Nearly 65% of USDC Reserves are Held as US Treasury Bills
According to Circle’s most recent reserve report, around 65% of all USD Coin (USDC) reserves are held as US treasury bills. Circle held $43.4 billion in USDC reserves to back 43.23 billion USDC in circulation as of Nov. 30, 2022. Of these reserves, $12.79 billion lay in the Circle Reserve Fund, a registered government money market fund wholly owned by Circle and managed by BlackRock. The fund’s holdings included 12 US treasury bills as of Nov. 30. Circle created its Reserve Fund on Nov. 3, and in less than a month, it transferred around 29.5% of the stablecoin reserves to the fund. Since then, Blackrock’s disclosures information reveals that “USDC reserves invested in the Circle Reserve Fund have risen to around $28.6 billion, or 65%,”. (cryptoslate)
Circle USDC Circulation Dropped by $600 Million in the Past Week
According to Circle, from December 29th to January 5th, Circle issued a total of USD 3.6 billion USDC, redeemed USD 4.2 billion USDC, and circulation dropped by USD 600 million. As of January 1, the total circulation of USDC was 43.7 billion US dollars, and the reserve was 43.9 billion US dollars, including 5.8 billion US dollars in cash and 38.1 billion US dollars in short-duration U.S. treasuries.
Crypto Technology Will Shift Towards 'Steadier Hands' in 2023: Circle CSO
Circle's chief strategy officer and head of global policy, Dante Disparte, believes that the turmoil in the crypto sector over the last year could mark the handover of crypto technology to more durable companies and "steadier hands" in 2023. In a Jan. 2 post for The World Economic Forum (WEF), Disparte highlighted the growing use of crypto in the financial services sector and opined that the ongoing bear market and exchange collapses may ultimately be a boon for the industry, paving the way for "responsible, always-on internet finance." (Cointelegraph)
Circle USDC Circulation Dropped by $900 Million in the Past Week
From December 15th to December 22nd, Circle issued a total of 4.6 billion USDC, redeemed 5.6 billion USDC, and the circulation decreased by 900 million USD.
New $60M web3 Fund From Axelar Offers Close Support From Circle, Polygon
The interchain communication protocol, Axelar, has announced a $60M funding program to drive innovation for web3 startups building during the bear market.
Mizuho Downgrades Crypto Exchange Coinbase to ‘Underperform,’ Cuts Price Target to $30
Interest income from Circle’s USD Coin (USDC) has become increasingly important for crypto exchange Coinbase (COIN), accounting for 10%-15% of third quarter revenue, amid deteriorating sentiment and trading volumes, Mizuho said in a research report Friday.
Coinbase Urges Customers To Ditch Tether With Free Transfers to USDC
America’s largest crypto exchange, Coinbase, doesn’t want its customers to use the Tether stablecoin. It’s instead offering incentives on its own stablecoin, USDC.
USDC’s Circle Is Backing Out of $9Bn Deal To Go Public
Publicly traded Concord Acquisition Corp. was established for the primary aim of acquiring other businesses.
USDC Issuer Circle Changes Mind on Seeking a Public Listing in the Near Future
Circle, the US financial services firm behind the stablecoin <a target="_blank" href="https://cryptonews.com/coins/usd-coin/">USDC</a>, has changed its mind about seeking a public listing in the near future, and now says it will stay focused on building “a long-term public company.”
USDC Issuer Circle Terminates SPAC Deal but Plans To Go Public Remains
USDC stablecoin issuer – Circle – announced that it has terminated its plans to acquire Concord Acquisition Corp, a publicly traded SPAC. The acquisition deal was signed in July 2021, and Circle had time till December 10, 2022, to complete all the required processes. However, the firm pulled the plug five days before the deadline.
