Coinbase Says USDC Reserves to Be Held In Cash, Short-Term Treasurys From September
Right now•1 min read•Altcoins
Coinbase President and COO Emilie Choi said in a tweet that the crypto exchange’s earlier language, that every USDC is “backed by a dollar in a bank account,” could have been clearer.
Coinbase "should have moved faster" to update such statements on its website when Circle shared its May report on USDC reserves in late July, Choi wrote. "That was a mistake and Coinbase takes ownership for that." Choi also wrote that "USDC has always been fully backed by reserves equal to or greater than the USDC in circulation, giving users the ability to always redeem 1 USD Coin for US$1.00." Changes in the investment portfolio for USDC reserves began in May 2021 and will not extend past September, Choi wrote.