Circle CEO Says USDC Stablecoin Provider Is in 'Strongest Position' Ever
USDC Stablecoin
Modified Date:- Published Date:-Categories: Cryptocurrency
Circle CEO Says USDC Stablecoin Provider Is in 'Strongest Position' Ever
Jeremy Allaire, the CEO of the financial service company Circle, moved to quell rumors that the firms USDC stablecoin is on the brink of collapse.In a Twitter thread published over the weekend, Allaire said he can understand why the crypto community would be paranoid about USDC, taking into account the recent collapse of several prominent crypto projects.
Circle’s CEO remarks come amid rumors that the firm is at risk of defaulting on its USDC reserves due to the large interest payments it must fulfill to crypto-centric banks like Signature and Silvergate.The stablecoin is also being used in lending activities involving Genesis, BlockFi, Celsius, Galaxy, and Three Arrows Capital (3AC). Each of these crypto firms has been caught up in a liquidity crisis that has rippled across the entire industry.
Circle's USDC scheme is on the brink of collapse. If you read their SPAC IPO filings its clear they have been losing money constantly but theres something dirtier happening underneath. They're at major risk on defaulting on USDC reserves.
He added that Circle would share a blog post this week on Circle Yield—the company’s short- and long-term yield interest rate product built entirely on the USDC stablecoin, stressing that the product in question is both regulated and over-collateralized, and is offered to only accredited investors, with whom Circle ”had zero issues.”
Jeremy Allaire, USDC Reserves ,Genesis, BlockFi, Celsius, Galaxy, 3AC, Circle's USDC, Stablecoin, Crypto Firms, Crypto Project