USD Coin (USDC) is a stablecoin that is pegged to the US dollar. USDC is classified as a centralized stablecoin, backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. It is issued by Circle.
USD Coin (USDC)
USD Coin (USDC) is a stablecoin that is pegged to the US dollar. USDC is classified as a centralized stablecoin, backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. It is issued by Circle.
At the end of May, when everyone was watching the U.S. debt ceiling drama, Blackrock, the manager of Circle stablecoin reserves, precautiously moved the holdings from T-bills to commercial banks. Now that the storm alert has passed, T-bills have started to appear on the balance sheets again.
Circle is finding its way past a rough year. In the last couple of months, the FinTech company launched USDC on Arbitrium, Euro Coin on Avalanche and introduced its own cross-chain bridge protocol.
Circle is finding its way past a rough year. In the last couple of months, the FinTech company launched USDC on Arbitrium, Euro Coin on Avalanche and introduced its own cross-chain bridge protocol.
At the end of May, when everyone was watching the U.S. debt ceiling drama, Blackrock, the manager of Circle stablecoin reserves, precautiously moved the holdings from T-bills to commercial banks. Now that the storm alert has passed, T-bills have started to appear on the balance sheets again.
On March 20, a vote was opened for the MakerDAO community to ‘normalize’ the parameters of the Price Stability Module (PSM). As a result, USDC remained the main reserve asset of PSM.
After the failure of three U.S. banks (with varying degrees of crypto exposure) in the space of a week last month, the sector seems to have settled back into relative calm, at least for the time being. So it would seem like the perfect opportunity for a recap.
In a new report, Moody's analyzed the impact of the traditional banking system on stablecoins, as well as the possible tightening of regulation against the background of the recent banking crisis.
The move makes Gibraltar-based Xapo the first fully licensed bank in the world to offer USDC on-and off-ramps as a fast, free, 24/7 alternative to the expensive and slow SWIFT system used for international payments.
