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The United States dollar’s place as a global reserve currency will be under threat if Congress isn’t quick to regulate stablecoins, warns the CEO of Circle.On July 13, Jeremy Allaire appeared in a two-minute video by Circle, the issuer of USD Coin (USDC), targeted at lawmakers.It comes as bipartisan digital
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"To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CryptoX in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At
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Stablecoin issuers Circle and Tether have frozen over $65 million in assets tied to the suspected exploit of cross-chain router protocol Multichain. The move follows unexplained large outflows from the Multichain MPC bridge on July 6. According to the knowledge graph protocol 0xScope, three addresses that received at least $63.2 million
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Following the detection of a substantial token movement from Multichain’s bridging networks to an undisclosed address, the platform has temporarily suspended its services. On-chain investigators had previously speculated about a potential multimillion-dollar exploit as they observed
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Circle, the company behind the second-largest stablecoin USDC, has announced the beta testing of a new service enabling developers to integrate web3 wallets into their applications. USDC stablecoin issuer, Circle, has initiated a wallet-as-a-service program targeted at
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The issuer of the USDC Circle is reportedly exploring the possibility of launching a stablecoin in Japan following the implementation of new crypto regulations in the Asian nation. In an interview with CryptoX, Jeremy Allaire, the
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Stablecoin issuers will have to abide by tough rules. Stablecoins must be pegged to the yen or other legal tender and guarantee holders the right to redeem them at face value. Only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A recent report by Bloomberg states that Circle, the issuer of the USDC stablecoin, emerged as a primary recipient of support from the government-backed rescue of Silicon Valley Bank (SVB). According to the information acquired from the
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied SAP, the German software company, has embarked on cross-border payment testing by utilizing Circle’s USDC stablecoin, aiming to address the complexities associated with international money transfers. The company’s experimentation with the widely recognized stablecoin was disclosed in
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Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank (SVB) in March.According to a June 23 report from Bloomberg, the Federal Deposit Insurance Corporation (FDIC) provided documents suggesting that Circle, Sequoia and others were covered for
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