Circle recently released a thorough breakdown of the USD Coin, also known as USDC. They revealed that they did this so that the goal of transparency in the world of DeFo can be achieved.
Transparency and community decisions are at the core of Decentralized Finance and one of the guiding principles too. Honoring those things, Circle released data that they had 75.6% of its reserves in the United States. The rest of the 24.4% is in cash at many regulated institutions in the world of finance.
They also shared on 30th June that they have $42.122 billion in short-term treasuries of the United States. And about $13.58 billion in the form of cash in various financial institutions all over the country.
For 2022 USDC has been climbing the rank amongst the stablecoins and has been on a roll. With Circle’s push for clarity, USDC has become a great option for people looking to invest in stablecoins. Not only are they much less volatile than their counterparts, but they also are stable as the name suggests.
Circle is expanding their operations beyond the US dollars and has bagged the Euro token too. They will be fully backed common currency coins, in the near future. With the Euro at its weakest in two Decades is the best time for Circle to expand operations across the pond. For the more cautious investors, stablecoins are the best way to minimize risks in the world of crypto. USDC is a great option if you want a great amount of transparency and a company that stays true to DeFi’s roots.
