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US Stablecoin Issuers Publish New Details on US Dollar Reserves By This week, Circle, the issuer of USDC – a cryptocurrency “stablecoin” with each unit backed 1:1 by U.S. dollars – published its latest reserve attestation issued by a U.S. public accounting firm. According to a blog post, Circle’s reserve attestations will now include “a breakdown of dollar-denominated reserve assets, which are all held in the care, custody and control of U.S.-regulated financial institutions and in line with laws and guidelines from our U.S. state money transmission regulators.” The blog post notes that “[w]hile public disclosure of reserves is not currently a regulatory requirement for stablecoins or privately issued digital currencies, we want to continue leading the sector with greater transparency … especially as the role of dollar digital currencies grows in importance in the global financial system.” According to the blog post, “USDC in circulation has grown more than

United statesNew jerseyCity ofUnited kingdomJoannaf wasickKeithr murphyRoberta musiala jrDeposit insurance corporationYork state department of financial servicesAlabama securities commissionGroup on financial marketsCrypto financial services firmExchange commissionOffice of the comptrollerJersey bureau of securitiesIssuers publish new details