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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.

USDC stablecoin reserves are mostly backed by US treasuries and cash deposits, but it depegged from the US dollar during the banking crisis after US regulators closed three crypto-friendly banks, leading to heightened scrutiny on stablecoins by regulators after recent crises in the industry. Circle has frozen USDC in blacklisted wallet addresses after the U.S. Treasury Dept's OFAC sanctioned crypto mixers like Tornado Cash, causing concerns among investors globally.

More：

NY Fed Policy Change Could Squash Stablecoin Issuer Circle’s Hope for Fed Access

Circle’s Allaire Signals Risks in US Are Impacting USDC Stablecoin

US Crackdown to Blame for Fall in Value of USDC, Circle CEO Jeremy Allaire Says

USDC USDC $1.00
+0.03%
Circle stablecoin
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