Circle To Reserve USDC In More Conservative Investments
Coinbase COO has provided an update regarding the United States Dollar Coin (USDC). Emilie Choi revealed that the company’s USDC reserves will now be in fiat and short-term US treasuries.
She further stated that USDC reserves have been chiefly higher than the ones in circulation. Thus, holders could change one USDC for $1 at any time. Also, the stablecoin’s supply has dipped slightly since this month. Also, it has experienced a 600% growth, performing three times better than USDT.
Circle Expands Beyond Fiat And Fiat Equivalents
Last month, Circle clarified details about its stablecoin reserves when it released a thorough breakdown of the backed funds’ composition. In this report, Circle admitted being slow in providing an update about the USDC reserves, saying, “we along with Center and Coinbase chose the above decision to affirm our dedication to honesty and considering our allegiance to the ecosystem.”
The COO reiterated that the modifications to these USDC reserves’ investment charts started three months ago and would reach completion by next month. Choi also said she hoped that the USDC investment profile would return to being “more conservative.” Circle further revealed that it is seeking to be on more blockchains and is almost at the end of creating a new virtual asset that is non-dollar based, which will span across four continents.
66 Billion USDT Are In Circulation
Tether’s transparency report reveals that the amount of USDT in supply is double that of USDC. More than 70% of the 66B USDT in supply is on Justin Sun’s Tron platform. Strangely, Tether has grown a little over 200% since the start of this year compared to USDC’s almost 600% growth within the same period.
Despite Tether’s lead counsel claiming that Tether’s audit will happen soonest, the company is yet to reveal any specific schedule about it. Like USDC, USDT is also pegged 1:1 to the US dollar. But its lead counsel claimed that the USDT reserves are in diversified conservative investments.
There are many public outcries over USDT backing since it is general knowledge that more than $43m USDT has been minted since January 2021 alone. Hence, users and regulators are expecting a complete audit sooner than later.
Coinbase Takes The Criminal Fight To A New Level
Following various hacker exploits within the cryptocurrency space, leading players in the industry have been making frantic efforts to improve security within the space. One of such efforts comes from Coinbase. The top exchange revealed that it is providing a live channel dedicated to complaints regarding fraud on users’ crypto accounts.
Anyone suspecting fraudulent activity on their account can quickly connect with this channel to hasten investigation for necessary action. The company opined that a live channel (in place of email and support ticket) would make inquiries and investigations faster when there is any suspected fraud case.
Coinbase also announced an increase in the security of its users’ accounts. Hackers are becoming a serious menace to the digital asset space, and the faster they are stopped, the better it will be for the industry.
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