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USDC Certification Runs Late, Raises Alarm in Crypto Community – News Bitcoin News

The USDC, the second most popular stable currency in the cryptocurrency market, has been late in issuing its verification, documents that authenticate the Custodian Center’s dollar numbers in banks. The last verification available for the currency is the date of February when the market capitalization of the currency was nine billion dollars. This fact and the sudden increase of cryptocurrency in the last few months have warned about the delay of these documents.

Center’s USDC runs late in its certification report

The USDC, one of the largest stable currencies in the cryptocurrency market today, has been late submitting its verification documents, according to the data took From its Transparency website. The attestations, which are to be submitted monthly, have stalled, with the previous one relating to the February fund released on 27 April, significantly delayed from its normal issuance date.

Why the USDC operates internally is not publicly disclosed to anyone with knowledge of why tardiness is occurring. USDC’s certifications have been prepared by Grant Thornton LLP, a leading independent audit, tax and advisory firm that has the manpower to manage the complexity of USDC as a business.

To make things worse, the crypto asset has experienced explosive growth since February. Its market cap has increased from 9 billion USDC to 20 billion USDC on February 28, more than double its release in just a few months. Number Taken from Coingecko.

USDC is one of the most trusted stablocks in the market, being released by the Center, a joint effort by Coinbase and Circle, two of the biggest names in the exchange business in the US. This genealogy has given it the impression of being the safe stable currency of the market. Circle Chief Executive Jeremy Allair Tweeted About the development of USDC Various occasions. Mandal’s blog too discussed The market capitalization of the fixed currency occurred on May 11, when it crossed $ 15 billion.

But this delay is ringing alarm bells in the country Parts The cryptocurrency community, who are concerned that this problem may have to do with the actual solvency of the issuing institution. One Article Published on ZeroHage and written by Vince Lancey shows how issues can reduce confidence in one of the pillars of cryptocurrency trading: the stable currency.

Fixed currency crisis

Other stable coins have also aroused such concerns in the market: this is the case USDT, The largest fixed currency in the market issued by Tether Limited. USDT, Which has the largest market cap of all, was in operation for years without releasing any documents until last February when the firm Released A verification, created by independent firm Moore Cayman, testifies that there was US $ 35 billion in support for its release at the time.

Teether also faced the New York Attorney General’s Office in a lawsuit, Settle down After nearly two years of trial, he was fined $ 18.5 million and barred from doing business in the city.

What do you think about the delay in USDC submitting its attestation? Tell us in the comments section below.

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.