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Circle Claims USDC Stablecoin Is Now Fully Backed by Cash, US | DeFi & Ethereum News

Circle Claims USDC Stablecoin Is Now Fully Backed by Cash, US Treasuries

The
level of detail provided by Circle in its Thursday report, while unaudited, is a first for the company and a notable display of transparency given the scrutiny stablecoins currently face from regulators around the world, which recently intensified following the collapse of Terra.

Circle’s report shows that the company no longer holds commercial paper—a type of short-term, unsecured debt instrument—as part of its serves. In July of last year, Circle held 9% of its reserves in commercial paper but later promised to completely move to cash and U.S. treasuries. USDC is currently the fourth largest cryptocurrency by market cap, and second largest stablecoin in the crypto economy. A stablecoin is a token value-pegged to a relatively price-stable asset or currency, such as the U.S. dollar.

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