Coinbase Says USDC Reserves to Be Held in Cash, Short-Term Treasurys From September
President and COO Emilie Choi in a Twitter post on Monday clarified earlier language on the crypto exchange's website.
USDP's updated smart contract will go live on Aug. 31.
Bitcoin slipped below $50K and will likely consolidate this week, analysts say.
Cryptos gain alongside stocks.
The issuer of the world's largest stablecoin has minted 2.3 billion new USDT tokens since the start of August.
The USDC developer revealed last month that only 61% of tokens were backed by "cash and cash equivalents."