Date
9/18/2023 7:48:44 AM
(MENAFN- CoinXposure) Circle issued 1.2 billion USDC, demonstrating the increasing demand for stablecoins within the crypto ecosyste .
In addition, they repurchased 1.1 billion USDC, indicating a commitment to sustaining a healthy balance between issuance and reserves.
As of September 7, the total supply of USDC reached $26 billion, reaffirming its position as one of the most widely used and trusted stablecoins in the Cryptocurrency space.
This consistent increase in circulation illustrates the growing utility and adoption of USDC for various financial transactions within the cryptocurrency industry.
Circle's dedication to sustaining solid reserves is apparent. Out of the $26.1 billion reserves, $1.8 billion is held in cash, providing a secure financial foundation.
The vast majority of reserves, comprising $24.3 billion, are stored in the Circle Reserve, guaranteeing the stability and liquidity of the USDC stablecoin.
Circle's strategic decisions to issue and repurchase USDC demonstrate their ability to adjust to market demands while preserving the stability and trustworthiness of their stablecoin.
See also US Senator Supports Crypto Transparency & Investor Protection 7 days ago
This is especially important in cryptocurrencies, where price volatility is an ever-present factor.
The USDC's consistent growth in circulation and robust reserve system position it as a critical participant in the broader crypto ecosystem, enabling users to engage in secure and reliable transactions, including trading and remittances.
Circle's proactive approach underscores its commitment to providing a safe and widely adopted digital currency for the global crypto community.
MENAFN21092023007320015750ID1107089391
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.