Tag Archives: circle

USDC stablecoin issuer Circle recently launched Euro Coin on the Avalanche protocol to exploit the network’s blazing transaction speed.  Circle has launched a euro-based stablecoin on the Avalanche blockchain to deliver prompt and efficient payments and financial services. The Euro Coin (EUROC) launch is the first of a series of anticipated multi-chain launches to aid developers and users. According to Circle’s team, Euro Coin availability on Avalanche increases liquidity and provides...

Amid the current banking crisis in the United States, stablecoin issuers like Tether and Circle have been moving their reserves to the safest instrument i.e. US Treasury. In a recent development, USDC stablecoin issuer Circle has reported that it has recently adjusted its reserve treasury in order to avoid the risks of US debt defaults. On Wednesday, May 10, Circle CEO Jeremy Allaire appraised the same stating that the firm has adjusted the mix of reserves backing the stablecoin USDC by...

Fintech firm Circle announced the mainnet availability of Cross-Chain Transfer Protocol (CCTP) for developers building on Ethereum and Avalanche networks. The protocol will essentially allow USDC to flow natively across supported chains by burning the native stablecoin on a source chain and minting the same amount on a destination chain. The “burn and mint” process results in USDC “teleporting” from one blockchain to another by eliminating the complications and risks of...

Jeremy Allaire – CEO of Circle Internet Financial Ltd. – argued that US investors could soon relocate due to the lack of proper regulations and the growing banking crisis. The collapse of Silicon Valley Bank (SVB) in March caused severe issues for the stablecoin issuer. USDC de-pegged from its $1 fixed valuation to as low as $0.87 after Circle revealed a massive $3.3 billion exposure to the financial institution. However, it coped with the problem, assuring that investors...

Jeremy Allaire, CEO of stablecoin giant Circle, spoke at Consensus 2023 on Wednesday about where companies like his fit into the current US dollar system and regulatory regime.  The executive believes a widespread loss of faith in US Banking is contributing to “de-dollarization”, and that digital dollar stablecoins will help it retain its global dominance.  A Safe Digital Dollar During a panel titled “ A 10-Year Rollercoaster Toward a New Model of Money,” Allaire said that...

The banking sector could potentially undergo a much-needed revamp, but until then, investors appear to be scrambling for a safety net. As the traditional financial world is rocked by the Credit Suisse chaos and the failure of a series of US banks, investors have flocked to the largest stablecoin, Tether (USDT). The turmoil has once again helped the controversial asset extend its lead. Tether Market Cap Silicon Valley Bank (SVB), Signature Bank, and Silvergate Capital, once...

Hackers have managed to infiltrate the Twitter account of a Circle executive to falsely state that the stablecoin issuer was conducting a USDC airdrop. The fake airdrop leads to a phishing website likely designed to steal users’ tokens. Circle CEO Jeremy Allaire confirmed that the Twitter account belonging to Dante Disparte, the company’s chief strategy officer and head of global policy, was hacked. Perpetrators used Disparte’s account to announce a fake USDC airdrop to the...

The USDC depeg caused significant turmoil in the market last week. The stablecoin issuer Circle claimed that it has cleared “substantially all of the backlog of minting and redemption requests for USDC.” In a recent statement, Circle said it had redeemed $3.8 billion of USDC tokens over the period and minted $800 million. The Boston-headquartered company also went live with a new transaction banking partner for domestic US wires in and out on March 14. Circle further revealed...

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