SEC Subpoenaed USDC Issuer Circle In Early July: Report

The SEC Subpoenaed USDC issuer Circle back in July according to the filing with the SEC that reveals Circle is under investigation and cooperated fully with the authorities so let’s read more in our latest USDC news.

According to a new mandatory filing by Circle, the SEC subpoenaed the company behind one of the biggest stablecoins USDC and it is under investigation by the United States Securities and Exchange Commission. It seems that the regulatory scrutiny enhances and that stablecoin issuers are under the radar of legislators. Circle revealed that it has recieved a subpoena from the SEC back in July.
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The company wrote:

“In addition, in July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation.”

The filing gave no reasons to worry but it also didn’t reveal what is the main focus of the investigation. The document reiterated the matter between the SEC and Poloniex as the popular crypto exchange is also a subsidiary of Circle. Poloniex agreed to pay the civil monetary penalty, prejudgment interest, and disgorgement worth around $10.4 million for failing to register as a national securities exchange.

As recently reported, Stablecoin issuer Circle revealed backing for its USDC stablecoin. Stablecoins are pegged to the price of fiat currency and in this case, the US dollar uses matching currency denominated assets that are held in segregated accounts by the issuer. The total value of assets held in the accounts has to be equal to the number of issuer’s stablecoins currently in circulation. As per the report written by Circle’s accounts, Grant Thornton which was issued on Friday showing Circle held $22,176,182,251 in its account at the time of the report. Grant Thornton accountants verified that the figure equated to exactly one dollar for each USDC in circulation.

Also, The circulating supply of the USDC on Tron surpassed $108 million as per the data which could be another sign the traders are turning to blockchains that have cheaper transaction fees with faster speeds than what’s been going on on Ethereum. The achievement came a day after Circle said it added support for USDC on Tron and one of the stated goals of doing so was enabling the growth of the crypto in Asia and around the globe.