Circle founder and CEO Jeremy Ellyre has posted several tweets on Twitter that have denied rumors that the USDC stablecoin is having problems.
Jeremy Allaire emphasized that USDC is fully backed by USD-denominated assets, so no market drops can threaten its stability:
“USDC reserves are held and managed by leading US financial institutions, including BlackRock and Bank of New York Mellon. It is understandable why some users are panicking, given the recent developments in the cryptocurrency industry. But we have always been committed to the highest available standards. That is why we work with regulators, major insurance companies and leading banks.”
Circle’s CEO also noted that the company now has a very strong position. According to him, the payments firm “has never been so strong financially.” Ellire promised to increase the level of transparency of USDC and Circle itself.
In the middle of the month, Circle launched a new euro-backed stablecoin, Euro Coin, on the European market.