USD Coin [USDC]: 1.1 million USDC minted at USDC Treasury in the wake of Brian Armstrong’s tweet

The cryptocurrency market saw its fair share of controversies over the past two weeks, with the revelation of the Bitfinex-Tether drama and speculations that Brian Armstrong was shilling USD Coin [USDC].

WhaleAlert, a cryptocurrency data aggregator, recently broke another twist to the USDC tale after it revealed that over 1 million USDC were minted at the USDC treasury. WhaleAlert stated that the Ethereum-based cryptocurrency had a timestamp of May 1, with the address pointing to the USDC treasury. The transaction hash was recorded to be 0xd83ccc57d36b30001d0efbcefb6681943e019199524c84379d2fb4ada4ddf84f and was done on block 7677911.

The large movement of USDC coins came immediately after Brian Armstrong, Chief Executive Officer of Coinbase, stated that it was time for users to accept more “trustworthy” stablecoins, explicitly quoting the USD Coin.

Armstrong’s tweet read,

“With the confirmation that Tether is not fully collateralized, my hope is that the industry graduates to more trustworthy stablecoins, including https://www.coinbase.com/usdc One more piece of reliable infrastructure to help build the open financial system.”

This comment was followed by a lot of proponents in the space calling out Armstrong, with @WhalePanda, a popular cryptocurrency Twitter user, tweeting,

“$USDC isn’t backed 1:1 by cash, it’s regulated, requires KYC/AML and the issuers (Coinbase is one of them) take a lot of fees. It’s actually way worse than Tether… but tell me more about the coin you’re desperately trying to sell this time.”

USDC had a very active week, with another development in its kitty. The cryptocurrency became one of two coins to be integrated with the Matic Network, which was recently invested in by Coinbase Ventures. The blog post by the CEO of Matic Network read,

“We are pleased to announce Coinbase Ventures as our investor in our seed round. This investment is aligned with our goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.”

The post USD Coin [USDC]: 1.1 million USDC minted at USDC Treasury in the wake of Brian Armstrong’s tweet appeared first on AMBCrypto.