The second largest stablecoin in the world is undergoing a major transformation. 

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Cryptocurrency company Circle claims that its stablecoin or USD Coin is backed 1:1 with real dollars in bank accounts.in july It has been revealed that this is no longer the case, with Circle revealing in a “testimonial” from auditor Grant Thornton that more than 60% of USD Coin’s cash reserves, 

another 40% is backed by debt. and various types of bonds How important are stablecoin reserves? What sets it apart from other cryptocurrencies is the fact that they are tied to existing currencies such as the US dollar or the Euro. The aim is to avoid the volatility often seen in bitcoin and other major cryptocurrencies.

Circle Says It Is Changing USD Coin Reserves Again With Cash and US Treasury Bonds which is the foundation of stablecoin The Center, a group founded by Circle and crypto exchange Coinbase, which develops stablecoins, disclosed the changes on Sunday. Considering the feeling of the community Our commitment to trust and transparency And with the changing regulatory landscape, 


why is it important

Many crypto traders use stablecoins as an alternative to banks to buy or sell cryptocurrencies.USD Coin is the second largest stablecoin in the world. with $27 billion worth of coins in circulation Tether, the largest stablecoin with a circulating value of $75 billion It has been reviewed by regulators. 

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  Tuesday, August 24, 2021 at 12:21:07 AM

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