It is not clear if self-regulation of this sort is adequate, hence why it will be . of Total USDC in Circulation for details and definitions. These priorities have helped USDC grow widely within the global blockchain ecosystem. 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. Center has announced via a blog post on August 22, 2021, that the financial instruments in its USD Coin (USDC) stablecoin reserves have been shrunk down to only the fiat dollar and United States Treasury Bills. Stablecoins' Reserves | Bianco Research 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. Circle's USDC reserves breakdown. USDC aims to hold a verifiable 1:1 . Circle reveals majority of USDC reserves are in cash and ... 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%) In August, Coinbase changed language on its website to clarify that USDC cash reserves are not kept entirely in a bank account, as a previous statement suggested. As per a breakdown of USDC reserves in a consulting service from mid-July, 61% of USDC is backed by money and cash equivalents. Circle Reveals Backing of Stablecoin USDC - DEFI TIMES Greater Transparency for USDC Reserves. Provide USDC Reserves - tidal Circle, the consortium behind USDC, has released their audit for all assets through May 28th, 2021 conducted by Grant Thornton. Existing Circle shareholders will keep hold of roughly 86% of the shares within the combined company. At the time of writing, USDC is the second-largest stablecoin under tether , as the market valuation commands $26.72 billion in value on Tuesday. USD Coin (USDC) was launched in 2018 as a joint venture between Circle and Coinbase, two US-based cryptocurrency infrastructure providers. When will USDC conduct an audit of their reserves? So far this year, USDC supply has grown 600%, outperforming rival Tether by a factor of three. In May, USDT's issuer Tether also published a breakdown of the USDT stablecoin's reserves. What Is USDC? The Stablecoin That Did It Right | CoinSmart August 10, 2021. USDC in Circulation Grows By Over 2,600% in 2021, Reveals ... Circle's USDC stablecoin is for 61% backed by cash. According to a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is covered by cash. In May, Circle reserves backing the stablecoin expanded beyond cash and cash equivalents. For example, to prove that there was no cryptocurrency speculation going on with the reserves. In May, Circle reserves backing the stablecoin expanded beyond cash and cash equivalents. 2. More conservative USDC investments. Withdrawal takes upto 14 days to become effective in your wallet. And among the breakdown of its total assets, 9% are commercial papers, so what is its cash equivalent? Circle's USDC reserves breakdown. The report states that as of April 30, 2021 at 11:59 PM Pacific Time: US Dollars held in custody accounts are at least equal or greater than the USDC tokens outstanding at the Report Date and Time. USD Coin (USDC) Now Backed by Only Cash and Treasury Bills. When comparing the compositions of the reserves backing USDT and USDC, a stark difference is immediately noticeable - commercial paper constituted 65.39% of USDT's reserves, while it only made up 9% of USDC's. Per Investopedia, commercial paper . Circle's USDC reserves breakdown in July. Huobi-Branded HUSD Reveals Breakdown of Reserves: All Held in Cash Though USDT and USDC still captured the largest market share, smaller stablecoins are trying to prove that they are backed by . The attestation report states that " [c] ashes include deposits with banks and money market funds with government . 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. It is now clear that there is not a 1:1 USDC to US Dollar ratio as past audits . The accountants just report what Circle (the company that owns USDC) told them. Circle, the issuer of the USDC stablecoin, has released a breakdown of its token reserves for the first time. Secondly, Circle will continue to provide timely reserve attestations through Grant Thornton to show the public that USDC is backed by adequate reserves, as it did on Friday for the thirty-third time since it began issuing USDC. For those following stablecoin, Centre (founded by Circle) has released another breakdown of USDC reserves as of July 16, 2021. Get involved! 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. The process of non-tokenization, aka going from USDC to USD, is the exact opposite. SEE ALSO: You Can Now Buy and Sell Bitcoin and USDT in Bulk on Paxful, Africa's Largest P2P Platform. Since nearly three years ago when the first USD Coin (USDC) entered circulation, Circle, together with Centre Consortium, have prioritized trust, transparency, and accountability. 5. 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. Circle is the issuer of the mostthe fast-growing stablecoin USDC, now it confidently ranks second after . The attestation report notes that "[c]ash includes deposits at banks and Government Obligation […] Reading Time: 2 minutes by Ogwu Osaemezu Emmanuel on August 23, 2021 Altcoins. Tether released a brief reserve breakdown on May 13 and did not mention any independent review conducted on behalf of the firm. 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. 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 . Circle's attestation and the letter from Grant Thornton gives the public a perspective on how the USDC backing is actually calculated. Stablecoin USDC intends to obtain a US banking license. In another interesting twist on the stablecoin front, USDC released a granular attestation of reserves in mid-July. The corporate offered a extra detailed breakdown of reserve composition in July, including readability and perception into the funds backing USDC. Now let's get to the numbers and the charts: Comparison of the evolution of the number of USDT and USDC addresses: The attestation notes that there are approximately 22 billion USDC in circulation, with most of it backed by cash and cash equivalents. While a majority of USDC backing is made up of cash, USDC backing also includes fractions of corporate bonds, U.S. Treasuries, and Yankee Certificates. The remaining 14% is split between commercial paper and corporate bonds. . In another interesting twist on the stablecoin front, USDC released a granular attestation of reserves in mid-July. A breakdown of the reserves backing the stable coin showed that 61 percent of USDC reserves were held in case and cash reserves, which is equal to $13.4 billion. In this latest announcement, Circle confirmed that it should have been quicker in updating customers regarding its reserves: As the graphic below shows, USDC's reserves are not quite that straightforward. Source: Circle "Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the support of Centre and Coinbase, has announced that it will now hold the USDC reserve entirely in cash and short duration US Treasuries," Sunday's blog . USD Coin (USDC) 61% of USDC Reserves in Cash and Cash Equivalents, Reveals Circle's Transparency Report With a market cap of nearly $26.9 billion, USDC is the second-largest stablecoin capturing 23.57% of the stablecoin market share, up from 9.15% a year back. Source: Circle 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 token aims to become a benchmark for independent electronic payment by being able to be used in all transactions. 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 . USDC Reserve Breakdown August 2021 Source: Circle.com. Extra conservative USDC investments. As the graphic below shows, USDC's reserves are not quite that straightforward. 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. It published a breakdown of its assets backing the stablecoin for the first time in its latest attestation report, which was dated . 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. A user sends USD to a USDC token issuer's bank account. As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. According to the latest attestation report from Circle, about 61% of USDC is backed by "cash and… Amongst that category, commercial paper accounted for 65.39%, with cash alone accounting for . Circle's USDC reserves breakdown. Today, Circle released the latest attestation report on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP. More conservative USDC investments. Source: Circle. 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. Breakdown of USDC's reserves. See the USDC Reserve Breakdown for details. The news comes after Tether revealed a breakdown of USDT reserves, of which only 2.6% are kept in cash. Auditors working for Circle have disclosed the reserves backing the firm's USD Coin stablecoin, while Mad Money's Jim Cramer has questioned Tether's lack of transparency with its Tether reserves.Multi-national tax advisory firm Grant Horton conducted the audit, and a reserve attestation report was published on Tuesday, which showed that 61% of USDC's reserves were held in cash and cash . Circle revealed on Tuesday that the majority of the stablecoin USDC's reserves are held in cash or cash equivalents.. As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. 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. Dollars. 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. Circle, a global payments company, was one of USDC's creators. In the case of USDC, reserves are held on Circle's balance sheet, implying that Circle views USDC reserves as its own property. USDC Reserve Breakdown: Circle Jim Cramer thinks Tether is Mad Money . Source: Circle "Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the support of Centre and Coinbase, has announced that it will now hold the USDC reserve entirely in cash and short duration US Treasuries," Sunday's blog . _____ Timothy Singh, Source: Circle. The remainder is a combination of secured loans, corporate bonds, crypto . The issuer can (and often does) use consumer funds to pursue risky high-yield investments for its own financial gain. USDC reserve segregated accounts in USD-denominated assets as of May 28, 2021. In a tweet on Aug 22, Choi stated that starting in September 2021, Coinbase's USDC reserves will be held in cash and short-duration U.S. government treasuries. This cash includes deposits at banks and Government Obligation Money Market Funds. 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, the. In May, Circle reserves backing the stablecoin expanded beyond cash and cash equivalents. The company provided a more detailed breakdown of reserve composition in July, adding clarity and insight into the funds . The Circle CEO reminds that the current regulatory regime does not require they provide such reports. During the pending period, reward is still being earned on a weekly basis. Circle announced Tuesday that the majority of stablecoin's USDC reserves are held in cash or cash equivalents. The USDC Reserve deposit stays in the discretionary mutual pool at a period of the reserve provider's discretion. 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. Circle announced Tuesday that the majority of stablecoin's USDC reserves are held in cash or cash equivalents. This makes USDC more transparent than its main competitor Tether, which has been a long and lasting source of FUD. Breakdown of Paxos-Powered Stablecoin Reserves . Tether's reserve breakdown showed that as of March 31, three-quarters of its reserves were held in cash, cash equivalents, other short-term deposits, and commercial paper. The accounting firm Grant Thornton attests that the total fair value of US dollar denominated assets held in segregated accounts are at least equal to the now $22.2 billion of USDC in circulation. The freshly minted USDC are sent to the user, and the substituted US dollars are held in the issuer's reserves. Continue Reading on Coin Telegraph. Circle reserves expanded beyond cash and cash equivalents in May, 2021, and the company provided a more detailed breakdown of reserve composition in July, adding clarity and insight into the funds backing USDC. Circle's USDC reserves breakdown in July. On Tuesday, Circle revealed that the bulk of the stablecoin USDC's reserves are in the money or cash equivalents. This year alone, USDC in circulation has grown by over 2,600%. 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. Therefore, the outside world has no way of knowing what percentage of USDC's reserves are cash. The issuer uses the USDC smart contract to mint an equivalent amount of USDC. The audit took a different tack from the April audit and had a breakdown of how assets were denominated. On Monday, Circle co-founder and CEO Jeremy Aller announced his intention to become a global bank of digital currencies to ensure smooth, instant and near-free payments. With a market cap of just over $10 billion, USDC is the second-largest stablecoin and is widely seen as a more institution-oriented solution due to its compliance efforts. 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%). Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the . USDC May 2021 Audit May Shock You. Auditors reveal USDC backing as Jim Cramer sounds alarm over Tether's mad money . In a recent blog post, Circle also outlined that their core values are transparency and accountability, which will strengthen USDC's role as a trustworthy stablecoin! The Fidelity SPAXX is capable of being audited, so USDC is capable of being audited. Cash Equivalents are defined as securities with an original maturity less than or equal to 90 days in . On May 28th, 2021, USDC reserves looked like this: Note that this reserve breakdown is an attestation, not audited like the December 2020 $4B cash number. The attestation report notes that "[c]ash includes deposits at banks and Government Obligation Money Market Funds. A quarter of the total reserves are split between Yankee Certificate of Deposits—a type of savings vehicle denominated in dollars—which account for $2.9 billion, and U.S. Treasury securities, which account for $2.7 billion.
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