• Transparency on USDC Reserves with 33^rd Reserve Attestation
• USDC establishing Fundamental Trust of USD
• USDC and Mastercard Interoperability

Jeremy Allaire previously stated that they are expanding their transparency on USDC Reserves.  The expanded table of reserve assets has been published in their May attestation report.

Jeremey expressed, “Since nearly three years ago when the first USD Coin (USDC) entered circulation, Circle, together with Centre Consortium, has prioritized trust, transparency, and accountability. These priorities have helped USDC grow widely within the global blockchain ecosystem.”

Circle has to state that they are sustaining the factors contributing to the trust:  The total circulation of USDC will continue to be backed on a 1:1 basis using dollar-denominated assets by ensuring the highest levels of regulatory and prudential standards which govern the USDC ecosystem.

Circle continues to provide assurances from the reserve attestations issued by Grant Thornton, the world’s leading accounting firm.  Ever since the first USDC has entered circulation, it is now the 33^rd such reserve attestation.

The attestation process is a sign of sustaining the fundamental trust in the USDC Ecosystem.  For those who are new, the core economic activities supported by USDC are based around the U.S. financial system and not outside of it.  Therefore, USDC as the open medium of exchange imports the fundamental trust of the U.S. dollar.  Thus, it sustains the first principles of the U.S. financial system.

To make this possible, Circle’s commitment to openness, competition, and responsible financial services innovation continue to be the cornerstone for both the Centre Consortium and Circle.

Further, Mastercard has adopted USDC and therefore taps the potential of Circle Pay in a new initiative to settle transactions between card issuers and Mastercard. Thus, expanding interoperability between the already existing payment systems in the network.

Jeremey Allaire, CEO of Circle:  “The engagement between Circle and Mastercard reinforces how USDC is growing its role in payments and commerce on the internet while building a vital bridge between digital currency payment systems and large, established payment networks.  We are thrilled to work with Mastercard to simplify card offerings for cryptocurrency companies.”

Raj Dhamodharan, Mastercard executive vice president of digital asset and blockchain products and partnerships, stated, “The engagement between Mastercard and Circle fuels new payment opportunities and commerce in digital currencies. The cryptocurrency market continues to mature, and we are driving it forward together to reduce friction and create choice for people.”

It just looks like USDC is tapping into the merits of the USD without giving up on the US principles of the Financial System.