The so called Euro Coin (EUROC) will be fully backed by euro-denominated reserves, with the initial custodian being San Diego-based Silvergate Bank.
Circle noted that the Grant Thornton LLP will be issuing attestations of EUROC’s reserves on a monthly basis, starting July.
June 16, 2022, 5:15 PM
Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum on January 20, 2014 in Munich, Germany. Hubert Burda Media/Picture Alliance
Tether said the rumor its commercial paper portfolio was 85% backed by Chinese commercial papers was “completely false and likely spread to induce further panic”.
The company also noted that it has reduced its portfolio to $11 billion, down from $20 billion in March, and that the goal was to eventually reduce its commercial paper backing to zero.
After the bill takes effect in 2023, only licensed banks, registered money transfer agents, and trust companies will be allowed to issue stablecoins in Japan.
The bill notes that in order for stablecoins to be considered digital money, they must be linked to the price of yen or another legal tender.
June 3, 2022, 1:28 PM
Court of justice sign written in Japanese outside court. Shutterstock
The proposal noted that burning UST will “reduce the outstanding bad debt of the Terra economy”, and could help restore UST’s dollar peg.
Submitted on 20 May, and suggesting the burning of roughly 11% of UST’s total supply, the proposal received 99.3% of the total cast votes in favor of it.
The exchange noted that FTX Stocks will be the first platform of its kind to allow users to fund their accounts using fiat-backed stablecoins like USDC.
The new platform will offer users no-fee brokerage accounts, commission-less trading, and free access to market and company fundamental data.
The side entrance of the New York Stock Exchange and a street sign of Wall Street, October 11, 2013, New York City. Shutterstock
BlackRock, the main asset manager for the USDC cash reserves, will now explore the capital market applications for the USDC stablecoin.
The $400 million funding round, which is expected to complete in the second quarter, will see participation from Fidelity, Marshall Wace, Fin Capital, and BlackRock.