Jeremy Allaire shared his opinion on the recent issue, which arises because of the Binance & FTX exchange controversy.
USDC is the second biggest stablecoin in the crypto space and Circle is a back-end company behind this stablecoin. In May of this year, USDC grabbed huge users because of the downfall in the pegged value of almost every protocol concept-based stablecoins. USDC issuer always remains ready to adopt the new incoming regulation on stablecoin companies & also keeps reporting the reserved funds.
On 9 November, Jeremy Allaire took to Twitter to share his point of view on the current market situation, which occurred because of the controversy between FTX & Binance exchange.
He said that issues that occurred are just like a report card of the crypto industry, which suggests bringing more policies over this industry to ensure the safety of the customers against manipulation or unfair back-end activities.
According to Jeremy, the whole problem was associated with the money which was made unfairly by the many crypto projects & companies, during the 2021 bull market run.
Further Circle co-founder noted that the lack of regulatory policies in the United States over the crypto sector is a big concern and it motivates crypto Investors & companies to take high risks.
Jeremy also talked about the need for strict rules to ensure that companies operate their business under proper guidelines & proper base.
Behind the increasing trust in USDC stablecoin, Jeremy says that proper transparency behind the Circle company, like reserves in US Treasuries & Cash holdings, is helping the company to sustain itself under all circumstances.
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Circle (USDC) co-founder says FTX & Binance reflects deep issues of the crypto sector