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USDC to Be Backed 100% by Cash, US Treasurys
The USDC developer revealed last month that only 61% of tokens were backed by "cash and cash equivalents."
Stablecoin USDC will be 100% backed by cash and short-term U.S. Treasurys by September, developer Circle announced.
STORY CONTINUES BELOW
- Circle revealed last month that only 61% of tokens were backed by "cash and cash equivalents," referring to cash and money-market funds.
- The September attestation published by Circle will show that all USDC reserves are held in cash and short-term U.S. government Treasurys, the company announced Sunday.
- Circle revealed plans in July to go public via special purpose acquisition corporation (SPAC) Concord Acquisition Corp. in a deal that would value Circle at $4.5 billion.
- Earlier this month, Circle announced its desire to become "a full-reserve national commercial bank" operating under the supervision of the U.S. Federal Reserve, U.S. Treasury Dept., Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC).
Read more: Coinbase Says USDC Reserves to Be Held In Cash, Short-Term Treasurys From September
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
