Behind USDC: Circle, a company to watch out for
Today I read the news that USDC is losing capitalization very quickly. Of course, this is our bread and butter. Some cryptos go up, and some go down in the dynamics of whale movements in the crypto ocean.
Although, the case of USDC, a stablecoin, is not, in essence, a cryptocurrency in the purest concept.
The effects of the measures against Tornado Cash are still very recent and are reshaping the crypto market in the United States and will affect the entire world.
You will tell me soon enough: Wait a minute, man, what is the relationship between Tornado Cash and USDC?
Let me sort out my thoughts. Sometimes dyslexia takes over my fingers at the keyboard.
You may have heard of Circle, the company behind USDC, the digital asset currently ranked fifth by market capitalization. Probably not. I don't blame you. People still use USDT as a digital currency equivalent to the US dollar.
Circle is a company founded in 2013 by Jeremy Allaire and Sean Neville, actively participating from the financial perspective in the environment of the bitcoin project course.
In that sense, it is clear that Circle did not start as a stable coin company. In its early days, the company was the first gold-rated member of the bitcoin foundation.
Today, Circle is known to have received funding from BlackRock and Goldman Sachs, only to name a few. As well as Circle CEO Jeremy Allaire's active participation in World Economic Forum conferences and as an advisor to the International Monetary Fund.
If we follow the old adage 'you will be judged by the company you keep': we should have no doubts about who they represent.
Even the more daring ones claim the existence of a close relationship between Circle and the Federal Reserve and that it is subsidizing US government spending. This is not far-fetched, considering that both are headquartered in Boston.
Think wrong, and you'll be right.
I wonder, what are Circle's vision and the ultimate object of USDC?
Well, only look at the website to find out:
"We're building the future of money - so that your business can build for the future."
Sounds good, doesn't it?
I would support such a vision, and I know you would, too. Of course, there's always a but.
Circle's CEO preached about the power of programmable money.
As well as the importance of a public-private partnership to develop stable global currencies backed by central bank money during the WEF's annual conference in Davos in 2020.
I hope you are now beginning to see a macro nexus between the Tornado Cash and Circle sanctions event.
Those who have long been warned about how harmful Tether is to the healthy development of pure Satoshi Nakamoto-style cryptocurrencies. They should also stop at USDC.
There is not just one Trojan horse. In fact, at every door, there are several versions of it, and USDC is just one more.
In such a sense, it is gradually taking over the cryptocurrency industry, veiled and threatening financial freedom.
You don't believe me yet! Then I invite you to investigate further the frozen collateral in the Tornado Cash case.
Now I understand Why the attack on Ripple (XRP) and the eagerness to make Bitcoin inoperable as peer-to-peer money.
You see, they have a clear goal: to extinguish the attempts at freedom and consolidate in people's minds the CBDCs.
If you don't know the implications of these digital currencies yet. Then hurry up. They are just around the corner: programmable money at the disposal of its issuers for total control.
Source: Image by Precondo on Pixabay
FINAL THOUGHTS
Sometimes I ask myself somewhat hopelessly, what can I do about it?
Very little, actually.
Although I then say to myself, I am aware that one should not underestimate the power of an idea.
Perhaps I am contributing to spreading what they don't want you to know.
The future is not yet defined. The battle is being fought on many fronts. No one knows the final outcome, but we still have hope for freedom.
One is free if one is aware of the shackles that bind him.
So we had better wake up soon before be too late.
An original article by @Jnavedan
The thumbnail by Gerd Altmann on Pixabay
Cover image by Azmi Talib on Pixabay
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