ICYMI: Circle banks on $1 billion cash cushion to weather stablecoin race: Bloomberg
is banking on $1 billion in cash reserves to weather decreasing market share and fresh coopetition from other stablecoins, CEO Jeremy Allaire told Bloomberg News.
Circle's total stablecoin supply has been shrinking since the beginning of the year, with its popular USDC hovering around $24 billion as of August, according to data from The Block. That's about a 43% decrease from the coin's $42 billion supply in January.to move away from the stablecoin in favor of its own stablecoin BUSD in September of last year.
Supply of Tether's stablecoin USDT, meanwhile, has risen 18% in 2023 to $84 billion. New non-crypto native competitors like"I expect you will see many many, not just internet payments firms, but also all kinds of financial services companies and others begin to get more involved in this,” Allaire told Bloomberg. “It’s great to have this new competition — I do think it’s going to drive more and more companies into the field.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philadelphia News: Local News, Weather, Traffic, Entertainment, and Breaking NewsStay updated with the latest Philadelphia news, including local news, weather updates, traffic reports, entertainment news, and breaking news. Get all the information you need from NBC10 Philadelphia.
Read more »
Donald Trump's Inner Circle Could Save Him During Jan. 6 TrialTrump's attorney, John Lauro, has said his client would be acquitted if Mike Pence testified. Legal experts discuss which other witnesses could help Trump.
Read more »
Clarence Thomas' Inner Circle Disputes Media Reports on Super Bowl RingSupreme Court Justice Clarence Thomas' close associates are refuting media claims that he received an expensive Super Bowl ring from Jerry Jones. They argue that the reports are inaccurate and part of a larger agenda to criticize conservative Supreme Court members.
Read more »
Idol Groups Songs with a Double Platinum Streaming Certification from Circle Chart | allkpopThe Circle Chart, formerly the Gaon Chart, is South Korea's most authoritative music chart, providing comprehensive data on music sales and streamin…
Read more »
Stray Kids certified 5Million + ATEEZ, IVE, Taeyong, SHINee, & more receive Circle Chart certifications in August | allkpopCircle Chart has updated its monthly certifications list for the month of August, with several new additions in both the album sal…
Read more »