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“From the start, we’ve managed the USDC reserve to minimize risk – liquidity, counterparty, operational, reputational and more – so that USDC holders can be confident their money is sound and redeemable 1:1 for U.S. dollars at any time,” the company said in a statement. Placing the assets in a
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Because the U.S. dollar is the world’s reserve currency, the Federal Reserve is by default “the central banker to the world,” Bove argues, which means that if the Fed tightens, all other major central banks must follow suit if they want their country’s currency to remain on the same level
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With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S., President
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The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any
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One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency. Enhancing Credibility of
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Stablecoin issuer Tether has hit back at a Wall Street Journal article that claimed its balance sheet comprised of "unsafe assets." Original Source
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"The benefits of instant payments are increasingly important to consumers and businesses, and the ability to provide this service will be critical for financial institutions to remain competitive," Ken Montgomery, FedNow Service program executive, said in the central bank’s press release. Original Source
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Following the collapse of Terra and its ecosystem, there is a considerable reduction of confidence in stablecoins, especially Tether. Most participants in the crypto space have increased doubts about the level of stability with stablecoins. While many are treading more caution on most projects, some have made a complete back-out. That’s
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Circle Internet Financial has released a full breakdown of its USD Coin (USDC) holdings for the first time — a move designed to offer transparency and instill greater trust ain the stablecoin issuer. As of June 30, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries
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Circle Internet Financial has revealed a usd coin custody partnership with the American bank holding company New York Community Bancorp (NYCB). Under the agreement, NYCB’s subsidiary, New York Community Bank, will become a custodian for the company’s stablecoin reserves. Circle Partners With New York Community Bancorp On Tuesday, Circle announced that
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