Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). The company reported the update in a blog post published on May 17. USD Coin is an Ethereum-based token compliant with the ERC20 standard that was first announced in May last year and released in September. Per this week’s announcement, the audit of the coin’s fiat reserves was conducted by major Chicago-based accounting firm Grant Thornton LLP. The report released by the firm states that as of April 30, 2019 at 11:59 p.m. Pacific Time there were 293,184,174 USDC issued, and …
As blockchain technology and the public's awareness of cryptocurrency continues to grow, a range of new use cases a coming to market and enhancing the efficacy of legacy financial systems. Despite its many applications, the original use case for Bitcoin (BTC) as a medium of exchange remains one of the most fundamental applications of blockchain technology and while BTC might not be the best asset to use for payments, there are service providers who have eased the process of settling transactions in other cryptocurrencies. For now, the most widely accepted way to use cryptocurrencies for direct payments in everyday life …
Goldman Sachs is performing “extensive research” on tokenization, the group’s chief executive told France’s Les Echos newspaper on June 27. David Solomon said he believes global payment systems are heading in the direction of stablecoins — cryptocurrencies pegged to fiat assets such as the U.S. dollar. Although he stopped short of confirming whether Goldman Sachs has had discussions with Facebook about its upcoming libra cryptocurrency and Calibra wallet, Solomon said his corporation finds the concept “interesting.” When asked whether Goldman Sachs will follow JPMorgan Chase in launching its own virtual currency, Solomon said: “Assume that all major financial institutions around …
David Weild IV, who is known as the father of the JOBS Act, believes that the issuance of the digital dollar is imminent and that the U.S. government should hurry up with it. In addition to garnishing bipartisan support for one of key legislations of the Obama era, Wield served as vice-chairman of NASDAQ, and currently manages his own decentralized investment bank that helps crypto and blockchain companies raise capital. China is unpredictable Weild does not believe that the digital yuan will generate a lot of demand outside of China because of the restrictive nature of its political system. Meanwhile, …
A former senior employee at United States crypto exchange Coinbase has left the industry giant to join stablecoin issuer TrustToken as head of compliance, according to the company’s official website Jan. 4. Vaishali Mehta, whose LinkedIn profile indicates she served just over a year as senior compliance manager at the major San Francisco-based exchange, reportedly joined TrustToken in December 2018. Trust Token is the issuer of TrueUSD (TUSD), which has been listed on top crypto exchange Binance as of last May. The listing makes it a relatively early entrant amid the increasing number of new stablecoins notionally pegged 1:1 to …