Category: USDC

Paxos Standard Presents Assets Backing Its Stablecoins

Paxos Standard Presents Assets Backing Its Stablecoins

Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals […]

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Wyre announces partnership with Polygon to bring USDC token to millions

The payments solution provider continues to bridge the gap between fiat and crypto by bringing USDC to millions through Polygon. This partnership will enable users to make fiat-to-USDC conversions in less than 30 seconds. Fiat-to-crypto and payment solutions provider Wyre has announced a partnership with Ethereum scaling and infrastructure development platform Polygon. The collaboration was […]

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Stablecoin War: Paxos Calls Out Tether (USDT) and Circle (USDC) for Issuing Non-Regulated stablecoins

Amid the growing demand for regulating the use of stablecoins, Paxos has called out Tether (USDT) and Circle (USDC) for issuing non-regulated stablecoins. Paxos’ General Counsel and Chief Compliance Officer Dan Burstein has lashed out at the two players, in what he claims to be false claims. Recently, Circle claimed that USDC is the “world’s […]

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Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents

Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents

In a July 21 blog post, Paxos revealed that its duo of stablecoins, Paxos Standard and Binance USD, are backed by 96% cash or cash equivalents. This contrasts with recent reports coming out of the other leading U.S. dollar-centric stablecoin operators, Tether and Circle — a comparison that Paxos invited in its post. Indeed, the […]

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Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges

Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges

Payments giant Mastercard has announced that its crypto card program is being enhanced for cryptocurrency wallets and exchanges. The company said, “Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.” Mastercard Making It Simpler to Convert Cryptocurrency to Traditional Fiat Currency […]

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Circle Publishes USDC Attestation, Reserve Report Reveals Segregated Accounts in USD-Denominated Assets

Circle Publishes USDC Attestation, Reserve Report Reveals Segregated Accounts in USD-Denominated Assets

On July 20, the CEO of Circle Internet Financial LLC., Jeremy Allaire, published a blog post that explains the firm’s dollar-pegged stablecoin is backed by “prioritized trust, transparency, and accountability.” Allaire’s blog post follows a letter from the Centre Consortium’s accountant, Grant Thornton explaining that the stablecoin’s reserve account information matches the accompanying reserve account […]

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Circle reveals majority of USDC reserves are in cash and cash equivalents

Circle reveals majority of USDC reserves are in cash and cash equivalents

Circle revealed on Tuesday that the majority of the stablecoin USDC’s reserves are held in cash or cash equivalents. As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. The attestation report notes that “[c]ash includes deposits at banks and Government Obligation […]

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USDC Vs USDT: Amid Tether (USDT) FUD Circle Prioritizes USDC Transparency

Circle issued USDC has become one of the fastest-growing stablecoin in the crypto market. The company is all set to go public on Nasdaq later this year after finalizing a SPAC acquisition deal a couple of weeks back giving it a $4.5 billion valuation. With a clear aim to dominate the crypto market USDC is […]

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Just-in: MasterCard Eases Onboarding Process to Boost Crypto Cards Adoption

Mastercard, the payment processor giant today announced the enhancement of its crypto card program just weeks after rival Visa also announced its plans to become a global leader for crypto card payments, promising to make crypto as usable as any other currency. The leading card payment service provider said it is accelerating its crypto exchange […]

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Stablecoins Swelled by $13B in 30 Days, Captured 67% of Today’s Crypto Trade Volume

Stablecoins Swelled by $13B in 30 Days, Captured 67% of Today’s Crypto Trade Volume

Over the last few weeks, cryptocurrency markets have fallen in value as most of these assets reached all-time price highs three months ago. Despite the price drops, 2021 has still been an explosive year for crypto gains and fiat-pegged stablecoins have grown massively as well. 53 days ago, the entire capitalization of fiat stablecoins crossed […]

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