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Coinbase President and COO Emilie Choi said in a tweet that the crypto exchange’s earlier language, that every USDC is “backed by a dollar in a bank account,” could have been clearer.
- 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.
