Stablecoin USDC will be 100% backed by cash and short-term U.S. Treasurys by September, developer Circle announced.
- Circle revealed last month that only 61% of tokens were backed by "cash and cash equivalents," referring to cash and money-market funds.
- The September attestation published by Circle will show that all USDC reserves are held in cash and short-term U.S. government Treasurys, the company announced Sunday.
- Circle revealed plans in July to go public via special purpose acquisition corporation (SPAC) Concord Acquisition Corp. in a deal that would value Circle at $4.5 billion.
- Earlier this month, Circle announced its desire to become "a full-reserve national commercial bank" operating under the supervision of the U.S. Federal Reserve, U.S. Treasury, Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC).