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USDC to Be Backed 100% by Cash, US Treasurys
The USDC developer revealed last month that only 61% of tokens were backed by "cash and cash equivalents."
Updated Sep 14, 2021, 1:43 p.m. Published Aug 23, 2021, 12:25 p.m.
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Stablecoin USDC will be 100% backed by cash and short-term U.S. Treasurys by September, developer Circle announced.
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- Circle revealed last month that only 61% of tokens were backed by "cash and cash equivalents," referring to cash and money-market funds.
- The September attestation published by Circle will show that all USDC reserves are held in cash and short-term U.S. government Treasurys, the company announced Sunday.
- Circle revealed plans in July to go public via special purpose acquisition corporation (SPAC) Concord Acquisition Corp. in a deal that would value Circle at $4.5 billion.
- Earlier this month, Circle announced its desire to become "a full-reserve national commercial bank" operating under the supervision of the U.S. Federal Reserve, U.S. Treasury Dept., Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC).
Read more: Coinbase Says USDC Reserves to Be Held In Cash, Short-Term Treasurys From September
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Lebih untuk Anda
Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.
Yang perlu diketahui:
- Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
- Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
- Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.
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