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Circle tells congress its coin is '100%' backed by cash and short-term US debt as lawmakers scrutinize stablecoins
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House Services Financial Committee
Digital payments company Circle told a House committee on Wednesday its USDC stablecoin is fully backed by the US dollar and short-term government debt, addressing a question about the company's recent change in the makeup of the digital coin's reserves.
Stablecoins are a type of cryptocurrency that's pegged to an asset such as a fiat currency, government bonds, or a precious metal.
«Yes, I can confirm that 100% of the reserves that back USDC are held in cash and short-duration US Treasuries,» Jeremy Allaire, CEO of Circle, told members of the House Financial Services Committee. He was responding to a question from Rep. Nydia Velázquez, a Democrat from New York, at a hearing on a wide range of issues about
Read more on markets.businessinsider.comAbout this in other media
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