Centre, a consortium that developed the stablecoin and was founded by Circle and crypto exchange Coinbase, unveiled the change and said it is “deepening its commitment to transparency” and “exploring new opportunities to collaborate with the community.”
Centre said in a blog post
“Mindful of community sentiment, our commitment to trust and transparency, and an evolving regulatory landscape, Circle, with the support of Centre and Coinbase, has announced that it will now hold the USDC reserve entirely in cash and short duration US Treasuries,”.... “These changes are being implemented expeditiously and will be reflected in future attestations by Grant Thornton.”
After several comments from policymakers about the inherent fragility of stablecoins, compounded with the upcoming Federal Reserve Jackson Hole meeting, there has been quite a bit of debate and discussion around the future of stablecoins in financial markets.
Stablecoins, stripped of the price volatility that so many link to bitcoin, is much more freely spent and used versus being held as part of an asset management plan. In other words, stablecoins can serve both as a bridge to broader crypto adoption as well as a functional alternative to fiat in the present.
As central bankers and other policymakers took a closer look at Global stablecoins and how they are actually becoming integrated into the global financial marketplace, the consensus is undergoing a dramatic shift.
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