Coinbase and Circle being criticized for policy alteration

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Coinbase and Circle has been criticized by Bloomberg for altering their USDC policies
Bloomberg noted some significant change in Coinbase’s policy regarding USDC
Previously it was mentioned that the USDC has been backed by dollars which have been changed to dollars or its equivalent assets
The crypto exchange revealed that the stablecoin is backed by a list of sanctioned investments
Coinbase is one of the leading cryptocurrency exchanges platforms globally. In contrast, Circle is another crypto firm that intends to become the world’s first full-reserve nation commercial digital currency bank. Recently, both the firms have been criticized by Bloomberg, the media firm, over an alteration of policy doubting USDC, the United States dollar-pegged stablecoin. However, it is worthy to note that the actual banking policies of such crypto tokens are more complex than the criticism signifies.

Coinbase and Circle altered their USDC policy
Bloomberg has recently drawn its attention to past and present statements mentioned on the website of the crypto assets exchanges. Following the statements, the media firm criticized both Coinbase and Circle.

As previously reported, Coinbase’s official website mentioned that each USD Coin or USDC is backed by $1. And such backed funds are held in a bank account. However, now the statement has been changed, and the website stretched it for the inclusion of cash equivalents. Indeed, now the tokens are backed with $1 or assets equivalent to such values held by US institutions.

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