Circle CEO Jeremy Allaire Says Company Amping Up Transparency Amid Crypto Market Troubles

The chief executive officer of blockchain-focused payments platform Circle says that the firm is stepping up its efforts to be transparent as some companies in the crypto space face existential threats.

Circle CEO Jeremy Allaire tells his 100,000 Twitter followers that Circle isn’t going to be shy when it comes to releasing information about the company and its stablecoin USD Coin (USDC).

One of the articles shared by Allaire highlights that USDC is “fully backed” by the equivalent value of assets denominated in US dollar.

“The USDC reserve is held entirely in cash and short-dated US government obligations, consisting of US Treasuries with maturities of three months or less.

As of 12:00 pm EST Friday, May 13th, 2022, the USDC reserve consisted of $11.6 billion cash (22.9%), $39.0 billion US Treasuries (77.1%), for a total of $50.6 billion (100%), and there were 50.6 billion USDC in circulation.”

At time of writing, USDC has a market capitalization of $55.90 billion with 55.79 billion USD Coin in circulation.

According to the CEO, Circle is in a great financial position and the firm will increase transparency on its operations as traders continue to stay on heightened alert. Allaire also says that upcoming stablecoin regulations should increase investor confidence.

“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 financial institutions…

Circle is in the strongest position it has ever been in financially, and we will continue to increase our transparency. For what it’s worth, we are also encouraged by emerging regulatory frameworks for stablecoin issuers, which should help further increase confidence in issuers like Circle.”

Circle’s announcement comes after a slew of crypto companies, such as digital assets lending platform Celsius, crypto exchange Voyager Digital and crypto hedge fund Three Arrows Capital, witnessed financial struggles. The firms have either collapsed or halted withdrawal services.

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Source: https://dailyhodl.com/2022/07/04/circle-ceo-jeremy-allaire-says-company-amping-up-transparency-amid-crypto-market-troubles/