USDC to Be Backed 100% by Cash, US Treasuries From September
1 min ago•1 min read•Altcoins
Stablecoin USDC will be 100% backed by cash and short-term U.S. Treasuries by September, developer Circle announced.
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 Treasuries, 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 the firm 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 Federal Reserve, U.S. Treasury, Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).