USDC to consolidate reserves into cash and US treasuries

Coinbase (NASDAQ:) president and COO, Emilie Choi, has announced that the reserves backing the stablecoin USD Coin (USDC) will be consolidated into cash and U.S. government treasuries.

An Aug. 22 blog post from CENTRE Consortium, the entity that was collaboratively established by top U.S. crypto exchange Coinbase and blockchain financial services company Circle that issues USDC, stated that USD Coin’s reserves will soon be entirely held in “cash and short duration U.S. Treasuries.”