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Circle CEO Jeremy Allaire Boosts The Idea Of Crypto Transparency

Source: PIxabay

It seems that the CEO of Circle is boosting the whole idea of transparency amidst the crypto downfall these days. Check out the latest reports below.

Boosting crypto transparency for mass adoption

The chief executive officer of blockchain-focused payments platform Circle made sure to explain the fact that the firm is stepping up its efforts to be transparent as some companies in the crypto space face existential threats.

Circle CEO Jeremy Allaire said not too long ago that Circle isn’t going to be shy when it comes to releasing information about the company and its stablecoin USD Coin (USDC).

One of the articles shared by Allaire highlights that USDC is “fully backed” by the equivalent value of assets denominated in US dollar.

“The USDC reserve is held entirely in cash and short-dated US government obligations, consisting of US Treasuries with maturities of three months or less.”

According to the same notes:

“As of 12:00 pm EST Friday, May 13th, 2022, the USDC reserve consisted of $11.6 billion cash (22.9%), $39.0 billion US Treasuries (77.1%), for a total of $50.6 billion (100%), and there were 50.6 billion USDC in circulation.”

Important crypto news is out

It’s been just revealed that the Bank for International Settlements will allow banks to keep 1% of their reserves in Bitcoin. This is bullish news that is set to fuel crypto upwards moves which are more than welcome considering the downward trend of the markets.

Finbold online publication notes that despite the skeptical approach to crypto, exacerbated by the recent crypto market crash, it seems that the Bank for International Settlements (BIS) intends to extend its hand to the new asset class by allowing banks to hold up to 1% of reserves in cryptocurrencies such as Bitcoin (BTC).

The same online publication notes that BIS’s Basel Committee on Banking Supervision (BCBS) has made the proposal for limiting the banks’ total exposures to “Group 2 cryptossets to 1% of Tier 1 capital” in its consultative document titled “Second consultation on the prudential treatment of cryptoassets,” published on June 30.

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