USDC stablecoin has managed to garner significant traction over the past few months. Since the beginning of the year, the dollar-pegged stablecoin had grown more than 2,600%. in terms of circulation. In the latest development, Jeremy Allaire, the CEO of the team behind the digital token, Circle has published a new post wherein he elucidated that the stablecoin is backed by trust, transparency, and accountability.
Allaire claimed in his blog post that Circle and the Centre Consortium has guaranteed the “pillars of trust” to ensure that the community recognises that USDC remains backed on a 1:1 basis with dollar-denominated assets. The exec also underscored that the “pillars of trust” includes ensuring that the USDC ecosystem remained under the governance of the highest level of regulatory and prudential standards.
While stating that the commitment to openness, competition, and responsible financial services innovation remains a foundation for both the Centre Consortium and Circle, Allaire went on to add,
“Providing assurances demonstrated by reserve attestations issued by Grant Thornton, one of the world’s leading accounting firms, that dollar-denominated assets can meet circulation for USDC outstanding. Core economic activities underpinning USDC are built inside the perimeter of the U.S. financial system, and not outside of it.”
Circle’s future plans for USDC
Allaire revealed pondering over different mechanisms to share this in an on-chain, Oracle-linked format while developing and publishing comprehensive analytics on the core liquidity profile of USD Coin, such as the history of creation and redemption behaviour associated with market conditions.
As the stabkecoin issuer moves ahead with its ambitious plans with the upcoming transition to a public company, Circle aims to enhance opportunities for greater transparency, accountability and disclosure around its wider business and functions. Collectively, Allaire asserted that this expanding public accountability can, in fact, aid in enhancing trust in Circle, the USDC stablecoin and ventures building on the standards and market infrastructure that the team has been generating over the past several years.