Circle Set To Reveal Update On USDC Ecosystem Boost; What Could It Be?
USDC stablecoin issuer Circle is likely set to make a big announcement soon following the recent revelation that US-based crypto exchange Coinbase acquired a stake in the company. The deal announcement came at a crucial time when the US lawmakers are working on a bill to regulate the stablecoin market.
Also Read: SOL Price Prediction: Bulls Poised For New Rally, Solana Strengthens Technical Outlook
The USDC Ecosystem Boost
Faisal Khan, a crypto influencer, revealed that Circle is going to publish something that reveals details on boosting the USDC ecosystem. This could be a report bringing more transparency to the stablecoin audits and the reserve funds, or a new announcement that could involve a Coinbase-like deal. According to the influencer, Circle Co-founder and CEO Jeremy Allaire will soon publish the USDC update.
@jerallaire Going to publish something that you would love for the boost of the USDC ecosystem. Will be sharing the details with you very soon. @Jay_SpendDBits
— Faisal Khan (@babushka99) September 4, 2023
On the other side, Paul Grewal, the Chief Legal Officer at Coinbase, expressed his opinion on the stablecoin legislation in the United States. He said the regulatory environment around the US stablecoin legislation is the “most confused.”
Stablecoins Are Here To Stay
Grewal stressed on the question of whether or not the United States could embrace the stablecoin market or lose it offshore. In June 2023, the US House Financial Services Committee had released a draft stablecoin bill “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” However, there was a no deal scenario in the US Congress as negotiation talks failed.
Of all the hostilities towards digital asset legislation, the hostility towards US stablecoin legislation is the most confused. Dollar-backed stablecoins are here whether you like it or not. The only question is whether we'd rather them onshore and regulated, or offshore and not.
— paulgrewal.eth (@iampaulgrewal) September 4, 2023
In the last one year, the USDC market cap fell from $52 billion to $24 billion currently, whereas during the same time frame, the Tether USDt (USDT) market size grew from $68 billion to $83 billion currently.
Also Read: Whale Again Moves Massive 4.6 Trillion Shiba Inu (SHIB), Recovery Ahead?
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
