Market Analysis Report (18 Jan 2019)

Circle’s USDC Stablecoin Fully Dollar Backed Says Auditor

Crypto finance startup Circle’s USDC stablecoin was fully backed with fiat reserves at the close of 2018, according to auditing firm Grant Thornton. The auditor published an attestation report on Wednesday, stating that Circle had $251,211,209 held in custody accounts as of Dec. 31, 2018, against the 251,211,148 USDC tokens in circulation at the time. Goldman Sachs-backed Circle currently has a total of 353,309,381 USDC tokens on the markets, according to data from Etherscan, indicating it has topped up supply by about 100 million tokens within the last 15 days.

In its report, Grant Thornton noted that its examination “was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.” While the controversial and the largest stablecoin issuer in the space, Tether, reportedly appears to have had sufficient fiat reserves to back up its USDT tokens during 2018 and 2017, it has failed to produce a full audit from a professional specialist.

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Huobi’s Crypto Derivatives Market Has Already Passed $20 Billion in Trades

Launched in November, Huobi’s crypto derivatives market is growing at a rapid pace. Fifteen days ago they revealed they had hit $10 billion in total volume, and today they announced they’ve seen $20 billion. Huobi Global CEO, Livio Weng, said:

“This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s exploding growth, even in the midst of the ongoing bear market.”

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Bitpay Reports Processing Over $1 Billion Transactions in 2018

Popular cryptocurrency payment processor Bitpay has released figures showing that the company maintained strong performance during 2018, despite the downturn in the market. For example, while other ventures had to downsize recently, Bitpay’s staff increased by 78% from the previous year. Stephen Pair, Bitpay’s co-founder and CEO, stated:

“Bitpay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over $1 billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

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