- USDC witnesses significant growth in liquidity and transparency.
- PayPal’s latest announcement stirs stablecoin discussion.
- Circle celebrates issuing $5B and redeeming $6.6B worth of USDC.
Amid the stablecoin hype thanks to PayPal’s latest announcement, Jeremy Allaire, CEO of Circle shares some USDC updates. In particular, Allaire says USDC saw significant growth in liquidity and transparency, solidifying its position in the digital asset market. Specifically, it saw this growth in just the past month alone.
In detail, Circle, the company behind USDC, proudly announces a huge milestone. So far, Circle is celebrating an issuance of $5 billion worth of USDC. In turn, it has redeemed $6.6 billion demonstrating the coin’s widespread adoption and utility.
Moreover, one of the key factors contributing to USDC’s success is its public and transparent banking infrastructure. With 24/7/365 minting and burning capabilities, users enjoy seamless access to USDC. Additionally, Circle’s wire settlement service, available in nearly 90 countries, further enhances the token’s accessibility and global reach.
Next Allaire points out how transparency is a paramount focus for USDC. The entity holds monthly attestations of reserves by Deloitte. The reserves, including T-bill and repo positions, are also reported daily through USDXX, a fund registered with the Securities and Exchange Commission (SEC) and subject to strict supervision.
Currently, USDXX accounts for 93% of USDC reserves, providing an extra layer of trust for users and investors alike. In contrast to many other stablecoins, USDC users benefit from fee-free minting and burning. This attractive feature has contributed to the growing popularity of USDC as a preferred digital asset for various transactions and investment activities.
Circle Looks Forward to Global Expansion
Excitingly, Allaire also shares his pleasure in announcing Circle’s ongoing expansion of its global banking and liquidity network. By collaborating with high-quality banks across major regions, Circle aims to offer local settlement rails and facilitate globally distributed minting and burning processes for USDC.
This expansion ensures a robust and reliable infrastructure, providing users with the best possible connectivity within the regulated financial environment. USDC’s commitment to compliance and transparency has resonated positively with the crypto community.
Lastly, Allaire ends his message by saying Circle is doing its best to do things by the book. Therefore, they are functioning well within a regulated environment making it possible for Circle to provide the best TradFi connectivity in the world.
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