer at Coinbase, Emilie Choi, has posted an update on the reserves of the world's second-largest stablecoin, USDC. In Might, Circle reserves backing the stablecoin expanded past money and money equivalents. The news comes after Tether revealed a breakdown of USDT reserves, of which only 2.6% are kept in cash. Circle's USDC reserves breakdown in July. In the case of USDC, reserves are held on Circle's balance sheet, implying that Circle views USDC reserves as its own property. And among the breakdown of its total assets, 9% are commercial papers, so what is its cash equivalent? Stablecoin USDC intends to obtain a US banking license. Source: Circle "Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the support of Centre and Coinbase, has announced that it will now hold the USDC reserve entirely in cash and short duration US Treasuries," Sunday's blog . Circle's USDC reserves breakdown. As the graphic below shows, USDC's reserves are not quite that straightforward. USDC Reserve Breakdown: Circle 'Yankee CDs' and US Treasures represented the next biggest share of assets backing the reserves at 13% and 12% each, with a combined total value of $5.6 billion. Source: Circle. Total fair value1 of US denominated assets is the total balances in segregated accounts held by the Company with US regulated financial institutions on behalf of the USDC holders at the Report Date. USD Coin (USDC) was launched in 2018 as a joint venture between Circle and Coinbase, two US-based cryptocurrency infrastructure providers. Grant Thornton gave a well-detailed breakdown of the expansion in the paper. In a tweet on Aug 22, Choi stated that starting in September 2021, Coinbase's USDC reserves will be held in cash and short-duration U.S. government treasuries. The issuer uses the USDC smart contract to mint an equivalent amount of USDC. The company provided a more detailed breakdown of reserve composition in July, adding clarity and insight into the funds backing USDC. Also, 13 percent is held in Yankee Certificate of Deposits (CDs), a dollar-denominated savings vehicle issued by a foreign bank with a branch in the United States. 2. On Monday, Circle co-founder and CEO Jeremy Aller announced his intention to become a global bank of digital currencies to ensure smooth, instant and near-free payments. Get involved! August 10, 2021. The report also provides a breakdown of the composition of assets that back USDC: From this, it is clear that cash assets dominate USDC reserves (61%). This cash includes deposits at banks and Government Obligation Money Market Funds. The remaining 14% is split between commercial paper and corporate bonds. The accountants just report what Circle (the company that owns USDC) told them. Source: Circle "Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the support of Centre and Coinbase, has announced that it will now hold the USDC reserve entirely in cash and short duration US Treasuries," Sunday's blog . Prior attestations did not offer a breakdown of the actual assets in their vault, but Circle always stated USDC was 100% backed by cash in a vault.
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