Circle, a company behind the USD coin (USDC) stablecoin, wants to leave doubts on its collateral behind as the company plans to convert all its reserves entirely in cash and short-duration US government treasuries.
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Centre, the Circle-founded project that regulates USDC, said in a blog post the changes are being implemented expeditiously and will be reflected in future attestations by Grant Thornton.
"Centre is responding to engagement from USDC users, developers and other stakeholders by deepening its commitment to transparency and by exploring new opportunities to collaborate with the community," the company said.
Centre also expects to announce several "new opportunities for members to become more formally involved with Centre’s standards" activities later this year. Earlier in August, Circle announced plans to become a national commercial bank, operating under the supervision and risk management requirements of the financial watchdogs.
While the details for such to achieve such a milestone remain unclear, Circle CEO Jeremy Allaire emphasized the company already expanded audit attestations to include details on the composition of USDC reserves, including the credit quality of the underlying assets.
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