US Stablecoin Bill Could Establish World's Most Reliable Stablecoin
The Web3 industry in the United States is keeping a close eye on regulatory developments, especially as the Securities and Exchange Commission intensifies its crackdown on cryptocurrency exchanges. Despite this, Corey Then, vice president of global policy at Circle, remains optimistic and believes that U.S. regulatory developments could favor local players. He sees potential in the recently released draft stablecoin bill from the U.S. House Financial Services Committee, which could establish the world's most reliable stablecoin by mandating that stablecoin issuers maintain reserves to back their stablecoins on at least a one-to-one basis. Circle CEO Jeremy Allaire also believes that regulation would benefit the cryptocurrency industry by increasing consumer confidence and sees stablecoin bills as an opportunity to ensure safe access to dollars and decrease transaction costs for consumers.
Stablecoin Issuers Spend Over a Million Dollars Lobbying Lawmakers on Capitol Hill for Regulatory Framework
Stablecoin issuers, including Tether and Circle, have spent over a million dollars lobbying lawmakers on Capitol Hill since the beginning of 2022. This comes as pressure mounts to establish a regulatory framework for dollar-pegged digital assets. Tether has spent around $600,000 on lobbying efforts so far this year, while Circle has spent at least $560,000. The lobbying efforts have focused on educating policymakers on stablecoin and cryptocurrency issues and monitoring cryptocurrency proposals.
Circle's Cross-Chain Transfer Protocol Enables Seamless USDC Transactions and Unifies Liquidity Across Web3 and DEXs
The recent announcement from Circle about the mainnet availability of their Cross-Chain Transfer Protocol (CCTP) is a significant step towards achieving interoperability across different blockchains. This permissionless protocol enables USD Coin (USDC) to flow natively across supported blockchains, providing an unparalleled level of interoperability, security, liquidity, and simplified user experiences.
ParaSpace CEO Denies Allegations of Mismanagement of Recovered Funds in NFT Financialization Protocol
ParaSpace, a nonfungible tokens (NFT) financialization protocol, has been embroiled in controversy after its CEO, founder, and CTO Yubo Ruan was accused of mismanaging funds equaling 2,909 Ether (ETH) recovered through a white-hat interception that occurred on March 18. Ruan has denied any wrongdoing and claims that the allegations are an attempt to force him to step down as CEO.
Circle CEO Jeremy Allaire says firm no longer holds long-term U.S. Treasuries
Circle CEO Jeremy Allaire announced on May 10 that his stablecoin firm no longer holds long-term U.S. Treasuries, specifically those that mature after June 2023. Allaire cited concerns over the U.S. government's ability to pay its debts as the reason for this decision. This comes after U.S. Treasury Secretary Janet Yellen warned that the government could default on its debt in the near future, causing widespread concern. Circle's USDC stablecoin is backed by a variety of assets, including Treasuries, and this move could have significant implications for the company's reserves.
Circle Mints $140 Million USDC for Big Buyer, Ethereum Foundation Transfers 15,000 ETH to Kraken
Circle, the issuer of USDC stablecoin, minted $140 million worth of USDC and transferred it to Coinbase on behalf of a big buyer.
Binance, Circle Chime In on UK’s Proposed Crypto Regulatory Framework
Crypto exchange Binance and stablecoin issuer Circle submitted feedback to the UK government as the country considers a new framework to govern both trading and lending of digital assets.
Circle CEO Jeremy Allaire Speculates on the Number of AI Bots Operating On-Chain Treasury Accounts
He highlighted the potential of GPT-4, the next generation of OpenAI's language model, to generate high-quality smart contract code.
USDC Circulation Drops by $500 Million as Circle Issues $700 Million and Redeems $1.1 Billion
April 29 (Cointime) - According to Circle's official website, the firm issued a total of USD 700 million in USDC and redeemed USD 1.1 billion in USDC between April 20 and April 27, resulting in a net reduction of USD 500 million in circulation.
Circle's USDC Sees Net Reduction of $500 Million in Circulation in One Week
As of April 27, USDC had a total circulation of $30.5 billion and reserves of $30.7 billion, consisting of $5.2 billion in cash and $25.5 billion in Short-Dated US Treasury.
Crypto Morning Briefing: UK Treasury Opens Tax Policy Consultation on DeFi Staking and Lending
Robinhood Introduces Robinhood Connect To Enhance DeFi Accessibility; Circle Policy Head Shares Key Predictions on Potential Digital Euro; Shiba Inu Whales Unload Billions Amid SHIB Price Retreat
Circle Policy Head Shares Key Predictions on Potential Digital Euro
Patrick Hansen, the Director of EU Strategy and Policy at stablecoin issuer Circle has shared some key predictions concerning the proposed Central Bank Digital Currency (CBDC) for the European Union. While the CBDC, also dubbed the Digital Euro is yet to be launched, Hansen said should it be launched, it will exist in three different forms.
Regulatory Uncertainty and Banking Crisis Could Push Investors Outside the US: Circle CEO
Jeremy Allaire – CEO of Circle Internet Financial Ltd. – argued that US investors could soon relocate due to the lack of proper regulations and the growing banking crisis.
Circle Launches Cross-Chain Transfer Protocol (CCTP) Mainnet Enabling Transfer of USDC Between Ethereum and Avalanche
With CCTP, users can securely and efficiently transact with USDC in a multi-chain ecosystem, thereby enhancing capital efficiency and security.
Crypto Morning Briefing: Voyager Lawyers ‘Surprised’ Binance.US Canceled $1B Deal
SushiSwap to Propose Tokenomics Changes to Promote Uniswap v3 Adoption; Bahamas Calls for Tougher Regulation to Curb FTX-Like Situations; Circle Activates Protocol for Stablecoin Transfers Between Ethereum and Avalanche
Circle Activates Protocol for Stablecoin Transfers Between Ethereum and Avalanche
Circle, the creator of the USD Coin stablecoin, released the Cross-Chain Transfer Protocol CCTP for Ethereum and Avalanche chains, enabling users to move their USDC stablecoin between blockchains.
Circle Launches Cross-Chain USDC Transfer Protocol for Ethereum, Avalanche
Circle has launched a mainnet protocol that enables users to transfer its US Dollar Coin (USDC) between Ethereum and Avalanche. The Cross-Chain Transfer Protocol (CCTP) does not use a traditional bridge but instead destroys tokens sent to its contract and issues new ones on the receiving network. Users can redeem the new tokens for bank deposits by depositing them with Circle or its partners. Fragmentation of USDC tokens on various networks is expected to decline and Circle anticipates the protocol will improve liquidity and capital efficiency in DeFi. The largest cross-chain protocols have pledged to use CCTP, including Celer, Hyperlane, LayerZero, LI.FI, MetaMask and Wormhole.
Circle CEO Blames US Crypto Crackdown for Declining USDC Market Cap
Circle CEO Jeremy Allaire has said that the US regulatory crackdown was a major factor behind stablecoin USD Coin's (USDC) declining market capitalization. Allaire noted that there is "huge amount of concern globally about the US banking system" and the "regulatory environment in the US." USDC's market cap has been cut nearly in half, currently sitting at $30.7 billion, following the banking crisis and its depeg from the US dollar earlier this year. Coinbase had also warned that the lack of regulatory clarity may force crypto companies to look for opportunities overseas. Allaire believes the US will be left behind without regulatory clarity.
Circle’s Fed Payment Rail Goal Could Be Crushed by NY Fed’s Policy Change
The New York Federal Reserve has updated its guidelines to determine which parties are eligible to participate in its reverse repurchase agreements (RRP), potentially hindering Circle's access to the Fed's reverse-repurchase program. The Circle Reserve Fund, its money market fund managed by BlackRock, is a 2a-7 fund that is only available to Circle and could be "deemed ineligible" according to the Fed's statement. Approval into the Fed's program would allow Circle to earn interest on excess funds by investing in low-risk Treasury securities, helping to maintain the stability of its stablecoin, USD Coin (USDC). Circle has turned its focus to having "more banking partnerships on a global basis" since the depeg of USDC following the collapse of Silicon Valley Bank (SVB) on March 10.
Breaking: USDC-Issuer Circle CEO Hints At US Exit
Circle CEO Jeremy Allaire has stated that regulatory burdens and a push by regulators to debunk the crypto market are causing the market value of USD Coin (USDC) stablecoin to continue falling. He revealed that investors are looking to "de-risk out of the US" due to a lack of regulatory clarity in the country.
