Circle CEO Jeremy Allaire on cryptocurrency market turmoil

Published June 20, 2022 5:30 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

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