Circle has said it wants to add more transparency to its operations, and has begun to share mint and burn data for its USD Coin stablecoin, a company post said.
The stablecoin maintains a one-to-one peg with the dollar. The company said its USDC reserve is held solely in cash and three-month U.S. treasuries. It’s held in segregated accounts to help benefit USDC holders, and will be separate from Circle’s operations.
The post said the reserve is subject to the same protections under U.S. state and federal law as other big payments innovators get.
Meanwhile, bitcoin rose about 5% from its low in 24 hours, finishing the day up about 2%, which Coindesk writes shows some resilience after it had fallen below $19,000 days earlier.
Bitcoin was at $20,500 as of Thursday (July 14) evening.
Meanwhile Ethereum added 4.3% and was trading at around $1,100 in the last 24 hours.
The report notes that bitcoin did find buyers quickly on the decline — it recovered losses from Wednesday’s, in which U.S. inflation data came stronger and prompted selloffs of risky assets.
In other news, bitcoin and other big cryptocurrencies have been outshining the stock market after the recent volatility, Seeking Alpha wrote.
The report said there’s a question whether crypto could be see another rally, or if the upswing is just a bear market rally that will fall in the future.
But stocks are getting knocked lower, with inflation for June coming in hotter than expected.
The report says stocks’ correlation with bitcoin is its lowest since January. But it’s still elevated from 2021.
Meanwhile, crypto lender Celsius, which filed for bankruptcy after suspending withdrawals, has a $1.3 billion hole in its balance sheet, according to a court filing.
The filing, for the U.S. Bankruptcy Court of the Southern District of New York, shows that Celsius has $4.3 billion in assets and $5.5 billion in liabilities.
This had come to light previously as FTX had reportedly walked away from a possible deal because of a shortfall in the balance sheet for billions.
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