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Questions over Circle’s USDC reserves linger despite assurances
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Despite assurances by Circle Internet Financial Ltd.’s chief financial officer Jeremy Fox-Geen that reserves backing USD Coin (USDC) were ring-fenced, concerns over the state of the collateral backing the so-called stablecoin continue to weigh on the coin, which had a market capitalization of more than US$55 billion on Thursday.
Speaking in an exclusive interview with Forkast Editor-in-Chief Angie Lau, Fox-Geen said being regulated under state money transmission laws in the U.S. meant the company does not have any right on the USDC reserves that are held in segregated accounts with financial institutions.
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