Circle to Issue Weekly USDC Reserve Report — Tether Issues May 2022 Guarantee Report

Circle’s co-founder and CEO, Jeremy Allaire, announced that the cryptocurrency company issuing the stablecoin usd coin plans to provide the public with a weekly stablecoin holdings report. In addition, the company Tether has released an endorsement report on its stablecoin holdings through Cayman Islands audit firm MHA Cayman.

Circle CEO says the company’s stablecoin is “a very efficient pipe between the traditional electronic dollar and the digital currency dollar.”

The two largest stablecoin providers, Tether and Circle, areUSDT) and USD Coin (USDC) is fully backed by a reserve. The latest endorsement comes after the recent Theraus (UST) depegging event, where the UST fell from once stable $1 parity to $0.06 per UST today.

After the event, Circle published a blog post “How to Be Stable” on May 13, explaining that Circle’s USDC reserves are backed entirely by cash and short-term U.S. Treasuries. A week after the blog post, Circle’s co-founder and CEO Jeremy Allaire said that the company is now USDC Proof of reserve and liquidity of stablecoins.

“As promised a week ago, we now offer weekly reports on USDC reserve and liquidity operations,” Allaire said. Tweet. Allaire also shared. USDC Verification Report and go further said: “Over the past week, we have issued 8.6 billion USDC and redeemed 6.3 billion USDC, increasing our weekly net circulation by 2.3 billion USDC.” Circle CEO added:

What makes USDC such a great product is that it is easy to create and use, thanks to its seamless integration with existing global banking systems. As a result, customers can use it as a very efficient pipe between traditional electronic dollars and digital currency dollars.

According to the report, as of May 20, 2022, USDC’s circulation is $52.9 billion and Circle’s reserve is $53 billion. Of the USDC support, $12.8 billion is in cash and $40.2 billion is in US short-term holdings. treasury.

Out of the entire $1.3 trillion cryptocurrency economy, USDC USDC accounts for 3.95%, with USDC having global trading volume of $3 billion in the last 24 hours. Circle’s stablecoin is the second largest fiat-backed crypto token tied to the value of the US dollar.

Tether Issues May 2022 Warranty Report by MHA Cayman

This month Tether released an endorsement report written by auditor MHA Cayman, officially known as Moore Cayman. According to the report, Tether’s “total consolidated assets are at least USD 82,424,821,101, and the asset analysis stated in the CRR is materially accurate.” MHA Cayman says he has performed methods of attestation such as ISAE 3000, ISQC 1 and accountant liability according to the IESBA code.

Tether is the largest stablecoin crypto asset today, with 73.2 billion assets, according to data. USDT in distribution. company’s transparent page If the company is using Omni, Ethereum, Tron, EOSAlgorand et al.

Tether’s current market cap is equivalent to 5.44% of the $1.3 trillion cryptocurrency economy. USDT Over the past day, we’ve seen $31 billion in world trade. In fact, 47.71% of Bitcoin (BTC) were all paired with trades in the last 24 hours. USDTAnd 48.77% of the total Ethereum (ETH) Swap was paired with Tether this weekend.

tags in this story

Algorand, Assurance Reports, CoinGecko, EOS, Ethereum, Fiat Tokens, Fiat-Pegged, Jeremy Allaire, MHA Cayman, omni, Stablecoin, Stablecoin Caps, stablecoin trading, Stablecoin trading, Stablecoin trading volume, Stablecoins, Tether, Tether (USDT), trading Volume, Transparent Pages, Tron, USDC, USDT, Weekly Assurance

What do you think of Circle and Tether’s preliminary warranty reports? Let us know what you think of this topic in the comments section below.


Jamie Redman

Jamie Redman is a news lead for News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for News about the disruptive protocols emerging today.

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