'Opacity and sloppy reserve management win the day. Or, at least, so it would appear.' Opinion jp_koning
In contrast, Circle’s arch-competitor, Tether, which publishes attestation reports on a less-frequent quarterly basis, laggedTo boot, in its attestation reports Circle disclosed all sorts of useful information to users, such as each individual Treasury bill’s CUSIP number and where it banks. On that list wasIt was the last bit of data – Circle's banking relationships – that seems to have caught everyone's attention that Friday.
By 7 p.m. ET, a slight USDC depegging from the U.S. dollar occurred on trading markets, and after 10 p.m. Circle finallya statement. It revealed that $3.3 billion of USDC’s reserves was in limbo at Silicon Valley Bank. The market was stunned. USDC's price began a sickening plunge to below 90 cents. The irony of this is that neither of Circle's competitors, Tether and Paxos, disclose where they bank. And so commentators on social media didn't have enough dirt on Tether and Paxos to start asking questions. While USDC collapsed on exchanges, the prices of the Tether and Paxos stablecoins held solid.Had Circle been as opaque as its competitors, no one would have known that Silicon Valley Bank was its banker and the weekend run on USDC probably would never have occurred.
The lesson would seem to be: Don't be transparent or, if you need to be transparent, don't be transparent about your shortcomings.Paxos, which issues the Paxos dollar stablecoin and,
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