Circle reveals level of exposure to FTX; should USDC holders be worried?

Circle has alluded to over $10 million exposure to FTX It also hinted at the loss suffered due to Binance's auto conversion In a recent Twitter post, Circle's Jeremy Allaire said that USDC only had a small amount of exposure to FTX.

Timeline of Usd-coin

On Tuesday (15 November 2022), FinTech firm Circle Internet Financial, the issuer of fiat-backed stablecoins USD Coin (USDC) and Euro Coin (EUROC), announced that “eligible businesses who build with Circle can now help further boost their sales by accepting Apple Pay.

The stablecoin issuer said Apple Pay support allows traditional businesses to experience the benefits of crypto settlement while allowing crypto businesses to engage with non-crypto-using customers.

Circle Financial Services has recently announced that any business that builds on its platform now has the option of integrating Apple Pay. This will help to boost the sales of those businesses further than they had in the past.

Apple Pay, the very popular digital wallet offering from Apple (NASDAQ:AAPL), is now available via Circle, according to a blog post. Circle stated that eligible businesses who build with Circle can now accept Apple Pay.

Due to increasing levels of FUD surrounding the FTX/Binance saga, Circle's CEO in a recent tweet, played down from the saga affirming that circle worked under high standards and accountability.

Amidst the mayhem surrounding FTX and the Binance deal, there are currently numerous rumors circulating about possible contagion effects. If the takeover by Binance does not materialize, effects similar to the demise of Celsius and Terra Luna could loom.

The USDC issuer has started investing funds into its CRF (Circle Reserve Fund) to ensure that holders can redeem their coins when they want. Many crypto firms faced issues this 2022 due to the market crash.

According to the crypto firm Circle Internet Financial, the company is “deepening” its partnership with the world's largest asset manager Blackrock. Circle disclosed that it has started to transfer USDC reserves into a Blackrock-managed fund that's registered with the U.S. Securities and Exchange Commission (SEC).

According to a tweet shared on the 3rd of November, Circle's (The issuer of the stablecoin USDC) cross-chain transfer protocol will go live on Ethereum and Avalanche by the end of this year. The cross-chain transfer protocol will effectively teleport USDC from one ecosystem to another, maximizing capital efficiency and streamlining the user experience.

BlackRock will manage a portion of USDC reserves through a new money market fund that will consist of cash and short-dated U.S. treasuries. The post Circle to put a portion of USDC reserves into new BlackRock fund appeared first on The Block.