Coinbase president and chief operating officer Emilie Choi has announced that the reserves backing the stablecoin USD Coin (USDC) will be consolidated into cash and United States government treasuries. A Sunday blog post from Centre Consortium — the entity that was collaboratively established by top U.S. crypto exchange Coinbase and blockchain financial services company Circle, which issues USDC — stated that USD Coin’s reserves will soon be entirely held in “cash and short duration U.S. Treasuries.” On Twitter, Choi attributed the change in policy to backlash against USDC’s reserves expanding beyond cash, cash equivalents and U.S. treasuries in May. The …
The bid to introduce human-readable addresses as an alternative to the usual lengthy alphanumeric crypto wallet address system is set to achieve another milestone following the recent partnership between Circle and Unstoppable Domains. According to an announcement issued on Wednesday, Unstoppable Domains, a blockchain domain name provider, and USD Coin (USDC) stablecoin issuer Circle are collaborating to release readable “.coin” usernames for USDC transfers. As part of the partnership, both companies will collaborate to enable support for .coin username extensions across wallets and crypto exchanges that support the popular stablecoin. Under this arrangement, USDC transfers will become akin to sending …
Circle, the company behind the second most popular stablecoin USD Coin, has rolled out a new API that will allow for the seamless transfer of USDC to USD via automated clearinghouse (ACH) systems. The first exchange to adopt the new API will be derivatives and futures specialist FTX, looking to speed up USD settlement processes on behalf of their customers. In a blog entry, project manager Gee Chuang described how Circle’s ACH API improves connections between the fiat world and the digital world by introducing interoperability among payment rails, such as card, wire and blockchain transfers. Using the API, USD …
Stablecoins, or crypto assets which peg their value to less volatile fiat money, are useful tools for a variety of reasons. They can be used to cash out crypto investments, send or receive stable money abroad, and to pay for everyday consumer transactions without fear of fluctuation. A recent estimate from the Bank for International Settlements, or BIS, put the total stablecoin supply at roughly $150 billion. But central banks, the issuers of traditional fiat money around the globe, do not seem to be big fans of stablecoins. A sharp increase in supply coupled with a lack of relevant regulations …
The Libra Association, the group behind Facebook's digital asset endeavor, unveiled an update to its brass. The association announced Sterling Daines as the chief compliance officer of the outfit, said a statement provided to Cointelegraph staff. Daines will leave his post at Credit Suisse at some point in 2020 to assume his role at the Libra Association. Daines comes on board to ensure safety "I am pleased to join the Libra Association as it works to transform the digital payment space to empower billions of people," Daines said in the statement, adding: "A critical element of achieving this mission is …