{"id":471160,"date":"2022-07-06T18:15:00","date_gmt":"2022-07-06T15:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/circle-looks-to-reaffirm-commitment-to-transparency-as-usdc-market-share-soars\/"},"modified":"2022-07-06T18:15:00","modified_gmt":"2022-07-06T15:15:00","slug":"circle-looks-to-reaffirm-commitment-to-transparency-as-usdc-market-share-soars","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/circle-looks-to-reaffirm-commitment-to-transparency-as-usdc-market-share-soars\/","title":{"rendered":"# Circle looks to reaffirm commitment to transparency as USDC market share soars"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26e14321c94\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26e14321c94\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/circle-looks-to-reaffirm-commitment-to-transparency-as-usdc-market-share-soars\/#%E2%80%9D_Circle_looks_to_reaffirm_commitment_to_transparency_as_USDC_market_share_soars_%E2%80%9C\" >&#8221; Circle looks to reaffirm commitment to transparency as USDC market share soars &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/circle-looks-to-reaffirm-commitment-to-transparency-as-usdc-market-share-soars\/#USDC_not_the_only_stablecoin_underfire\" >USDC not the only stablecoin underfire<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Circle_looks_to_reaffirm_commitment_to_transparency_as_USDC_market_share_soars_%E2%80%9C\"><\/span>&#8221; Circle looks to reaffirm commitment to transparency as USDC market share soars &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMzI1MmUyYTMtODgwMC00ZTcwLWExYzgtNjVlMDNiZDZhZmNhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The cryptocurrency market has experienced a turbulent period as of late, with several firms filing for bankruptcy or shutting down. Voyager Digital announced its bankruptcy\u00a0on Wednesday, becoming the second crypto lender to default following Three Arrows Capital.<\/p>\n<p>In the light of present market circumstances, Circle has sought to\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.circle.com\/blog\/usdc-trust-transparency-minimizing-risk\">reaffirm<\/a>\u00a0its commitment to openness and user security in a blog post published on Tuesday. Jeremy Fox, the chief financial officer of Circle, said that his firm&#8217;s priority is to preserve the financial integrity of the system \u2014 robust, trustworthy and safe. He added that other financial institutions offer fraudulent promises of preserving user money, only to abandon them when the going gets tough.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ With so many firms facing fundamental challenges and risks, Circle has amped up our own information about Circle and USDC.  Sharing it here so it&#8217;s fresh for people to review.  We started publishing these in the days following the Terra collapse. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/SYNpwYxUif\">https:\/\/t.co\/SYNpwYxUif<\/a><\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jerallaire\/status\/1543227128350744577?ref_src=twsrc%5Etfw\">July 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe chief financial officer said that Circle&#8217;s business model is to minimize risk, not \u201ctaking and managing risk.\u201d He also explained how the firm protects its USD Coin (USDC) reserves, emphasizing that Circle does not own these assets and that they are 100%t owned by USDC holders in segregated accounts labeled &#8220;for the benefit of USDC holders.&#8221; Fox wrote:<\/p>\n<blockquote><p>&#8220;Circle is not allowed to use the USDC reserves for any other purpose. Unlike a bank or an exchange or an unregulated institution, we cannot lend them out, we cannot borrow against them, and we cannot use them to pay our bills.&#8221;<\/p><\/blockquote>\n<p>As a result, in extreme situations like bankruptcy, the USD Coin (USDC) is purportedly still redeemable at face value. Also, the USDC reserves are completely disconnected from Circle&#8217;s other activities, minimizing the risk of them being used to cover other losses.<\/p>\n<p>Circle CEO Jeremy Allaire also recently provided documentation to demonstrate that the stablecoin has sufficient liquidity. He published a lengthy <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread with papers to increase public confidence and transparency in the firm.\u00a0The thread followed rumors that Circle had lost billions of dollars by offering wilder incentive programs to several banks, including Silvergate and Signature, to convert cash deposits into the USDC stablecoin.<\/p>\n<p>Some firms have faced liquidity difficulties as a result of the bear market, making investors fearful that more will join them in the near future. Three Arrows Capital, once a prominent cryptocurrency investment firm, has been deemed insolvent, and\u00a0Celsius is also said to be considering bankruptcy.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> Circle&#8217;s USDC on track to topple Tether USDT as the top stablecoin in 2022<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"USDC_not_the_only_stablecoin_underfire\"><\/span>USDC not the only stablecoin underfire<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>USDC isn&#8217;t the only reported stablecoin generating buzz on Twitter. Tether (USDT), the world&#8217;s largest stablecoin, has also been slammed with similar claims. Paolo Ardoino, Tether&#8217;s chief <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> officer, recently said that traditional hedge funds have\u00a0bet against the stablecoin, with the\u00a0hope that it will depeg.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Messari: USDC stack continues to rapidly eat market share from USDT: USDC marketcap has risen 8.3% since May, USDT marketcap has dropped 19% to a record low of $66 billion.  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/cRSFFdBT9n\">pic.twitter.com\/cRSFFdBT9n<\/a><\/p>\n<p>\u2014 Alt Crypto Gems (@AltCryptoGems) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AltCryptoGems\/status\/1544388221110558720?ref_src=twsrc%5Etfw\">July 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile,\u00a0Circle&#8217;s USDC has had a notable two months\u00a0in terms of growth when compared to Tether. The USDC&#8217;s market capitalization has increased by 8.27% since May, reaching a peak of $55.9 billion on July 2. On the other hand, USDT&#8217;s market capitalization has tumbled by 19% to around $65.9 billion.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/circle-looks-to-reaffirm-commitment-to-transparency-as-usdc-market-share-soars\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Circle looks to reaffirm commitment to transparency as USDC market share soars &#8220; The cryptocurrency market has experienced a turbulent period as of late, with several firms filing for bankruptcy or shutting down. Voyager Digital announced its bankruptcy\u00a0on Wednesday, becoming the second crypto lender to default following Three Arrows Capital. In the light of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":471161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMzI1MmUyYTMtODgwMC00ZTcwLWExYzgtNjVlMDNiZDZhZmNhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,75936,75493,74355,117,70934],"class_list":["post-471160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-circle","tag-stablecoin","tag-adoption","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=471160"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/471161"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=471160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=471160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=471160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}