BNY Mellon to become custodian for USDC reserves

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Cir­cle has select­ed one of America’s old­est banks, BNY Mel­lon, as the pri­ma­ry cus­to­di­an for the world’s sec­ond-largest sta­ble­coin USDC’s reserves.

See relat­ed arti­cle: USDC to be 100% backed by cash, US Treasuries

Fast facts

  • USDC issuer Cir­cle chief Jere­my Allaire had claimed the sta­ble­coin became 100% backed by cash and short-term trea­sury bills after fac­ing reg­u­la­to­ry scruti­ny, from just 61% cash and cash equiv­a­lent reserves in July last year. 
  • The USDC’s mar­ket cap­i­tal­iza­tion increased to US$51.4 bil­lion, a 21% growth over the past three months, while the world’s largest sta­ble­coin USDT’s mar­ket cap rose by 4.76% in the time frame.
  • In Feb­ru­ary, Cir­cle updat­ed its merg­er with spe­cial pur­pose acqui­si­tion com­pa­ny (SPAC) Con­cord Acqui­si­tion Corp., to dou­ble its val­u­a­tion to US$9 billion. 
  • Circle’s merg­er with SPAC Con­cord, which will make the com­pa­ny pub­licly trad­ed, is expect­ed to be com­plet­ed by Jan­u­ary 2023. 

See relat­ed arti­cle: Circle’s growth out­paces Teth­er as it dou­bles valuation

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