USDC

Jeremy Allaire of neo-bank Circle digs into the world of stablecoins as the issuer of the second-largest stablecoin by market cap USDC. He joins "First Mover" live from the 2021 SALT Conference in New York to share his insights into USDC's backings, growth of stablecoins, tether (USDT)'s reserve breakdown, and his reactions to Coinbase receiving a SEC Wells notice over its lending product. Plus, insights into Circle's future plans as it prepares to go public.

Sep 14, 2021

By September, Circle announced its stablecoin USDC would be 100% backed by cash and short-term U.S. government Treasurys. This following the USDC developer revealing in July only 61% of tokens were backed by cash and money-market funds, amid plans to go public via a SPAC deal that would value the firm at $4.5 billion.

Aug 23, 2021

“The Hash” hosts discuss the industry implications for Jeremy Allaire’s Circle, a neo-bank and stablecoin USDC issuer, intending to become “a full-reserve national commercial bank.” “This is an ambitious plan, but the idea of having an FDIC-insured digital asset bank would be very notable for the sector,” host Zack Seward said.

Aug 9, 2021

The reserves backing Huobi’s HUSD, the eighth-largest stablecoin by market cap, are revealed to be all held in cash in money market accounts in the U.S. This comes as stablecoin issuers have followed each other in increasing transparency.

Aug 6, 2021

Half of the trades in and out of bitcoin are done with Tether, the dominant stablecoin and third-largest cryptocurrency with a $64 billion market cap. Yet, ​Coin Metrics reveals the market cap of stablecoin USDC is growing faster than that of USDT. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.

Jul 28, 2021

The a16z-backed Eco, a fiat deposit-taking, cashback-granting digital wallet and stablecoin lender, which loans out users’ deposits in USDC, raises another $60 million to propel its crypto-powered banking app. "The Hash" discuss the outlook for Eco as regulators turn up the pressure on stablecoins.

Jul 27, 2021

Paxos, the crypto infrastructure firm behind Paypal, has released a breakdown of reserves of its stablecoins PAX and BUSD for the first time. Paxos General Counsel Dan Burstein discusses the key takeaways, noting differences between Paxos’ products and other stablecoins like USDC and USDT.

Jul 22, 2021

Crypto lending platform BlockFi has received an order from New Jersey’s acting attorney general (AG) to halt its Interest Account (BIA) operations in the U.S. state. CoinDesk’s Nikhilesh De discusses the implications for BlockFi and its clients. Plus, his take on Circle’s breakdown of its assets backing the stablecoin USDC.

Jul 21, 2021

In its latest attestation report, global payments company Circle revealed Tuesday about 61% of its stablecoin USDC is backed by “cash and cash equivalents,” meaning cash and money market funds. “The Hash” panel discusses Circle’s breakdown of its asset reserves, at least partially answering swirling questions about how USDC is supported.

Jul 20, 2021

Treasury Secretary Janet Yellen convened a meeting Monday of the President’s Working Group on Financial Markets (PWG) to discuss stablecoins. CoinDesk’s Nikhilesh De shares the key takeaways, proposing the regulatory outcome. Plus, his take on Mastercard potentially testing USDC for payments.

Jul 20, 2021