Circle has selected one of America’s oldest banks, BNY Mellon, as the primary custodian for the world’s second-largest stablecoin USDC’s reserves.
See related article: USDC to be 100% backed by cash, US Treasuries
- USDC issuer Circle chief Jeremy Allaire had claimed the stablecoin became 100% backed by cash and short-term treasury bills after facing regulatory scrutiny, from just 61% cash and cash equivalent reserves in July last year.
- The USDC’s market capitalization increased to US$51.4 billion, a 21% growth over the past three months, while the world’s largest stablecoin USDT’s market cap rose by 4.76% in the time frame.
- In February, Circle updated its merger with special purpose acquisition company (SPAC) Concord Acquisition Corp., to double its valuation to US$9 billion.
- Circle’s merger with SPAC Concord, which will make the company publicly traded, is expected to be completed by January 2023.
See related article: Circle’s growth outpaces Tether as it doubles valuation