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.].