Jeremy Allaire, Founder and CEO of Circle tweet a messagein a statement and linked blog post on Saturday, mentioningRumorsThe company’s USDC stablecoin is on the verge of collapse. Amid the downturn in the crypto market
In the first post titled “ How to be stable ” noted that USDC is fully supported:
“USDC is backed by the US dollar equivalent of the asset. USDC reserves are held in the management and custody of leading US financial institutions, including BlackRock and Bank of New York Mellon.”
Allaire continues in the next section saying, “It is understandable that some users are paranoid. But we have always tried to maintain the highest standards we have had. And that allows us to work with regulators, leading insurance companies.”
And finally, he concluded that Circle was “in the strongest position ever financially. And we will continue to increase our transparency.”
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