In a blog post today, stablecoin issuer Circle revealed the various sources of backing that underpin its stablecoin USDC. Stablecoins are pegged to the price of a fiat currency—in this case, the U.S. dollar—using matching currency-denominated assets that are held in segregated accounts by the issuer. The total value of assets held in these accounts must be equal to (or greater than) the number of the issuer’s stablecoins currently in circulation. According to a report written by Circle’s accountants Grant Thornton, which was issued on Friday, Circle held $22,176,182,251 in its account at the time of the report. Grant ... (full story)