Circle USDC: Be better than Tether. Don’t talk about transparency, show transparency.

October 2018 Attestation
Only US Dollars held in custody accounts. Good.

Where things start to go wrong with USDC.

In March of 2020, Circle USDC provided us with the February attestation. The attestation stated the following:

Still no ambiguous language to be seen here. Good.
No ambiguous language. Cash & US treasuries. Good.
Scroll to 8:28 for the “approved investments” answer.
You can trust me, because if I was doing something illegal I’d be in jail.

That being said…

Circle USDC still has time to come clean about what their reserves actually are. I am not going to accuse them of fraud or doing anything illegal, right now their primary offense to the crypto community is lack of transparency.

The BIG Questions for USDC

1. Are cryptocurrencies part of the “approved investments” for USDC?
2. Are bonds in crypto based companies (traders, exchanges, miners), “approved investments” for USDC?
3. When will USDC provide a full breakdown of their reserves showing that they’re only invested in safe investments, akin to what the Fidelity SPAXX publishes? This will resolve all of the complaints I have regarding USDC.

We’d like to be perfectly clear, too.



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Blog for @Bitfinexed on Twitter. Exposing possible fraud by largest Bitcoin exchange, Bitfinex/Tether