Jeremy Allaire, CEO of USDC issuer Circle has moved in to quell rumors of an impending USDC collapse following a crypto market deleveraging event that has seen some stablecoins lose their peg and lending firms get trapped in a liquidity crisis.
In a thread of tweets over the weekend, the CEO stated that it was “understandable why some users would be paranoid,” noting that Circle was well equipped to weather the current storm and withstand attempts to destabilize USDC.
“Circle is in the strongest position it has ever been in financially, and we will continue to increase our transparency,” Allaire wrote.
Since Terra’s stablecoin UST crashed in May, major stablecoins lost their peg, sending ripples across the entire crypto market. Major crypto firms were also affected as investors took a flight to safety weakening their liquidity reserves. In the past month, there has been chatter that Circle is also facing the risk of defaulting on its USDC reserves due to the higher interest rates it...
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