Crypto's No. 2 stablecoin is backed mostly – 61% – by cash and cash equivalents. Here's what comprises the rest.
Centre, the Coinbase- and Circle-founded project that oversees the USDC stablecoin, has hired Wall Street veteran David Puth as its new CEO.
Users do not have to pre-fund their USDC-bearing wallet with ether before every transaction, according to Centre.
Former U.S. Treasury Secretary Lawrence Summers praised stablecoins last week, saying he sees use cases in cross-border transactions as one example of their usefulness.
Circle is rolling out business accounts denominated in the stablecoin USDC and looking to sell crowdfunding platform SeedInvest as part of an ongoing pivot.
Circle Internet Financial had $127.5 million at the end of last month, enough to back the total number of USDC stablecoins in circulation.