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You are here: Home / Archives for Circle

Circle

Circle Throws Support Behind Binance In SEC Legal Fight

September 30, 2023 by Lipika Deka

USDC issuer Circle has embarked on a bold move by stepping into the legal battle between the U.S. Securities and Exchange Commission [SEC] and Binance, the global cryptocurrency exchange led by CEO Changpeng Zhao. The US securities watchdog filed a lawsuit against the CZ-led platform in June, alleging violations of local securities laws, particularly focusing on unregistered securities sold by Binance’s affiliate, BAM Trading, including BNB and stablecoin BUSD.

Circle’s defense, presented in a filing in the late hours of September 28, contended that stablecoins designed for payments lack the attributes of an investment contract, thereby falling outside the SEC’s jurisdiction. They argued that users of these asset classes don’t anticipate profits from holding them. This development comes just over a month after Dante Disparte, Chief Strategy Officer of the firm, highlighted how U.S. bank failures had pushed investors towards “unsafe, opaque” cryptocurrencies overseas.

In a strategic move, Circle is set to roll out its dollar-pegged stablecoin USDC on the Polygon Proof-of-Stake [PoS] chain on October 10. This native implementation of USDC on Polygon is set to offer direct institutional on and off-ramp services, eliminating the need for bridging stablecoins with other networks like Ethereum.

Circle Unveil USDC Expansion On Polygon’s PoS Chain

According to the official announcement, USDC bridged from Ethereum will be rebranded as USDC.e within the Polygon ecosystem post-launch. To facilitate this transition, Circle will suspend its account and API support for bridged USDC on Polygon, cautioning users against sending bridged USDC.e to Circle Accounts after November 10, as it could lead to loss of funds. Moreover, the firm has urged its customers to adjust their API integration to seamlessly work with native USDC.

Circle

This expansion initiative aligns with Circle’s previous announcement in August, where they revealed the Cross-Chain Transfer Protocol [CCTP], designed to enhance USDC’s interoperability across various chains. This protocol will be deployed on the Polygon PoS, enabling USDC to move natively from Ethereum and other supported chains within minutes, enhancing efficiency and accessibility for users.

Circle’s move not only showcases their confidence in USDC’s utility but also challenges the regulatory boundaries around stablecoins, positioning them as a crucial component of the evolving financial landscape. As they bridge the gap between cryptocurrencies and mainstream finance, Circle’s strategic decisions continue to shape the industry’s trajectory, offering both innovation and regulatory insight.

Filed Under: Altcoin News Tagged With: Binance, Circle, Polygon, SEC, USDC

Circle’s EURC Launch Propels Stellar Revolution in European Finance

September 27, 2023 by Aishwarya shashikumar

Circle, a leading financial technology company, made waves on Tuesday with the announcement of its Euro-backed stablecoin, EURC, now available on the Stellar blockchain. This strategic move marks an important step in the evolution of digital currency and has the potential to revolutionize various aspects of the European financial landscape.

EURC boasts versatility as it can be effortlessly sent, spent, held, and traded worldwide, 24/7, offering low-cost, near-instant transactions. This convenience opens up new opportunities for individuals and businesses alike, making cross-border payments and treasury management more efficient and cost-effective.

What sets this development apart is the integration of EURC with aid disbursement and cash assistance systems, particularly through Stellar Aid Assist. Circle’s collaboration with Stellar holds the promise of ensuring access to financial assistance during humanitarian crises, even when local services are severely affected. This initiative underscores the profound impact blockchain technology can have on alleviating global challenges.

Rachel Mayer, Circle’s VP of Product Management, emphasizes the potential for EURC on Stellar to revolutionize European remittance corridors. This innovation will streamline the process of sending money across borders, making it faster and more affordable for individuals and businesses alike. The benefits are manifold, from reducing fees to increasing financial inclusion.

Circle’s Ripple Effect: EURC Integration in Spain

In another noteworthy development, Circle’s partnership with Ripio, a Latin American crypto services provider, will facilitate EURC integration in Spain. This expansion will empower users to seamlessly deposit and withdraw euros, enhancing accessibility to digital assets and fostering quicker, more cost-effective global transactions.

The launch of EURC on the Stellar blockchain represents a significant milestone in the world of cryptocurrencies. It not only showcases the growing acceptance of stablecoins but also underscores the potential of blockchain technology to make finance more inclusive and efficient.

As with any financial development, there are fluctuations in the market. Stellar’s native cryptocurrency, XLM, experienced a minor dip of 1.2% in the past 24 hours. However, such fluctuations are common in the crypto space and should not overshadow the immense potential of EURC and its impact on the European financial landscape.

In conclusion, Circle’s introduction of EURC on the Stellar blockchain is a transformative step towards more efficient, accessible, and inclusive financial systems in Europe. It has the potential to reshape remittance corridors, cross-border payments, treasury management, and humanitarian aid disbursement, all while setting the stage for further innovation in the crypto industry.

Filed Under: News, Altcoin News, Blockchain, Fintech, World Tagged With: Circle, Crypto, Cryptocurrency, EURC, stablecoin, stellar

USDC Coin: Bridging Worlds – Now Soaring Across Polkadot Skies

September 20, 2023 by Ammar Raza

Circle, the USD Coin (USDC) issuer, has officially launched the stablecoin on the Polkadot network. This move represents another significant step in the expansion of USDC, currently the second-largest stablecoin by market capitalization, trailing only behind Tether (USDT).

According to the announcement, Polkadot users and developers can now access Polkadot USDC through Circle’s platform. This development aims to provide seamless accessibility and transfer capabilities for users and developers within the Polkadot ecosystem, facilitated by Circle Account and Circle APIs.

1/ 🚨 The wait is over!

Today, @circle has enabled #USDC, the second largest stablecoin by market cap, on Polkadot!

Now, every parachain in Polkadot’s ecosystem can access USDC natively without the need of a bridge.

Learn more in the 🧵 below 👇 pic.twitter.com/9MHqb3aRD5

— Polkadot (@Polkadot) September 19, 2023

Polkadot, renowned for its innovative approach to blockchain technology, operates as a network of sovereign blockchains known as parachains. These parachains work in parallel, offering faster transaction speeds while benefiting from Polkadot’s robust security and decentralized structure. 

Within this ecosystem, the Polkadot Asset Hub serves as a common-good parachain designed specifically for issuing, managing, and transferring digital assets across the Polkadot network.

Polkadot Asset Hub: Facilitating USDC

The Polkadot Asse­t Hub now facilitates the native issuance­ of the coin, allowing for seamless transfer to multiple­ parachains using the Cross-Chain Messaging (XCM) protocol.

Within the Polkadot e­cosystem, Polkadot USDC serves as the­ official stablecoin, providing develope­rs and users with a fully reserve­d, dollar-backed solution that maintains a 1:1 peg with US dollars.

Notably, this expansion onto Polkadot follows a similar move made earlier in the month. On September 3rd, Circle announced that WUSDC became natively available on the NEAR blockchain, accessible via Circle Account and Circle APIs. 

This move enables developers to harness the speed and scalability of the NEAR blockchain while utilizing USDC in popular programming languages like JavaScript and Rust.

However, Circle Account and Circle APIs exclusively support Polkadot USDC natively issued on the Polkadot Asset Hub within the Polkadot ecosystem. Therefore, users must first transfer the stablecoin from the Circle Account to an external Polkadot Asset Hub wallet address before using the XCM transfer protocol.

Circle has highlighted the significance of this step, urging use­rs to exercise caution whe­n attempting to deposit USDC transferre­d using XCM from any parachain other than Polkadot Asset Hub into their Circle­ Account. It is important to be aware that such actions may lead to the­ loss of funds and could potentially be irreve­rsible.

The addition of Polkadot to the­ supported blockchain networks for the stablecoin further solidifie­s the growing influence of stable­coins in the world of cryptocurrency. With this rece­nt integration, USDC can now be accesse­d through 14 diverse blockchain networks, including Ethereum, Tron, Stellar, Solana, and others.

Related Reading | Dogecoin’s Path to $0.30: A Closer Look at the Timeline

Filed Under: News Tagged With: Circle, Cryptocurrency, polkadot, USDC

Circle & OKX Partner To Revolutionize Web3 with Feeless USDC Transactions

September 9, 2023 by Mishal Ali

Circle, the stablecoin issuer, and OKX, the global crypto exchange, are forging a powerful partnership set to reshape the Web3 landscape. In a joint announcement, they revealed USDC features integrated into the OKX Wallet and OKX DEX aggregator.

1/ We are thrilled to announce a new $USDC experience with @OKX to open up the #Web3 landscape. https://t.co/smt9V8Caes

— Circle (@circle) September 7, 2023

The “USDC Zero Network Fee Campaign” introduces a time-limited opportunity for Smart Account users of OKX Wallet to conduct USDC transactions without incurring network fees. Running from Sep 7 to Oct 5, this initiative simplifies transactions across multiple blockchains using USDC, thanks to the Smart Account’s account abstraction technology, launched on Aug 2, 2023.

Integrating the­ exchange DEX aggregator with Circle­’s Cross-Chain Transfer Protocol (CCTP) offers users a more­ streamlined expe­rience when e­ngaging in USDC pair trading. This development goe­s beyond convenience­; it serves as a crucial milestone­ in improving cross-chain USDC utility across various ecosystems, including Ethere­um, Avalanche, Arbitrum, and the OP Mainnet.

Jason Lau, OKX’s Chief Innovation Officer, emphasized the commitment to improving user experience in the Web3 space. He highlighted that OKX Wallet’s Smart Account, coupled with the ability to exchange USDC seamlessly across different networks, offers users unprecedented convenience and cost savings by eliminating network fees.

Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle expressed excitement about making DeFi more accessible through CCTP and innovative gas abstraction features. This move aligns with Circle’s goal of pioneering transformative change in finance and driving broader adoption of blockchain technology.

OKX’s Indian Market Expansion

In addition to this partnership, OKX is making waves by entering the Indian market. The exchange plans to recruit local talent to enhance its wallet services and engage with India’s burgeoning Web3 community.

Haider Rafique, the exchange’s Chief Marketing Officer, acknowledged the enormous potential in India, where OKX Wallet currently serves just 5% of the Web3 user base. He emphasized the exchange’s community-centric approach to gain insights and foster meaningful relationships within the Indian crypto landscape.

The e­xchange’s expansion efforts align with its position as the­ sixth-largest global crypto exchange. It ope­rates from various regional hubs in Singapore, Dubai, Hong Kong, and the­ Bahamas. Rafique clarified that instead of e­stablishing a physical office in India, the company aims to collaborate with local tale­nt to navigate and contribute to the local We­b3 ecosystem.

This holistic approach, coupled with recent partnerships and initiatives, positions the exchange as a formidable player in the ever-evolving crypto and blockchain space.

Related Reading | Shiba Inu Surges To 6th Place Among American Crypto Favorites

Filed Under: News, World Tagged With: Circle, OKX, USDC, Web3

Coinbase & Circle’s Trailblazing Fusion To Transform Stablecoin Landscape

August 22, 2023 by Lipika Deka

In a groundbreaking development within the realm of stablecoins, Coinbase and Circle have joined forces to establish a formidable coalition. This signifies a momentous stride forward as Coinbase, the premier exchange, gains an equity stake in Circle, the issuer of USDC. The collaboration doesn’t stop there; USDC’s reach will be expanded to encompass six blockchains, reinforcing its native presence.

The unveiling of this transformative alliance through a blog post on August 22 underscores the central focus on enhancing operational efficiency and governance. Circle will assume full responsibility for USDC issuance, cementing its role as the issuer, while users of Coinbase need not worry about any alterations to their USDC experience. The perks that are currently enjoyed, such as fee-free transfers and rewards, will remain intact across all Coinbase platforms.

The partnership has yielded yet another significant outcome: the Center Consortium. Launched in 2018 as a joint initiative by Coinbase and Circle for the issuance of USDC, this consortium will no longer function autonomously. Its majority ownership in Circle Internet Financial is dissolved, marking a strategic reconfiguration.

According to the announcement blog post, this decision is steered by the increasing regulatory clarity surrounding stablecoins, making the need for a separate governing body like the Centre obsolete. As a result, the Centre’s responsibilities will be internalized.

The new structure will streamline operations and governance and enhance the direct accountability of Circle as the issuer, including holding all the smart contract keys, complying with regulations on the governance of reserves, and enabling USDC on new blockchains.

This investment forges a deeper strategic and economic alignment between Coinbase and Circle, envisioning the future trajectory of the financial landscape. Coinbase’s resolute dedication to the enduring triumph of the stablecoin ecosystem, notably USDC, remains unwavering.

Coinbase Making Inroads

Furthermore, the top exchange revealed that the two parties would collectively reap revenue from the interest income generated by USDC reserves. This revenue-sharing mechanism, a product of the newfound collaboration, hinges on the quantity of USDC held on each platform.

Coinbase is in the limelight as its eagerly anticipated Base mainnet went live recently, marking a significant milestone in the world of decentralized applications [dApps] and blockchain technology. 

Filed Under: Altcoin News, News Tagged With: Circle, Coinbase, USDC

Circle’s Web3 Services: A Visionary Strategy For Global Prosperity

August 13, 2023 by Kashif Saleem

Circle, a promine­nt digital finance platform and issuer of the USD Coin (USDC) stable­coin, recently unveile­d its ambitious plan to offer Web3 infrastructure solutions for the­ cryptocurrency industry. This strategic move was discusse­d by Jeremy Allaire, the­ CEO of Circle, in the X (Twitter) thread on August 11, 2023.

The Next Major Pillar of Circle’s Strategy: Web3 Services

Last year, @circle made an acquisition of a crypto infra platform called @cybavo.

This week, we launched the first new product milestone with our Programmable Wallets offering.

A thread on our strategy: 🧵

— Jeremy Allaire (@jerallaire) August 11, 2023

According to Allaire­, as the demand for blockchain-based applications continue­s to surge, Web3 service­s will become a crucial aspect of Circle­’s overarching strategy. He e­mphasized that Circle aims to empowe­r Web2 teams by integrating e­ssential Web3 ele­ments into their existing se­rvices, encompassing tokenization, payme­nts, and financial apps.

Allaire further highlighted that compare­d to the traditional digital money system, the­ cryptocurrency ecosystem is still in its e­arly stages of developme­nt. He underscored the­ importance of both stablecoins as a monetary base­ and digital wallets as software nee­ding further evolution and scalability to cater to billions of use­rs.

Circle’s Web3 Infrastructure Products

Circle has alre­ady launched Programmable Wallets as part of its We­b3 strategy. This innovative product empowe­rs developers to cre­ate and manage digital wallets for the­ir users, simplifying the process of se­nding and receiving payments in cryptocurre­ncies like USDC.

According to Allaire, Programmable­ Wallets is just the beginning of Circle­’s Web3 roadmap. In the near future­, Circle also plans to release­ a software developme­nt kit (SDK) for web application develope­rs interested in inte­grating Programmable Wallets into their proje­cts.

Additionally, Circle aims to offer other e­ssential products such as identity and authentication solutions, data privacy and e­ncryption tools, smart contract orchestration capabilities, as well as gove­rnance and compliance feature­s within the Web3 infrastructure landscape­.

By facilitating frictionless value exchange­ on a global scale, Circle’s mission is to promote e­conomic prosperity. Through these We­b3 infrastructure solutions, Circle aims to accele­rate the transition from Web2 to We­b3 and enable various teams to launch the­ir crypto protocols.

Notably, Circle and Algorand have­ partnered to launch USDC on Algorand’s high-performance­ blockchain platform. This collaboration aims to enhance transaction spee­d, affordability, and scalability for USDC users.

Circle has also obtained a license as a Major Payment Institution (MPI) in Singapore­ in June 2023 despite the­ U.S. SEC regulatory crackdown. This allows Circle to expand its pre­sence in Asia, one of the­ fastest-growing regions for crypto adoption.

Related Reading | HKVAX Carves A Crypto Path: Hong Kong’s Third Licensed Virtual Asset Exchange

Filed Under: News, Blockchain Tagged With: Circle, Web3

Embracing Web3: Circle CEO Optimistic About Hong Kong’s Digital Asset Future

July 11, 2023 by Mishal Ali

Co-founder and CEO of Circle, Jeremy Allaire, expressed his cautious optimism about Web3 development in Hong Kong and the local monetary authority’s efforts to regulate stablecoins. While acknowledging that mainland China is unlikely to open its cryptocurrency markets, Allaire believes that Hong Kong can remain relevant by embracing digital assets.

Hong Kong’s Regulatory Focus On Stablecoins: Circle Encouraged

In an interview with the South China Morning Post, Allaire emphasized the global trend of major financial markets and institutions embracing digital assets. He stated that for Hong Kong to maintain its relevance, it needs to follow suit. However, he clarified that this doesn’t imply mainland China’s openness to crypto trading.

Despite some officials from mainland China showing support for Hong Kong’s crypto industry, there is no indication that Beijing itself is warming up to cryptocurrencies. 

Allaire acknowledged this but highlighted the potential of stablecoins, which could offer an immediate solution for China’s goal to internationalize the yuan. He suggested that stablecoins might be more effective than central bank digital currency (CBDC) in achieving this objective.

Allaire mentioned an example of a stablecoin pegged to the offshore yuan (CNH) and its potential impact on the global trade of the Chinese currency. However, he noted challenges, as some team members behind the stablecoin CNH Coin were detained in Shanghai without explanation.

Circle, the operator of the USDC stablecoin, sees promise in the HKMA’s plans and considers Hong Kong’s prioritization of stablecoin regulation as a motivating factor for business growth. Allaire commended the government’s focus on this area and expressed Circle’s excitement to expand their operations in Hong Kong.

Moreover, Allaire believes that central bank digital currencies (CBDCs) and private stablecoins can coexist in a well-regulated environment. He sees CBDCs as an upgrade to legacy systems, while private coins drive innovation on the public internet.

According to Allaire, Circle’s significant business presence is in Asia, particularly in Hong Kong, which serves as its largest non-US market with approximately 125 employees.

Overall, Allaire’s views reflect a nuanced understanding of the challenges and opportunities for digital assets in Hong Kong and China. While he acknowledges the limitations in mainland China’s stance on cryptocurrencies, he remains hopeful about the prospects of stablecoin regulation and Web3 development in Hong Kong.

Related Reading | Polygon’s MATIC Sparks A Mini Bull Run With 30% Price Jump

Filed Under: News, Blockchain Tagged With: Circle, Stablecoins, Web3

Circle Singapore Takes The Lead In Digital Payments With MAS MPI License

June 7, 2023 by Mishal Ali

Circle Internet Singapore, an affiliate of Circle Internet Financial, has announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

We are honored and excited to share that Circle Singapore has obtained a Major Payment Institution (MPI) License from @mas_sg! https://t.co/RZSfeBZiqJ

Now, we can offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and…

— Circle (@circle) June 7, 2023

This license allows the company to provide digital payment token services, as well as cross-border and domestic money transfer services in the city-state. 

The company’s offerings include the Circle Account, which provides institutional customers access to USDC, a digital dollar stablecoin issued by the company.

Receiving the MPI license from MAS is a significant milestone for the company Singapore, showcasing the company’s reputation as a responsible digital financial technology firm.

It also solidifies Circle’s position as a trusted and well-regulated operator, contributing to the emerging internet-based global financial system. This achievement represents a major step towards the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the broader Asia region.

As a licensed entity, The company Singapore can now leverage its corporate affiliates’ expertise to drive innovation, expand its product offerings, and deliver increased value to clients and stakeholders. 

Regulated dollar digital currencies, such as USDC, serve as the foundation for the development of a new generation of financial services that support the growth of responsible digital assets, blockchain, and Web3 ecosystems.

Circle’s Commitment To Singapore’s Dynamic Economy

Jeremy Allaire, Co-Founder and CEO of Circle, emphasized the importance of Singapore in the company’s global expansion and its mission to promote global economic prosperity through frictionless value exchange. 

Allaire said:

We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent.

Dante Disparte, Circle’s CSO and Head of Global Policy, believes that the issuance of the license represents a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region. 

Disparte asserts that the company remains dedicated to collaborating with forward-thinking leaders and stakeholders globally, furthering Singapore’s position as a hub for responsible financial services innovation.

However, according to the press statement, Circle Singapore’s receipt of the MPI license builds on its existing momentum in the city. The company officially opened its office in May 2023 and has been actively engaging with local initiatives to foster the growth and upskilling of the region’s Web3 developer talent pool. 

The company Singapore has also identified Singapore as its principal hub in Asia to cater to its expanding business in the region.

Related Reading |Kraken Resolves ETH Withdrawals Outage

Filed Under: World Tagged With: Circle, Cryptocurrency, USDC

MiCA Sparks Potential Crypto Boom For European Banks By 2027

March 23, 2023 by Mishal Ali

The Circle EU Director, Patrick Hansen, has said that he expects major European banks to roll out crypto-asset services within the next four years. Hansen made the comments in a blog post on the impact of the Markets in Crypto-Assets Regulation (MiCA) on the European Union (EU) crypto industry.

Before the launch of MiCA, crypto companies operating in the EU had to comply with a patchwork of national regulatory frameworks, which made it costly and challenging to operate across the entire EU market.

However, MiCA now provides a binding EU-wide regulatory framework, making it easier for crypto businesses to operate across the entire EU market. Furthermore, he said that offshore and unregulated companies would no longer be able to target EU consumers proactively.

MiCA: Game Changer For EU Crypto Industry

The introduction of MiCA is expected to increase the competitiveness of regulated businesses and lead to greater institutional adoption and activity in the EU crypto market.

However, the practical success of MiCA will depend on the implementation standards and enforcement practices developed by EU supervisory authorities.

According to Hansen, MiCA’s potential to become a globally adopted regulatory standard, similar to GDPR for privacy, is also being discussed.

The MiCA operating standards may attract numerous companies globally due to the enormity of the EU market, which is the world’s largest internal market comprising 450 million affluent consumers.

However, the longer the US regulatory vacuum for crypto-assets persists, the greater the global impact of MiCA standards is expected to be, per Hansen.

Nevertheless, MiCA’s introduction is anticipated to bring about regulatory clarity in the face of worldwide uncertainties while also drawing capital, talent, and businesses to the EU and presenting a significant opportunity for an economic and technological resurgence.

However, the full effects of MiCA will only become apparent once technical implementation standards provide practical operational guidelines.

If EU supervisory authorities develop strict implementation standards that burden industry participants, it may lead to a minority of EU crypto startups managing to shoulder the substantive legal and compliance costs.

Additionally, supervisors could consider most NFT and DeFi projects to fall within the scope of MiCA and require them to comply, leading to resources migrating out of the EU. Therefore, while the potential for MiCA to set global standards is present, it is far from a foregone conclusion.

Related Reading | Axie Infinity (AXS) and Ripple (XRP) Surge; Orbeon Protocol (ORBN) Pumps 1988%

Filed Under: News, World Tagged With: Circle, Cryptocurrency, MiCA

Circle Redeems $2.9B USDC Amid US Banking System Instability

March 15, 2023 by Ammar Raza

Circle, the digital currency company behind USDC stablecoin, has announced that it has redeemed $2.9 billion USDC and minted $700 million USDC. 

It comes amidst the instability of the US banking system and the failures of Silicon Valley Bank and Signature Bank, Circle’s core transaction banking partners.

In a blog post, Circle emphasized the importance of a stable US banking system for the global financial system and the operations of fiat-backed stablecoins. 

The company acknowledged the actions taken by the US Treasury, Federal Reserve, and FDIC on March 12th to ensure the safety and accessibility of deposits for ordinary depositors.

Since the failures of its core banking partners, the company has been working around the clock to restore USDC liquidity operations, including bringing on new transaction banking partners. 

The company began processing minting and redemption requests on March 13th, when the US banking system re-opened, and is currently working through the backlog.

Circle also announced that it is taking initiatives to strengthen the USDC reserve. The cash portion of the reserve is now held at BNY Mellon, while most of the reserve is invested in the Circle Reserve Fund, managed by BlackRock and custodied at BNY Mellon.

However, limited funds are held at transaction banking partners in support of USDC minting and redemption, according to the post.

The announcement from Circle highlights the increasing importance of stablecoins in the global financial system and the need for a stable banking infrastructure to support their operations. 

As Circle continues to add new transaction banking partners with 24/7/365 capabilities, it remains committed to providing a secure and accessible stablecoin for its users.

Circle’s CSO Raises Concerns About Traditional Banks’ Risks To Crypto

In another related news, the CSO at Circle, Dante Disparte, has expressed concerns about traditional banks’ systemic risks to the cryptocurrency industry in a recent interview.

Disparte believes that the lack of confidence in banks makes it challenging for crypto companies to operate, as recent bank failures have shown that they are introducing risk to crypto assets. 

Despite these concerns, Disparte thinks that the crypto industry and banks can rise together, and many financial institutions are already using blockchain infrastructure for payments and digital asset custodian solutions. 

However, Disparte stresses the need for a new USDC to provide a digital form of dollars to protect investors from economic risks and calls for comprehensive government-level protection for consumers.

Related Reading | Cardano Founder Throws Shade At Crypto Critics: Defends Crypto Firms’ Resilience 

Filed Under: News, World Tagged With: Circle, Signature Bank, Silicon Valley Bank

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