March 28, 2024

Jeremy Ellire denies USDC stablecoin 'problems' rumors

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Jeremy Allaire denied rumors of "problems" for stablecoin USDC

Circle founder and CEO Jeremy Allaire published several messages on Twitter in which he denied rumors about problems with the USDC stablecoin.

Jeremy Allaire emphasized that USDC is fully backed by US dollar-denominated assets, so no market declines can threaten its stability:

“USDC reserves are held and managedleading American financial institutions, including BlackRock and Bank of New York Mellon. It's understandable why some users are panicking given recent events in the cryptocurrency industry. But we have always been committed to the highest standards available. That’s why we work with regulators, major insurance companies and leading banks.”

Circle CEO also noted that the companyWe are now in a very strong position. The payments firm has “never been so strong financially,” he said. Allaire promised to increase the level of transparency of USDC and Circle itself.

In the middle of the month, Circle released a new stablecoin, Euro Coin, backed by the euro, to the European market.