USDC: De Facto CBDC?

[⭐ analyst75]

USDC is the second-largest stablecoin, behind Tether (USDT), boasting a $42 billion market cap.

 

Circle, the issuer of USDC, has close ties with BlackRock and, by proximity, the Fed.

 

The company recently announced its plans to shift 80% of its holdings into a BlackRock government-only money market fund.

 

AND…

 

BlackRock has laid out plans to apply for access to the Fed’s reverse repo program, RPP.

 

As Barclays put it, “RRP access would give USDC indirect access to a central bank liability and make it a closer substitute for insured bank deposits and CBDC.”

 

Meaning? As founder of Coinbase Brian Armstrong put it, USDC is set to become the “de facto CBDC in the US.”

 

It remains to be seen how this will shake out…

 

(But one thing to keep in mind -- for what it’s worth to you -- is that USDC resides on the Ethereum network.)

 

The SEC’s actions seem to fly in the face of these developments, putting the fear into those still on the fence about crypto.

 

Meanwhile, we remain steadfast that crypto is here to stay.

 

And we’re hard at work spotting the signals amidst the noise.” – Chris C
 

Profits from free accurate cryptos signals: https://www.predictmag.com/