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Coinbase Says USDC Reserves to Be Held in Cash, Short-Term Treasurys From September
President and COO Emilie Choi in a Twitter post on Monday clarified earlier language on the crypto exchange's website.
Coinbase President and COO Emilie Choi said in a tweet that the U.S. crypto exchange's recent statement of every USDC being "backed by a dollar in a bank account" could have been more clear. Coinbase removed that language from its site about two weeks ago.
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- Coinbase "should have moved faster" to update such statements on its website when Circle shared its May report on USDC reserves in late July, Choi wrote. "That was a mistake and Coinbase takes ownership for that."
- Choi also wrote that "USDC has always been fully backed by reserves equal to or greater than the USDC in circulation, giving users the ability to always redeem 1 USD coin for US$1.00."
- Changes in the investment portfolio for USDC reserves began in May 2021 and will not extend past September, Choi wrote.
Read more: Coinbase to Add Over $500M in Crypto to Current Holdings
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too.
I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education.
I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings.
Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid.
I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
