Circle Seeks to Reaffirm Commitment to Transparency as USDC Market Share Soars

"With USDC, our business model is minimizing risk, not taking or managing risk," Jeremy wrote Fox, Chief Technology Officer at Circle.

The cryptocurrency market has been going through a turbulent period lately, with several companies either filing for bankruptcy or going out of business. Voyager Digital announced bankruptcy on Wednesday, becoming the second crypto lender to default after Three Arrows Capital.

In light of current market circumstances, Circle sought to reaffirm its commitment to openness and user security in a blog post published on Tuesday. Jeremy Fox, Circle's chief financial officer, said his company's priority is to preserve the financial integrity of the system - robust, reliable and secure. He added that other financial institutions fraudulently promise to save users' money, only to drop them when the going gets tough.

1/ With so many businesses facing fundamental challenges and risks, Circle has fleshed out its own information on Circle and the USDC. Share it here so it's fresh for people to review. We started posting them in the days after Terra collapsed. https://t.co/SYNpwYxUif

The CFO said Circle's business model is about minimizing risk, not "taking and managing risk." He also explained how the company protects its USD coin reserves (USDC), pointing out that Circle does not own these assets and they are 100% owned by USDC holders in segregated accounts l...