In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.
came across this recent interview with the CFO of Circle. many claims are made about the security & reliability of USDC.
"So unlike a bank, unlike an exchange, unlike any unregulated institution, we cannot use the USDC reserve in any way,” Fox-Geen said. “We cannot lend it out. We cannot borrow against it, and we cannot use it to pay our bills.”.
The one that stood out the most to me is that he claims customers could redeem all USDC in one day.
“So our customers could redeem all of USDC in one day,” said Fox-Geen. “We could process those redemptions, and the only limits to the time that they would get their U.S. dollars back are the limits in the settlement systems of the fiat currency banking system itself.”.
You can see part of the interview here with the full interview scheduled to be released Monday.
Does this raise your confidence in USDC?
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