Circle CEO Jeremy Allaire on cryptocurrency market turmoil

KIFI

Published June 20, 2022 6:30 AM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Circle is the company behind USD Coin, the second-largest so-called “stablecoin” in the crypto industry. Unlike more popular cryptocurrencies like bitcoin, stablecoins are typically backed by gold, government bonds, cash or other assets, and are typically priced on a 1:1 ratio with the U.S. dollar. More than $50 billion is stored in USDC, second only to Tether, a rival stablecoin with $70 billion in assets. Co-founder and CEO Jeremy Allaire spoke to The Associated Press about Circle’s launch of Euro Coin, its euro equivalent of USD Coin. He also spoke about broader turmoil in the cryptocurrency space.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.