Circle confirmed the plans to enter the stock market at the end of 2022
SEMIMITENTS STEBLCOIN USD Coin (USDC), Circle, will receive public status in the fourth quarter of 2022. This in an interview with Decrypt confirmed her CFO Jeremy Foks-Jujin.
The top manager said the reverse merger with the Spac Concord Acquisition Corp will take place regardless of the market conjuncture. In February, Circle, as part of an updated agreement, was estimated at $ 9 billion.
Fox-Jin recognized the grounds for the concern of the community in the stability of the company against the background of Terra’s collapse and a series of difficulties that some participants in the industry faced.
The top manager assured that the issuer himself could not interact with problem players directly, since the law “unequivocally requires that the USDC reserves be stored only in a certain set of tools”.
“We are not allowed to provide them with [stablcoins] loans, bail or use it to pay for bills. Estabrication is in segregated accounts in accordance with the Law on Cash Translations. Such a regulatory framework is applicable to PayPal, Venmo operator, Block Cash Apple Cash Apple Product from Apple Pay. She protects hundreds of dozen, if not hundreds of millions of individuals with billions of dollars “, -said Foks-jin.
In accordance with the United States Bankruptcy Code, the USDC reserve fund is provided all available means of protection, he explained.
CFO Circle said that he did not know about appeals of any companies to the issuer of Stabelcoin with a request for borrowing. Any such agreement in accordance with the law should be disclosed in public documents SEC, added a top manager.
Foks-jin also touched on the theme of the Circle Yield product. Against the background of the pressure of regulators for players who offered such instruments, the company registered its offer in the management of the money circulation of Bermuda Islands.
According to him, the Circle Yield has a super -reference in Bitcoin, and the process of evaluating it takes twice a day seven times a week, which has avoided problems in recent months. “Impeccable work” of risk management did not lead to losses of customers, added Foks-jin.
July 18, a member of the Board of Directors of the Center Consortram, Dante Disarte presented 19 principles for regulating stablecoins. The initiative has become part of the company’s efforts to form a regulatory framework for “stable coins”.
The principles include the preservation of the possibility of emission non -bank structures, coexistence with CBDC, confidentiality, transparency and disclosure of information.
Recall that Circle submitted the first monthly report to ensure USDC and promised to transfer its publication to the daily basis.
In April 2022, CEO Circle Jeremy Allaire said the company was preparing to submit an application for a license from a cryptocurrency bank in the United States. According to him, this should happen “in the near future”.
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