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<ul> 
 <li>USDC witnesses significant growth in liquidity and transparency.</li> 
 <li>PayPal’s latest announcement stirs stablecoin discussion.</li> 
 <li>Circle celebrates issuing $5B and redeeming $6.6B worth of USDC.</li> 
</ul> 
<p>Amid the stablecoin hype thanks to <a href="https://cryptonewsland.com/paypals-stablecoin-could-push-bitcoin-to-250000/" target="_blank" rel="noopener noreferrer nofollow">PayPal’s latest announcement</a>, Jeremy Allaire, CEO of Circle shares some USDC updates. In particular, Allaire says USDC saw significant growth in liquidity and transparency, solidifying its position in the digital asset market. Specifically, it saw this growth in just the past month alone.</p> 
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   <p lang="en" dir="ltr">USDC Liquidity. Over the past month, we've issued $5B USDC, and have redeemed $6.6B USDC. <br><br>USDC banking is public and transparent, with 24/7/365 mint/burn, and wire settlement with nearly 90 countries.<br><br>USDC reserves are attested by Deloitte every month, and all of our T-bill…</p>— Jeremy Allaire (@jerallaire) <a href="https://twitter.com/jerallaire/status/1688667728737959937?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 7, 2023</a> 
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<p>In detail, <a href="https://www.circle.com/en/" target="_blank" rel="noopener noreferrer nofollow">Circle, the company behind USDC</a>, proudly announces a huge milestone. So far, Circle is celebrating an issuance of $5 billion worth of USDC. In turn, it has redeemed $6.6 billion demonstrating the coin’s widespread adoption and utility.</p> 
<p>Moreover, one of the key factors contributing to USDC’s success is its public and transparent banking infrastructure. With 24/7/365 minting and burning capabilities, users enjoy seamless access to USDC. Additionally, Circle’s wire settlement service, available in nearly 90 countries, further enhances the token’s accessibility and global reach.</p> 
<p>Next Allaire points out how transparency is a <a href="https://cryptonewsland.com/circle-makes-bold-usdc-move-amid-stablecoin-mayhem/" target="_blank" rel="noopener noreferrer nofollow">paramount focus for USDC</a>. The entity holds monthly attestations of reserves by Deloitte. The reserves, including T-bill and repo positions, are also reported daily through USDXX, a fund registered with the Securities and Exchange Commission (SEC) and subject to strict supervision.&nbsp;</p> 
<p>Currently, USDXX accounts for 93% of USDC reserves, providing an extra layer of trust for users and investors alike. In contrast to many other stablecoins, USDC users benefit from fee-free minting and burning. This attractive feature has contributed to the growing popularity of USDC as a preferred digital asset for various transactions and investment activities.</p> 
<h3 class="wp-block-heading" id="h-circle-looks-forward-to-global-expansion">Circle Looks Forward to Global Expansion</h3> 
<p>Excitingly, Allaire also shares his pleasure in announcing Circle’s ongoing expansion of its global banking and liquidity network. By collaborating with high-quality banks across major regions, Circle aims to offer local settlement rails and facilitate globally distributed minting and burning processes for USDC.&nbsp;</p> 
<p>This expansion ensures a robust and reliable infrastructure, providing users with the best possible connectivity within the regulated financial environment. USDC’s commitment to compliance and transparency has resonated positively with the crypto community.&nbsp;</p> 
<p>Lastly, Allaire ends his message by saying Circle is doing its best to do things by the book. Therefore, they are functioning well within a regulated environment making it possible for Circle to provide the best TradFi connectivity in the world.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/circle-to-apply-for-us-bank-charter-soon/" rel="noopener noreferrer nofollow">Circle To Apply for US Bank Charter Soon</a></li> 
 <li><a href="https://cryptonewsland.com/circle-makes-bold-usdc-move-amid-stablecoin-mayhem/" rel="noopener noreferrer nofollow">Circle Makes Bold USDC Move Amid Stablecoin Mayhem</a></li> 
 <li><a href="https://cryptonewsland.com/circle-assures-1-redemption-reveals-usdc-reserves/" rel="noopener noreferrer nofollow">Circle Assures $1 Redemption, Reveals USDC Reserves</a></li> 
 <li><a href="https://cryptonewsland.com/bitcoin-on-alert-meme-coin-frenzy-resembles-previous-market-peak/" rel="noopener noreferrer nofollow">Bitcoin on Alert: Meme Coin Frenzy Resembles Previous Market Peak</a></li> 
 <li><a href="https://cryptonewsland.com/arbitrum-network-set-to-welcome-circles-usd-coin/" rel="noopener noreferrer nofollow">Arbitrum Network Set to Welcome Circle’s USD Coin</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/usdc-achieves-strong-liquidity-milestones-amid-stablecoin-frenzy/">USDC Achieves Strong Liquidity Milestones Amid Stablecoin Frenzy</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

USDC Achieves Strong Liquidity Milestones Amid Stablecoin Frenzy

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