USDC to consolidate reserves into cash

Crypto Signals via Telegram – Coinbase president and COO, Emilie Choi, has announced that the reserves backing the stablecoin USD Coin USDC.

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An Aug. 22 blog post from CENTRE Consortium, the entity that was collaboratively established by top U.S. crypto exchange Coinbase and blockchain.

On Twitter, Choi attributed the change in policy to backlash against USDC’s reserves expanding beyond cash, cash equivalents, and U.S. treasuries in May.

USDC to consolidate reserves into cash

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“These changes are being implemented expeditiously and will be reflected in future attestations by Grant Thornton,” the blog post added.

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In June, Centre announced plans for USDC to launch across 10 blockchain networks.

USDC to consolidate reserves into cash

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