Stablecoin USDC Will Be 100% Backed By Cash - U.S. Treasury.
2021-08-23 | Big Bob
Stablecoin USDC
will be 100% backed by cash and the short-term United States Treasury by September, developer Circle outlined.
Circle added last month that solely 61% of
tokens were backed by "cash and cash equivalents,"
pertaining to cash and money-market funds.
The September attestation published by Circle will
reveal that each USDC reserve is held in cash and short-term U.S. government Treasurys,
the firm officially announced earlier on Sunday.
Circle revealed
plans in July
to go public via SPAC [Special purpose acquisition corporation] Concord Acquisition Corp. within a deal
that might value Circle at $4.5 Bln.
Earlier this month, Circle also outlined that its desire to become "a full-reserve national commercial bank" operating under the supervision of the United States
Federal Reserve, U.S. Treasury Dept., OCC [Office of the Comptroller of the Currency]
and FDIC [Federal Deposit Insurance Corp.].
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