ICYMI: Circle denies rumors USDC stablecoin is troubled amid market downturn
The first post, titled ““USDC has always been backed by the equivalent value of U.S. dollar denominated assets; USDC reserves are kept in the management and custody of leading U.S. financial institutions, including BlackRock and Bank of New York Mellon,” the post read, before launching into a lengthy disclosure on Circle’s reserves and procedures.
Allaire went on later in the thread to add: “It's understandable why some users would be paranoid given the history of hucksters in crypto. We have always tried to hold ourselves to the highest standards afford to us. That's enabled us to work with regulators, top-tier assurance firms, and leading FIs.”
He concluded by saying that crypto payments company Circle was"in the strongest position it has ever been in financially, and we will continue to increase our transparency.”In mid-June, Circle
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