USDC to consolidate reserves into cash and US treasuries
Coinbase president Emilie Choi expects USDC’s updated reserves policy to be in full effect by September. Coinbase president and COO, Emilie Choi, has announced that the reserves backing the stablecoin USD Coin (USDC) will be consolidated into cash and U.S. government treasuries.An Aug. 22 blog post from CENTRE Consortium, the entity that was collaboratively established by top U.S. crypto exchange Coinbase and blockchain financial services company Circle that issues USDC, stated that USD Coin’s reserves will soon be entirely held in “cash and short duration U.S. Treasuries.”On Twitter, Choi....
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As of June 30, about 75.6% of Circle’s reserves were held in U.S. Treasuries and 24.4% were held in cash at regulated financial institutions. Circle Internet Financial has released a full breakdown of its USD Coin (USDC) holdings for the first time — a move designed to offer transparency and instill greater trust ain the stablecoin issuer. As of June 30, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held at regulated financial institutions in the country, the company disclosed Thursday. The weighted....
The firm previously said its reserves would be in cash and treasuries. On Thursday, USD Coin (USDC) operator Circle announced that it had selected financial institution BNY Mellon as the custodian of its USDC reserves. Founded in 1784, BNY Mellon is one of the oldest banks in America and possesses over $46.7 trillion in assets under custody or administration worldwide. It serves as a single point of contact for clients looking to manage their investments. With the new partnership, BNY Mellon said it will also explore the possibility of using digital cash for settlement purposes. Roman....
Grant Horton has conducted an audit on USDC’s reserves and Jim Cramer has questioned what's going on with Tether's commercial paper reserves. Auditors working for Circle have disclosed the reserves backing the firm’s USDC stablecoin, while Mad Money’s Jim Cramer has questioned Tether’s lack of transparency with its USDT reserves. Multi-national tax advisory firm Grant Horton conducted the audit, and a reserve attestation report was published on July 20 which showed that 61% of USDC’s reserves were held in cash and cash equivalents equating to $13.4 billion, as of May 28. Circle’s total....
On-chain data shows the USDC exchange reserves have started to trend downwards recently, a sign that buyers may be exchanging the coin for Bitcoin and other cryptos. USDC Reserves On Exchanges Have Fallen Down Over The Past Few Days As pointed out by an analyst in a CryptoQuant post, investors may have started to exchange […]
The web portal bitcointreasuries.org now shows close to two dozen firms with a large number of bitcoin reserves. Currently, the aggregate total bitcoin held in reserves by the 23 companies listed is roughly 785,999 BTC worth well over $10 billion dollars. This past August the billion-dollar firm Microstrategy announced it purchased 21,454 BTC for around $250 million. Then the Nasdaq listed company bought another 16,796 BTC and Microstrategy raised its reserve status to 38,250 bitcoins. Following Microstrategy’s lead during the first week of October, the firm Square Inc. revealed it....