In the case of USDC, reserves are held on Circle's balance sheet, implying that Circle views USDC reserves as its own property. Circle Stablecoin to Be Held 'Entirely' in Cash, US ... The token aims to become a benchmark for independent electronic payment by being able to be used in all transactions. Circle announced Tuesday that the majority of stablecoin's USDC reserves are held in cash or cash equivalents. 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. 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 Is USDC another Tether? - Single Lunch Report Shows That Majority of Circle's USDC Reserves Are ... The issuer uses the USDC smart contract to mint an equivalent amount of USDC. According to the latest attestation report from Circle, about 61% of USDC is backed by "cash and… The Circle CEO reminds that the current regulatory regime does not require they provide such reports. In December 2020, there were $4B USDC and they were all backed by dollars in a bank account. More conservative USDC investments. Circle, the. 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's USDC reserves breakdown. Circle Publishes USDC Attestation, Reserve Report Reveals ... Circle announced Tuesday that the majority of stablecoin's USDC reserves are held in cash or cash equivalents. Stablecoin USDC intends to obtain a US banking license. As the graphic below shows, USDC's reserves are not quite that straightforward. 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. For those following stablecoin, Centre (founded by Circle) has released another breakdown of USDC reserves as of July 16, 2021. It is not clear if self-regulation of this sort is adequate, hence why it will be . 2. The attestation report states that " [c] ashes include deposits with banks and money market funds with government . SEE ALSO: You Can Now Buy and Sell Bitcoin and USDT in Bulk on Paxful, Africa's Largest P2P Platform. 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 . In Might, Circle reserves backing the stablecoin expanded past money and money equivalents. The company provided a more detailed breakdown of reserve composition in July, adding clarity and insight into the funds backing USDC. 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. 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. So far this year, USDC supply has grown 600%, outperforming rival Tether by a factor of three. of Total USDC in Circulation for details and definitions. The news comes after Tether revealed a breakdown of USDT reserves, of which only 2.6% are kept in cash. President and chief operating officer at Coinbase, Emilie Choi, has posted an update on the reserves of the world's second-largest stablecoin, USDC. Source: Circle. 5. 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. Now let's get to the numbers and the charts: Comparison of the evolution of the number of USDT and USDC addresses: More conservative USDC investments. The attestation report notes that "[c]ash includes deposits at banks and Government Obligation Money Market Funds. 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 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. Circle's USDC stablecoin is for 61% backed by cash. The attestation report notes that "[c]ash includes deposits at banks and Government Obligation […] Get involved! 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. . Extra conservative USDC investments. USD Coin (USDC) Now Backed by Only Cash and Treasury Bills. 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. See the USDC Reserve Breakdown for details. Per Grant Thornton's attestation, Circle expanded beyond cash and cash equivalents already in May 2021, However, witnessing the evolving regulatory landscape and scrutiny in the ecosystem, the company has provided a detailed breakdown of its reserve composition.Previously, the USD coin was backed 1:1 by dollar and cash made up over 60% of its entire reserves. USD Coin (USDC) was launched in 2018 as a joint venture between Circle and Coinbase, two US-based cryptocurrency infrastructure providers. Since nearly three years ago when the first USD Coin (USDC) entered circulation, Circle, together with Centre Consortium, have prioritized trust, transparency, and accountability. Grant Thornton gave a well-detailed breakdown of the expansion in the paper. The remainder is a combination of secured loans, corporate bonds, crypto . USDC May 2021 Audit May Shock You. In another interesting twist on the stablecoin front, USDC released a granular attestation of reserves in mid-July. Auditors reveal USDC backing as Jim Cramer sounds alarm over Tether's mad money . The company provided a more detailed breakdown of reserve composition in July, adding clarity and insight into the funds . Circle, the consortium behind USDC, has released their audit for all assets through May 28th, 2021 conducted by Grant Thornton. In this latest announcement, Circle confirmed that it should have been quicker in updating customers regarding its 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. 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 . At press time, 30-day statistics show USDC in circulation on July 20, 2021, is 10% higher than the latest attestation, as the reserve report only covers USDC accounting until the end of May. According to the notes in the report, USDC's cash equivalents are assets that are due within 90 days according to the US General Accounting Standards. 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%).
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