Circle management promised to report weekly on USDC reserves

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Circle CEO, against the backdrop of undermined confidence of investors and regulators in the stablecoin market, announced his readiness to regularly provide public reports.

Jeremy Allaire informed on Twitter about the company’s new policy built on full transparency of USDC stablecoin backing:

“As promised a week ago, we now provide weekly reports on USDC reserves and liquidity operations.”

Study information about the reserves will be available on the official website. As a gesture of goodwill, Jeremy Aller shared the first weekly report:

“Over the past week, $8.6 billion USDC stablecoin issuance has been recorded, of which $6.3 billion worth of stablecoins have been redeemed. As a result, the net weekly increase in USDC circulation has increased by $2.3 billion.”

Circle’s CEO gave his opinion on what makes USDC such a great product. According to him, a stablecoin is easy to create and redeem, as well as fully integrate into the existing global banking system. As a result of this flexibility, clients can use it as a very efficient channel between legacy e-dollars and digital assets.

According to the report, as of May 20, 2022, the volume of USDC in circulation in dollars reached $52.9 billion, and the amount of Circle reserves is $53 billion. Circle’s share is 3.95% of the capitalization of the entire cryptocurrency market, estimated at $1.3 trillion. The Circle stablecoin is the second largest USD-pegged token.

Forbes magazine analysts believe that the fall of the UST stablecoin is a failed attempt to challenge centralization and may well lead to the end of the era of algorithmic stablecoins. At the same time, the experts of the magazine believe that despite the unsuccessful attempt with UST, some next new cryptocurrency product will turn out to be more successful and viable.

Source: Bits

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