Jeremy Allaire, co-founder and CEO of stablecoin usd cryptocurrency company Circle, plans to provide the public with weekly reports on stablecoin stocks. announced that it plans to provide the public with weekly reports on stablecoin stocks. In addition, Tether, through its Cayman Islands-based accounting firm MHA Cayman, has also released a report on the assurance of its stablecoin reserves.
Circle’s CEO stated that the company’s Stablecoin is “a very effective conduit between legacy electronic dollars and digital currency dollars.”
The two largest stablcoin providers, Tether and Circle, want to assure the public that Tether (USDT) and USD Coin (USDC) are fully reserve-backed. This assurance follows the recent Terraud de pegging (UST) event, which saw the UST fall from a once stable parity of $1 to today’s $0.06 per UST.
After this event, on May 13, Circle published a blog post titled “How to Be Stable,” explaining that Circle’s USDC reserves are fully backed by cash and short-dated U.S. Treasury bonds. A week after the blog post, Circle co-founder and CEO Jeremy Allaire explained that the company would be offering USDCcertificatesevery week. USDCcertificates of stablcoin reserves and liquidity.
“As promised a week ago, we now provide weekly reports on USDC reserves and liquidity transactions.” Allaire chirpedAllaire also shareda report on USDC guarantees, and furthersaid: “In the past week, we issued USDC 8.6 billion, redeemed USDC 6.3 billion, and increased our net weekly distribution by USDC 2.3 billion.” Circle’s CEO added
What makes USDC such a great product is that it is easy to create and redeem, and it integrates easily with existing global banking systems. As a result, customers can use it as a highly efficient conduit between legacy electronic dollars and digital currency dollars.
According to the report, as of May 20, 2022, there was $52.9 billion in coins (USDC) in circulation, with reserve collateral in the circle of $53 billion Of the USDC reserve collateral, $12.8 billion is held in cash and $40.2 billion in short-term US Treasury bonds.
Of the total $1.3 trillion crypto economy, USDC accounts for 3.95% and USDC’s global trading volume was $3 billion in the last 24 hours. Stubblecoin Circle is the second largest fiat cryptocurrency pegged to the value of the U.S. dollar. Token.
Tether publishes assurance report written by MHA Cayman in May 2022
This month Tether ) who wrote the assurance report. The report states that “Tether’s total consolidated assets were at least $82,424,821,101 and the asset breakdown reported in the CRR is substantially accurate.” MHA Cayman has conducted a number of assurance procedures, including accounting duties in accordance with ISAE 3000, ISQC 1 and the IESBA Code. It claims to have implemented certification practices.
According to coingecko.com, $73.2 billionof Tether is currently in circulation, making it the largest crypto-asset among stable cryptocurrencies today. usdtis in circulation. According to the company’s transparency page, its total assets on blockchains such as Omni, Ethereum, Tron,EOSare $78.4 billion. with total assets of $78.4 billion on blockchain technologies such as Algorand.
Tether’s market capitalization today is 5.44% of the $1.3 trillion crypto economy, and. global USDTtrading volume reached $31 billion last day. In fact, 47.71% of all bitcoin transactions (BTC) in the last 24 hours were related toUSDTand 48.77% of all Ethereum swaps (ETH) this weekend were related to Tether.
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