“Circle, a global financial technology firm that provides internet-native payments and treasury infrastructure, announced the transition of USDC reserves to 100 percent cash and short duration U.S. Treasuries to be reflected in the dollar digital currency’s September attestation. Since inception, USDC reserves have been bound by the permissible investment rules under state money transmission regulations, which is how Circle is regulated today. These rules, together with the more conservative reserve management standards of the Centre Consortium, a partnership between Circle and Coinbase that provides standards for stablecoins, protect consumers and ensure 1:1 dollar liquidity for USDC at all times.”