Kiffmeister’s #Fintech Daily Digest (08/23/2021)*

Circle Stablecoin to Be Held ‘Entirely’ in Cash, US Treasuries

The Centre Consortium announced that USD Coin (USDC) stablecoins will only be backed by cash and U.S. Treasury Bills. Centre oversees which entities are allowed to issue the stablecoin and use its API. In July, its parent company Circle, which issues the USDC, revealed that USDC was only 61% backed by cash (including money market funds) and cash equivalents (high-quality short-term fixed income securities). The July attestation report showed that reserves included Yankee Certificate of Deposit (13%), commercial paper (9%), corporate bonds (5%) and municipal bonds and U.S. Agencies (0.2%). 

PayPal to enable cryptocurrency services for UK customers

PayPal announced plans to enable UK customers buy, hold, and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash, starting this week. By accessing their PayPal account via the website or the mobile app, they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.  

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