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Stablecoin issuer Circle has reportedly adjusted its reserves treasury in an effort to reduce the risks of United States debt defaults.hadAccording to a May 10 Politico newsletter, Circle CEO Jeremy Allaire said that the firm has adjusted the mix of reserves backing its USD Coin (USDC) by switching to short-dated
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“With CCTP, developers can simplify the user experience and their users can trust that they are always transacting with a highly liquid, safe and fungible asset in native USDC. This milestone makes USDC a natively multi-chain digital dollar,” Joao Reginatto, vice president of product, said in a press release. Source
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“We've successfully navigated this crisis, and have actually upgraded the market infrastructure behind USDC to be by far the strongest, safest digital dollar on the internet today, hands down, there's no question,” Allaire said onstage at CryptoX’s Consensus conference in Austin. Source
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Circle, the creator of US Dollar Coin (USDC), has launched a mainnet protocol that lets users transfer USDC between Ethereum and Avalanche, according to an April 26 announcement. Previously, Avalanche users who held USDC on Ethereum had to deposit their coins with a Circle partner or use a third-party bridge
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Circle CEO Jeremy Allaire says that a cryptocurrency crackdown by the United States regulators has been a major factor behind the declining market capitalization of its stablecoin, USD Coin (USDC).Circle chief’s comments on the U.S. crackdown come amid heavy regulatory scrutiny following the collapse of the FTX exchange, a banking
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Maker, one of the largest decentralized lending protocols, is led by a decentralized autonomous organization (DAO), in which holders of its native maker (MKR) token vote on proposals. The protocol also issues the $5 billion DAI stablecoin, backed by some $7 billion worth of assets in Maker’s reserves. Original Source
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Tether USD (USDT), the largest stablecoin by market capitalization, is witnessing an impressive surge in its valuation, having recently hit an 11-month-high market cap. Meanwhile, USD Coin (USDC) and Binance USD (BUSD) have each observed record declines in their respective market capitalizations. USDT market cap chart on April 10 | Source: CoinMarketCap
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The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted. Source
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On a long enough timeline, another significant stablecoin test, like the one that faced USDC, is inevitable. The reasons for the next one will be difficult to predict, and likely different from the last one. While opacity and a nonchalant approach to reserve management may not have been punished this
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USDC, the key stablecoin in decentralized finance, temporarily lost its dollar peg earlier this month after the collapse of its key banking partner. Source
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