The chief executive officer of USDC issuer company Circle took to Twitter to confirm that Circle is fully healthy under these current extreme market situations.
The Circle is a stablecoin USDC issuer company. At the present time, USDC is standing as the second-ranked stablecoin but trust among the crypto Investors for this coin is standing at first rank because of its stability in the Crypto market under extreme volatility of crypto assets. Even the highest market cap stablecoin USDT faced a depeg in the value by 2% but still, USDC was standing smoothly.
As we know, the whole crypto community saw the significant downfall of many crypto projects like Terra, Celsius, 2AC, BlockFi, and also some other small stablecoins projects. The whole thing created additional fear among crypto investors.
A rumor was also circulating about USDC coin and speculation was going on that USDC may face de-pegging in its value because the situation is highly critical.
Recently Circle co-founder Jeremy Allaire took to Twitter and explained the whole situation and confirmed that everything is fine.
Circle co-founder said that the company aimed to increase its information-sharing efforts about the company & its operations to fight easily against the “fundamental challenges and risks”.
Jeremy shared a link to a blog, entitled “How to be stable“. Through the blog post, the company explained in detailed the backed assets behind USDC stablecoin. And also explained that the USDC coin was always fully backed by “the equivalent value of U.S. dollar-denominated assets.”
Further Circle’s co-founder said that the company aimed to bring more transparency about its backed funds & operations, to make the USDC users highly confident during the use of any platform.
Earlier this, on 4 July, Circle co-founder compared the crypto industry with the internet. Jeremy shared a picture of the 90s when the telephone industry was looking to legal ban all the internet-based calling services providers, which were cheap & free in some cases over basic telephone calling system.