The Tether (USDT) now has an advantage over the US dollar (USDC) coin. As a result, circle’s USDC, the hard currency of the dollar, lost one of its biggest leverage positions against its main rival, the USDT.
Coinbase, one of the leading players in crypto exchange, has made significant changes to its US dollar currency page. Crypto exchange posted this change on its website.
Reading on the subject / Vitalik Buterin urges Ethereum to go beyond DApps
It was a response to an audit showing that the reserves of several US companies were not held in cash. The audit results contradict the claim that each U.S. Bank has a corresponding dollar of support in a bank account.
Coinbase makes fresh changes by issuing currency denominated in US dollars
The latest change also affected the listing on the US dollar currency webpage. Coinbase visitors now receive a new Welcome notice stating that the USDC supports fully reserved assets.
In October, the statement now says that every US dollar is of fair value by a single dollar or equivalent asset. It also states that aid is held in accounts at U.S.-regulated financial institutions.
The USD Coin is valued at more than $ 28 billion and is the eighth largest digital asset. In October, this is the second largest stable coin behind the first-placed bond. The latest report on Tether’s Consolidated Reserves shows the cryptocurrency has about $ 63 billion in assets in storage.
Read on / government still sees blockchain as “Wild West,” says Blockchain Australia
Since its launch, the USDC has been operating as a stable currency, fully supported by the US dollar. Conversely, its main rival, Tether, has been involved in numerous court battles with regulators. A contributing factor to this is confidential commercial paper, which claims about half of its total stock.
However, an audit by Grant Horton, a multinational tax advisory firm, revealed real support for the USDC. Audit shows only 61% of USDC cash and reserves
