Circle “Crypto 2022 report” promises USDC will always remain 1:1 redeemable
The USDC stablecoin issuer published a report on Crypto 2022 and pledged to maintain the real value of each USDC always equal to $1.
The circle is a P2P payments technology company. The company is known for its stablecoin USDC. This company is headquartered in Boston, Massachusetts. In 2013, this company was founded by Jeremy Allaire and Sean Neville. The financial work behind the USDC stablecoin is managed by this company. In the present time, USDC is the second biggest & most trusted Stablecoin in the Crypto market.
Recently Circle published a report on Crypto 2022′ bad events where many crypto projects collapsed, including TerraUSD’s stablecoin downfall.
Circle stated that Crypto 2022 was also a very challenging phase for the USDC stablecoin because of the several allegations of insolvency and accusations of censorship being fired at the stablecoin.
The company promised that no matter what the situation will be, it will always maintain the value of USDC backed by fiat values fully.
Circle report noted that increasing technological advancement in the Crypto sector and also increased regulation systems are going tovery well, which hints that the digital sector will stand perfectly with a bright future.
“The promise of well-regulated digital dollars like USDC is fulfilling things that would not be possible with money if it remained in physical form and only traveled on largely-closed networks or analog rails.”
USDT issuer noted that it redeemed $213 billion since 2018 and it was possible because USDC was perfectly managed by the team. This Company also confirmed that its 80% USDC reserved funds relate to 3-month U.S. Treasuries.
It is worth noting that, in May 2022, the top-ranked stablecoin USDT’s pegged value plunged by more than 2% but still USDC was standing smoothly despite high sell pressure. That situation changed the mentality of Crypto Investors to move toward USDC instead of USDT as a first choice.
Read also: Kevin O’Leary says unregulated Crypto companies “go to zero”
