Circle
Circle CEO Jeremy Allaire on Impact of Biden Administration’s Stablecoin Report
The President's Working Group on Financial Markets (PWG) released a report and recommendations on stablecoins, urging lawmakers to subject stablecoin issuers to the same strict federal oversight as banks. Jeremy Allaire, CEO of stablecoin USDC issuer Circle, discusses the report's potential impact on his firm, USDC, and stablecoin regulation.
SEC Subpoenas USDC Stablecoin Backer Circle
Circle, a key supporter of the USDC stablecoin, revealed in a regulatory filing that it received an “investigative subpoena” from the SEC’s Enforcement Division in July, potentially about the assets backing USDC. “The Hash” team discusses the latest escalation by SEC Chairman Gary Gensler’s signaling federal scrutiny of crypto is on the rise.
Circle CEO Jeremy Allaire on Stablecoins
Jeremy Allaire of neo-bank Circle digs into the world of stablecoins as the issuer of the second-largest stablecoin by market cap USDC. He joins "First Mover" live from the 2021 SALT Conference in New York to share his insights into USDC's backings, growth of stablecoins, tether (USDT)'s reserve breakdown, and his reactions to Coinbase receiving a SEC Wells notice over its lending product. Plus, insights into Circle's future plans as it prepares to go public.
Circle: USDC to Be Backed 100% by Cash, US Treasurys by September
By September, Circle announced its stablecoin USDC would be 100% backed by cash and short-term U.S. government Treasurys. This following the USDC developer revealing in July only 61% of tokens were backed by cash and money-market funds, amid plans to go public via a SPAC deal that would value the firm at $4.5 billion.
USDC Builder Circle Wants to Become a ‘Full-Reserve National Commercial Bank’
“The Hash” hosts discuss the industry implications for Jeremy Allaire’s Circle, a neo-bank and stablecoin USDC issuer, intending to become “a full-reserve national commercial bank.” “This is an ambitious plan, but the idea of having an FDIC-insured digital asset bank would be very notable for the sector,” host Zack Seward said.
BlockFi Receives Cease and Desist Order From New Jersey Attorney General
Crypto lending platform BlockFi has received an order from New Jersey’s acting attorney general (AG) to halt its Interest Account (BIA) operations in the U.S. state. CoinDesk’s Nikhilesh De discusses the implications for BlockFi and its clients. Plus, his take on Circle’s breakdown of its assets backing the stablecoin USDC.
Circle: USDC Backed 61% by Cash and Cash Equivalents
In its latest attestation report, global payments company Circle revealed Tuesday about 61% of its stablecoin USDC is backed by “cash and cash equivalents,” meaning cash and money market funds. “The Hash” panel discusses Circle’s breakdown of its asset reserves, at least partially answering swirling questions about how USDC is supported.
Circle’s Transparency Pledge
Circle’s CEO, Jeremy Allaire, promised to make the company ”the most public and transparent operator of full-reserve stablecoins.” Circle began issuing quarterly attestation reports to prove that its assets are fully backed; however, the reports don’t state what the assets are backed by. “The upper echelons of Tether truthers are now bringing the same questions to Circle that they’ve brought to Tether,” Zack Seward, CoinDesk’s Deputy Global News Editor, said.
Circle CEO Jeremy Allaire on Taking His Company Public
Jeremy Allaire of Circle, an issuer of stablecoin USDC, says he vows to make his company “the most public and transparent operator of full-reserve stablecoins in the market.” Allaire discusses taking his company public and the mission to increase transparency around USDC.
