Stablecoins are expanding in the market. There are several options available, but not all of them offer the same services and features. Circle has decided to provide proof of the USD reserves that it has to back the USDC stablecoin. PAXOS has partnered with BitPay to allow merchants to receive payments using the stablecoin.
Circle Provides Information about USD Reserves Backing USDC
Circle Internet Financial has recently released the first attestation report that was conducted by the accounting firm Grant Thornton LLP. This is is line with what Circle promised at the time of launching the token.
The company wrote on the matter:
“USDC is an open source project that works within US money transmission laws, uses established banks and auditors and runs on blockchain technology via smart contracts. This is true financial and operational transparency.”
At the same time, the company promised that it was going to release regular reports from the accounting firm Grant Thronton LLP on the reserves it has to back the USDC coin. Each USDC coin has behind one US dollar backing it.
As per the report, there are 127,408,827 USDC in circulation and issued. The company has $127,412,240.89 dollars held in custody accounts.
PAXOS Supported on BitPay
The blockchain and Bitcoin payments company BitPay, has added support to Paxos Standard Token (PAX). According to an official press release, PAXOS (PAX) and BitPay decided to sign a partnership to work together and offer merchants the possibility to receive PAXOS payments.
PAX is also one of the largest stablecoins in the market. Each PAX is backed 1:1 with the U.S. dollar. Furthermore, PAX is the first token that is issued directly by a regulated Trust company.
Charles Cascarilla, the CEO and co-founder of Paxos said:
“We are thrilled to partner with BitPay to enhance the cryptocurrency ecosystem. Paxos Standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators.”
This information about PAXOS and Circle are very important for the crypto market. Since the beginning of the year – or even more – Tether (USDT) has been involved in different conflicts. There are some experts and analysts that say that Tether was used to manipulate Bitcoin’s price.
With the integration with BitPay, it will be possible for PAX to be accepted by merchants all over the world.
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