The issuer of the stablecoin Tether has not provided a definitive answer on whether or not it will cease support for the Tron network, after rival Circle stopped minting its stablecoin on the blockchain on Tuesday.

In a statement, Tether stated: “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens.” In addition, the company stated that it retains the ability to freeze transactions on each directly admitted transport layer in order to fulfil its compliance obligations.

However, Tether also actively monitors the security of each of the supported transport layers to ensure the highest standards for our community.

Tether is the largest stablecoin, with a market capitalization of USD 97.7 billion, while Circle’s USD Coin (USDC) remains at USD 28 billion, according to data from CoinGecko.

The Tron network hosts more than 51.8 billion USDT, which represents more than half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated February 21.

These comments from Tether came in response to an announcement from Circle on February 20, when the company revealed that it was immediately finalizing the minting of USDC on Tron and would phase out support for the network. Circle justified this decision by aligning it with “efforts to ensure that USDC remains reliable, transparent and secure.

K. Tovar

Source: Cointelegraph

(Reference image source: @PelehSergii, X)

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La entrada Tether has not yet confirmed whether he will leave the Tron network apareció primero en Bitfinance.

Through a statement issued on the official Circle website, the exciting news has been released that the USDC stablecoin has joined the Mercado Pago platform in Chile. This strategic collaboration between both entities marks a milestone in the promotion of Blockchain technology and access to the global financial landscape.

The synergy between Mercado Pago and Circle transcends expectations, reflecting a shared vision focused on empowering people through Blockchain technology and entering the global financial universe. This announcement solidifies a bond that seeks to bring innovation within everyone’s reach.

The cornerstone of this alliance lies in the tokenization of the US dollar, a world-renowned currency recognized for its stability and reliability. This partnership between Mercado Pago and Circle provides Chilean users with a safe and fast path to digital transactions, while the dollar maintains its strong position as a store of value even in the midst of uncertain times.

Circle’s Vice President of Product, Rachel Mayer, highlights the excitement surrounding this significant step by stating, “Latin America stands on the brink of a revolution in the digital economy, with a wealth of innovation and a palpable enthusiasm for dollars.” digital”.

The agreement with Mercado Pago to bring access to USDC (USD Coin) to Chile represents a fundamental step in the democratization of digital financial solutions. This alliance paves the way for global participation in the new financial era in which we are living.

Matías Spagui, Senior Director of Mercado Pago, underlines the importance of this collaboration: “The US dollar is a pillar of global stability and a simple tool to preserve wealth even in times of uncertainty. With the introduction of this stable currency, we seek to expand access to cryptocurrencies and offer our two million Mercado Pago users an alternative according to the value of the dollar”.

The integration of USDC into the Mercado Pago platform opens the doors for Chilean users towards a smooth adoption of digital dollars, unlocking a range of financial opportunities that were previously limited by geographical and technological barriers. This bold step redefines the financial landscape in Chile and beyond.

K. Tovar

Source: Cointelegraph

(Reference image source: Aidan Hancock, Unsplash)

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La entrada Chile will allow USDC payments from Circle in Mercado Pago apareció primero en Bitfinance.

The same day that Silicon Valley Bank was intervened due to liquidity problems, the cryptocurrency issuing company Circle announced that USD 3.3 billion of its reserves are withheld in the entity.

The company confirmed the news through its account on the social network Twitter, adding that the sum corresponds to approximately USD 40,000 million.

Faced with the bankruptcy of Silicon Valley Bank, Circle finds its hands tied before any procedure and must wait for the action of the regulators to find out the mechanisms for recovering its money.

Circle’s statement on Twitter reads: “Like other customers and depositors who have trusted SVB to use their banking services, Circle joins calls for continuity of this major bank in the US economy and will continue to guidance provided by state and federal regulators.”

It will be necessary to wait as long as the US authorities and regulators estimate in this matter to learn the details related to the crypto company’s retained reserves, which amount to USD 3.3 billion.

M.Pino

Source: morocotacoin

(Reference image source: social networks)

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La entrada Circle reserves trapped in Silicon Valley Bank apareció primero en Bitfinance.

Jeremy Allaire, CEO of Circle, one of the leading cryptocurrency companies in the United States, expressed his opinion on the regulation of stablecoins by the United States Securities and Exchange Commission (SEC).

Allaire believes that the SEC is not the appropriate regulator for stablecoins, as stablecoins are not securities or financial products, but rather a form of digital currency. According to the CEO of Circle, stablecoins should be regulated by an entity that has experience in handling digital currencies, such as the Commodity Futures Trading Commission (CFTC).

In addition, Allaire also highlighted the importance of clear and consistent regulation for cryptocurrencies and stablecoins. In his opinion, adequate regulation would encourage innovation and growth in the sector, while protecting consumers and maintaining the integrity of the market.

However, the Circle CEO noted that current regulation is confusing and fragmented, with different federal and state agencies applying different rules and regulations to cryptocurrencies. Allaire urged the authorities to work together to create a clear and coherent regulatory framework for the sector.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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La entrada Circle CEO says SEC is not the appropriate regulator for stablecoins apareció primero en Bitfinance.

The United States Securities and Exchange Commission (SEC) opened an investigation into the fintech Circle, known for being the creator of the stablecoin USD Coin, the second largest stable-value cryptocurrency on the market.

“In July 2021 we received an investigation subpoena from the SEC’s compliance division requesting documents and information about some of our properties, client programs and operations”, the company said in a document submitted to the regulator as part of its process to go public.

The firm stressed that it is cooperating with the authorities, although it has not disclosed what type of investigation is being carried out or has specified what exactly the SEC is looking for.

Circle is the creator of the Center consortium, the body in charge of managing the crypto asset, whose value is backed by the dollar, so that each unit of said cryptocurrency always has a value of one dollar.

Center was subsequently joined by other companies such as cryptocurrency exchange Coinbase and cryptocurrency mining equipment maker Bitmain. USDC is the second largest stablecoin on the market, only behind tether.

K. Tovar

Source: Bloomberg

La entrada SEC investigates creator of USDC apareció primero en Bitfinance.

Circle announced its alliance with multinational financial services company Mastercard to promote the use of USDC to facilitate fiat-to-crypto conversions, in an attempt to expand the ability of crypto companies to use digital assets for their clients.

In order to carry out the project, the companies plan to start a pilot test where the USDC will be used as a means for credit card issuers to directly settle payments to Mastercard.

Circle Co-Founder and CEO Jeremy Allaire believes that “the alliance between Circle and Mastercard reinforces how USDC is increasing its role in Internet commerce and payments. At the same time, a vital bridge is being built between payment systems in digital currency and the large established payment networks”.

For Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Associated Products at Mastercard, this commitment creates novel “trading and payment opportunities through digital assets.” In his view, the crypto market continues to mature and we are pushing it together to reduce friction and create new market options.

Currently, there are approximately more than 25 billion dollars in USD tokens, with a volume of the order of 785 million dollars in transactions carried out through the different blockchains.

Circle intends, with the agreement, to push the USDC towards new horizons in the framework of globalization and the volume of the asset itself.

M. Rodríguez

Source: bicoin.es

La entrada Mastercard and Circle to boost USDC market apareció primero en Bitfinance.