Reports according to Circle, the crypto company running the USDC stablecoin is indicating that the firm as at present has 22,176,182,251 of it coins in circulation.
The USDC coins according to the crypto platform is worth $22,176,182,251 in assets.
This report may however validate that the USDC coin is at a 1:1 ratio to the dollar.
The report also reveals that the USDC coin currently in circulation has increased by over 2,600% since the turn of 2021 with more than 80% of all its reserves being in deposit certificates and commercial papers.
This report is coming on a backdrop of the meeting with the Financial Markets President’s Working Group to enable it to drive the regulation of stablecoin in the United States.
Speaking on the company’s commitment to transparency, Jeremy Allaire, CEO at Circle in a blog post asserted:
“Indeed, as pioneers in the digital currency industry, Circle, together with Centre Consortium, have evolved a reserve management model that is more conservative and transparent than comparatively regulated digital payments systems and financial technology (FinTech) organizations.”
Based on the current market valuation, the USDC is the second-largest stablecoin.
However, the firm and other related crypto platforms have been under close monitoring by the US and Chinese governments.
These governments have expressed concerns over stablecoin lacking the required financial assets. that can guarantee what the coin and hold and distribute.
Circle has, however, continued to publish reports that can verify the quantity of stablecoin in circulation backed by financial assets.
According to Jeremy, it isn’t clear if any self-regulation is actually adequate, therefore it will be quite interesting to see if the government kind of regulation will work.
Concluding the CEO said that he looks forward to seeing more opportunities for disclosure.
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