Circle assured of the full back of the USDC stablecoin
All data on reserves and issuance dynamics is published on the company’s blog
16.05.2022 - 10:35
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What’s new? Circle (the issuer of the USDC stablecoin) has reported that the asset is fully backed by fiat dollars and US Treasury bonds. The team wrote about this on its blog.
The full version of the material on the Circle blog
What other data has been published? According to Circle, as of May 13, 2022, the collateral structure of the USDC centralized stablecoin consists of 22,9% ($11,6 billion) of cash dollars and 77,1% ($39 billion) of US Treasury bonds. A total of 50,6 million USDC are in circulation.
All reserves are held in US entities, the investment firm BlackRock and the Bank of New York Mellon. Circle stressed that one USDC can always be exchanged for one US dollar. The company undergoes regular audits and publishes reports on the reserves and the dynamics of the asset issue.
What events happened before? On May 12, the USDT stablecoin began to lose its peg to the dollar, with its price dropping to $0,95. CTO at Tether Limited, the coin issuer, Paolo Ardoino said on its official website that the company would continue to redeem assets for dollars at a one-to-one ratio. Tether paid out $300 million to users in 24 hours. On May 13, USDT restored its peg to the US dollar through token burning. Developers destroyed 3 billion USDT in one day using a special account called Tether Treasury.
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