USDC regulation

What is USDC? Exodu

Stable Coin Regulation, With A Focus On The STABLE Ac

What is USDC and why is it important and needed? USDC provides a fully collateralized US dollar stablecoin, and is based on the open source asset-backed stablecoin framework developed by Centre. As crypto assets have grown in their importance and adoption, it's become vital to be able to use fiat currencies for payments and trading. A price-stable currency such as the US dollar (and similar stable currencies such as EUR, GBP, JPY, RMB, etc.) is critical for enabling mainstream adoption of. USDC Approved Establishments. Approved establishments are processing facilities or vessels that have voluntarily contracted with the NOAA Seafood Inspection Program to be sanitarily inspected, approved, and certified for producing safe, wholesome products in accordance with specific quality regulations established by the U.S. Department of Commerce. Refer to the list of approved establishments to determine which fishery products have been produced in fish establishments approved by the NOAA.

Binance Offers New Cardano (ADA) And NEO Trading Pairs

Legal treatment of USDC transfers. The regulatory status of USDC and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to USDC, blockchain technology and its applications. Accordingly, it is not possible to determine whether a USDC transfer would be recognized under applicable law by a court or regulator at the U.S. state, U.S. federal, or international level Money Transmitters are US money service businesses that must comply with federal laws and regulations. Before the issuance of USDC, the equivalent amount of USD is with one of Circle's accredited partners. Consequently, all USDC tokens are regulated, transparent and verifiable. Besides, Circle is known as the crypto startup backed by Goldman Sachs Alaska. Effective. 07/01/2023. Incidental Take Authorization: Hilcorp Alaska Construction and Operation of the Liberty Drilling and Production Island in Foggy Island Bay, Beaufort. NOAA Fisheries issued regulations to govern the unintentional taking of marine mammals incidental to construction and operation of the Liberty Drilling and Production.

USD Coin (USDC) Partners With Different Companies For Use

  1. What Is USD Coin (USDC)? USD Coin (known by its ticker USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds. The Centre consortium, which is behind this asset, says USDC is issued by regulated financial institutions
  2. Jeremy Allaire Circle CEO Interview - USDC, Bitcoin, Elon Musk, Crypto Regulations, Ripple XRP, DeFi - YouTube. Jeremy Allaire the co-founder, chairman, and CEO of Circle which is leading in the.
  3. Center's Regulatory Arm As per CoinDesk , Center can blacklist any USDC addresses for two reasons; one, if any user presents a security threat or breaches the network, and two; to comply against legal requests in case a certain address is flagged by authorities
  4. Kim explains that USD Coin (USDC) is a stablecoin launched by Centre, a consortium of which Coinbase and Circle are listed as the founding members. Each USDC token is reportedly backed by one US.
  5. t, send, or store Stellar USDC from anywhere across the globe
  6. USDC is an Ethereum -based ERC-20 stablecoin formulated in a joint venture between fintech firm Circle and popular crypto brokerage Coinbase in 2018. The token is pegged at $1 per USDC, with each token backed 1:1 by the US Dollar. In order to verify its reserves, UDSC undergoes regular independent audits
  7. istrators say they treat tether this way because of its history of opaqueness and fractional reserve

Centre USD Coin - CENTRE

USD Coin (USDC) represents a major breakthrough in how we use money. Digital dollars work like other digital content — they move at the speed of the internet, can be exchanged in the same way we share content, and are cheaper and more secure than existing payment systems. Built on standards. USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a. Visa now accepts USDC stablecoin as a settlement currency. The company said its customers are increasingly demanding access to digital currencies. Digital currencies are becoming almost unavoidable for many financial companies, following the growing interest and acceptance across many countries. Today, Visa Inc. has become the first major payment network to support a stablecoin, precisely the USD Coin (USDC), as a settlement currency. Previously, transactions on the network were only settled. Taken from The Money Movement Episode #21 https://hubs.li/H0xljDT0.The global economy is experiencing unprecedented challenges and change. Business leaders e.. USDC and DAI have market caps of $2.74 billion and $608 million, respectively. Yet, unlike on centralized exchanges, where tether is the go-to stablecoin in dollar-based crypto trades, USDC and.

Regulation; Rumors; Taxes; Technology; Trading; Scams; Crypto News. Aave; Bitcoin; Cardano; Chainlink; Cosmos; Ethereum; Dogecoin; Litecoin; Polkadot; Stellar; Synthetix; Tether; Tezos; Uniswap; VeChain; XRP; Yearn.finance; Company News. Bakkt ; Binance; Bitfinex; BitMEX; Bittrex; Coinbase; Huobi; OKEx; Categories 📶 Coin Rankings 🆕 Recently Added 🤑 Highest Volume 📈 Biggest Gainers USDC Circulating Supply Increases by 3.14B in 2020; CEO Says Stablecoin Is 'Way Ahead of the Pack' in Regulatory Compliance. AnTy. December 26, 2020. USD Coin (USDC Regulations and directives are developed by USDA to ensure compliance with all relevant federal laws, executive orders, directives, and policies. USDA Directives. The USDA Directives system is the on-line repository of all USDA Departmental Regulations, Notices, Manuals, and Secretary Memoranda. Regulations.gov . Members of the public can and are encouraged to find, review, and submit comments.

Seafood Commerce & Certification NOAA Fisherie

USDC Risk Factors - Polonie

Gasparino says the Biden administration in the early stages of discussing regulation. SEC Chair Gary Gensler is waiting on direction from the US Treasury. At least one bitcoin ETF will likely be approved. The Trust Project is an international consortium of news organizations building standards of. Head of Blockchain Lab at BankFrick Julien Hawle gets in on the AMA fun by asking Jeremy about USDC regulation. How does the new OCC interpretative letter change things for USDC? Find out Jeremy's thoughts. Previous Money Movement guest Michael Moro asks Jeremy about stablecoin regulation on #themm. How does Jeremy see the competitive landscape for stablecoins evolving in the coming years. A few days before the new year, USDA began to solicit feedback on a proposal to take over regulation of genetically engineered livestock meant for food. Under the suggested framework, the agency would oversee end-to-end regulatory oversight from pre-market reviews through post-market food safety monitoring for animals modified or developed using genetic engineering intended for use as human food. It also said that the proposal was developed in consultation with FDA. (Apparently.

What is USD Coin (USDC)? A Beginners Guid

  1. That regulatory move might light a fire under banks' stablecoin strategies - and it should be noted that Circle itself has issued $700 million more in USDC in just the past several days
  2. i dollar, True USD, Paxos, and US Dollar Coin (USDC). While USDC may not be totally unique compared to those competitors, here's why it stands out from other cryptocurrencies: 🏛 Regulated: USDC's parent company is a registered Money Service Business in the United States. That means it's regulated by the government's Financial Crimes Enforcement Network (FinCEN), which combats money laundering
  3. USDC runs on the Ethereum blockchain as an ERC-20 token. Each USDC token is 100% legally backed by a single USD held in accounts exposed to regular public reserve reporting. The underlying.
  4. L'USDC, un challenger avec une bonne réputation. On ne présente plus l'USDT de Tether qui est historiquement le plus connu et utilisé des stablecoins du dollar américain. Toutefois, un fort « différent juridique » (pour l'appeler pudiquement ainsi) entre le procureur de l'État New York et les sociétés sœurs, Bitfinex et Tether, a assez fortement écorné l'image de marque.

Rules & Regulations NOAA Fisherie

USDA's Preliminary Regulatory Review Plan (Pursuant to Executive Order 13563) Read and comment on our plan and learn more about the objective and focus of each agency within USDA, as well as the regulatory reviews process. Judicial Decisions The Office of Administrative Law Judges for the United States Department of Agriculture publishes its Judicial Decisions in full text via searchable PDF's. USDC is a fully collateralized, U.S. dollar-based stablecoin. Similar to other stablecoins listed on Kraken, USDC serves as a hedge against crypto volatility, provides immediate liquidity to crypto holders, and can be used to seamlessly and quickly move assets around the world. USDC is the second-biggest stablecoin in the world, with a current market capitalization exceeding $500 million. As. USDC is the first stablecoin on the Bitcoin blockchain, courtesy of the RelayX and Run partnership. In its official announcement, RelayX said: The launch of USDC (RUN-SV) is a major milestone as the first open, publicly available token on Bitcoin SV. Widely thought by the general crypto community as an impossibility, we believe this is the start of a token and contracting explosion for Bitcoin. A stable-coin has long been desired by many BSV ecosystem apps and users for use cases including.

USDC Total Transfer Volume Holds Strong. One reason why stablecoins are so popular is that one can move vast amounts over the network. For USDC, that total transfer volume is rising steadily. It is no longer uncommon to see days with nearly $4 billion in value being moved through this stablecoin. A strong signal to the rest of the market, as its volume only started picking up in early June. Commerce (USDC). It is to be used as a reference for determining which fishery products have been produced in fish establishments approved by USDC. Only those processing establishments or vessels which have been sanitarily inspected, approved, and certified as being capable of producing safe, wholesome products in accordance with specific quality regulations promulgated by the USDC are listed. Visa will use crypto bank Anchorage as its settlement agent, implying that Crypto.com would send USDC to Visa's Ethereum address at Anchorage. The payments giant will roll out the capability to other partners over the next few months after further testing and discussion with its clients and the regulatory board members Regulation; Circle's USDC Stablecoin Becomes a US Foreign Policy Tool. By. Muhamin Olowoporoku - November 22, 2020. Political crisis and economic disaster have pushed the US to use the USDC stablecoin as a tool for foreign aid. This news coincides with the US providing support and returning seized funds from Venezuela to Juan Guaido's government to pay health workers amidst the coronavirus.

USD Coin (USDC) Kurs, Grafiken, Marktkapitalisierung

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Jeremy Allaire Circle CEO Interview - USDC, Bitcoin, Elon

Following the launch, Stellar USDC will become available on Stellar's decentralised exchange, accessible to any Stellar account through integrated wallets. Stellar USDC pairs the digital dollar stablecoin, which has seen over 1,000% year-over-year growth and now has nearly $6B USDC in circulation, with the Stellar network, an established blockchain He advocates for the U.S. crypto industry in Washington, paving the way for current and future regulation of cryptoassets. USDC and other stablecoins saw a massive influx throughout 2020 into Ethereum and DeFi as demand skyrocketed, providing a glimpse of possible long-term impacts on the future of money. Jeremy argues for a full-reserve money system based on Austrian Economics, moving away. USDC, the arrival of a new stablecoin. Stablecoin or stablecoins are nothing new in the crypto world. The arrival of Tether (USDT) marked a before and after in this regard, allowing fast transactions between those who use cryptocurrencies such as Bitcoin o Ethereum, and want to make quick changes to a currency Less volatile on exchanges.. However, Tether had serious problems on his shoulders FinClusive empowers businesses to address the regulatory challenges in full confidence that they are compliant with the global standards to combat illicit finance, and provides the tools to empower themselves — and their clients — to safely store and move value. With the incorporation of USDC, FinClusive is excited about the enhanced stability and security that will accelerate financial. The non-profit consortium Coinbase and Circle Financial created to run USDC, called Centre, is based in the United States and subject to US regulations. Financial institutions that issue USDC must comply anti-money-laundering (AML) regulations, provide detailed audits of their holdings and meet other requirements. In addition, top-five accounting firm Grant Thornton LLP perform

Circle Blacklists $100,000 in USDC after Lawmaker's

With $1.1bn in circulation as at end July 2020, USDC is believed to be the fastest growing fiat-currency-reserved stablecoin of its kind and is backed by the CENTRE consortium, co-founded by Coinbase and Circle. Jeremy Allaire, Co-founder and CEO, Circle, commented: BCB is an innovative and fast-moving financial services firm that has been at the leading edge of trends shaping the future of. HACCP Regulations ; Labeling Regulations ; USDC/NOAA Seafood Inspection Program State Regulation . Food Safety Regulations ; Food Code Regulations ; Regulatory Policy. The SPA will actively advocate for sound science-based public policy for issues that may impact our members. This will be accomplished by participating in the rulemaking process, and through collaborative efforts with other. FDA regulations are also federal laws, but they are not part of the FD&C Act. FDA regulations can be found in Title 21 of the Code of Federal Regulations (CFR). FDA follows the procedures required.

Companies will be able to rely on a regulatory compliant payment method with the USD Coin (USDC) based on the Stellar blockchain. FinClusive's solution will a. Skip to content . Wednesday, April 7, 2021 Latest: TA: Bitcoin Corrects Below $58K, But Here's Why Uptrend Is Still Intact North Korean Hackers Threatened Bithumb Exchange With a $16M Ransom Amid the 2017 Data Breach, Says Report. Centre's USDC, a stablecoin pegged to the U.S. dollar, is the world's second-largest stablecoin by market capitalization. The vast majority of DeFi protocols and stablecoins operate on Ethereum, and the total value locked in DeFi protocols has surpassed U$$39 billion as of publishing time USD Coin (USDC), a joint venture between Circle and Coinbase is set to launch on Algorand blockchain, the Algorand Foundation announced today. This makes Algorand the only protocol after Ethereum to have two prominent stablecoins, sources said. USDC currently ranks as the second-largest stablecoin by market cap. The coin has reportedly issued. Visa now settles payments in the USDC stablecoin on the Ethereum blockchain. Visa's settlement agent for the USDC capability is Anchorage

Legislative and regulatory changes that could affect the tokenisation of US dollars into USDC Why Trade USDC with eToroX In the highly volatile world of cryptoassets, eToroX offers you a secure exchange platform on which to trade. eToroX is the crypto and blockchain arm of the social trading platform eToro, and is regulated by the Gibraltar Financial Services Commission (GFSC) Kraken cryptocurrency exchange USDC users can now trade the stablecoin on its platform. This is according to an official blog post by Kraken, stating its users can now deposit and withdraw funds USDC on it.. The USDC trading pairs will include XBT/USDC, ETH/USDC, USDC/EUR, USDC/USD and USDC/USDT USDC is nearing $10B in circulating supply with a robust developer community and growing adoption across crypto companies and financial institutions alike. Furthermore, USDC and the Centre Consortium (the governing body behind USDC) have also shown a track record of clear compliance and regulatory engagement to instill confidence in USDC. In addition to the explosion of supply and usage, we.

Today Visa announced that it enabled transaction settlement with the US dollar stablecoin USDC in a pilot on the public Ethereum blockchain. The payments firm has numerous relationships with cryptocurrency exchanges. The exchanges issue Visa cards to their clients, enabling retail investors to spend cryptocurrencies. When a customer uses the Visa card, the exchange sells cryptocurrency of. Notably, USDC in circulation witness supply growth in June when its total jumped 37 percent from 730,920,001 to 1,002,228,740. The current number represents a 93 percent increase from the beginning of 2020. This invariably makes USDC the 18th digital currency in the decentralized space to have a 10-digit circulating supply

Coinbase Developer Explains How USDC Stablecoin, a Multi

  1. USDC on the Solana blockchain (USDC-SPL) introduces an extra layer of convenience and accessibility. MXC Exchange plans to integrate USDC-SPL into its exchange offering, making it accessible to its global user base as quickly as possible. Going down this path ensures MXC Exchange users will have access to the cheapest and fastest options to transact with the USDC stablecoin
  2. SAND/USDC $0.71 0.71 USDC: 7.04% $0 $0 $278.58 392.789 SAND 0.94% **about 3 hours ago 2 ? SAND/LCX $0.56 7.2 LCX: 59.55% $0 $0 $345.77 621.000 SAND - **about 4 hours ago - Show More. The LCX Exchange Is a Regulated Trading Venue Offering a Range of Digital Currencies. LCX aims to build the new infrastructure for digital finance, focusing on all aspects of compliance and regulation. Investing.
  3. USD Coin (USDC) is fiat The news comes on the same day that FATF released a new report on stablecoins calling for increased regulation for stablecoins and built in AML/CFT protections at the protocol level. The Block: July 2, 2020: Global tax authorities uncover $11 trillion in offshore financial accounts after information exchange, according to OECD : On Tuesday, the Organisation for.
  4. TrueUSD (TUSD) vs Tether (USDT) vs USD Coin (USDC) comparison. At the time of writing (November 2018), Tether, TrueUSD and USD Coin are the only stablecoins in the top 50 ranked by the market cap. By far, Tether is still the most significant one with its market capitalization surpassing $1.7 billion. The closest contender TrueUSD has more than.

USD Coin (USDC) Goes Live on the Stellar Blockchain

  1. USDC solves these problems by offering a solution with detailed financial and operational transparency, operating within the regulated framework of US money transmission laws. The USD Coin is linked with established banking partners and auditors. It is also built on an open source framework with an open membership scheme. This means that eligible financial institutions can participate in it
  2. For its part, the definitive withdrawal of USDC funds from the smart contract of this token, leads to the burning of USDC tokens. This is that, if a user withdraws 1000 USDC and takes them from the blockchain to a bank, those 1000 USDC are withdrawn from the Center accounts to make an effective withdrawal, and with it the 1000 USDC token is burned, balancing what exists in the blockchain with what exists in bank accounts. Thus, it is guaranteed that, at all times, there is a 1: 1 support for.
  3. ted by member organizations of the CENTRE Consortium, a membership-based framework and governance scheme for the development and growth of money on the Internet. Every month, the U.S. dollar reserves for USDC are attested to by a top 5 accounting services firm, Grant Thornton LLP
  4. USDC (Centre) USDC is similar to USDT in that it's backed by physical assets. For every 1 USDC, there is a physical US dollar in a reserve that is being governed by an independent entity called CENTRE. The CENTRE Consortium was set up by Coinbase and Circle to handle the governance and management of USDC. In this way, USDC is also a centralized stablecoin. Even so, fiat-backed stablecoins have no choice but to be centralized on some level, what really matters is the amount of checks and.

all information required by USDC regulations and the following AMS requirements: 424.1 Cans/pouches - Commercial labeling is acceptable. 424.1.1 All cans/pouches shall bear a code that is traceable to production establishment, production lot and date and back to the source of th USDC is fully backed by U.S. Dollars or equivalent assets held by Circle with its U.S. banking partners in segregated accounts, on behalf of, and for the benefit of, Users. This means for every USDC issued by Circle and remaining in circulation, Circle will hold on behalf of Users one U.S. Dollar in its bank account(s) or other approved investment Customers who purchase USDC with USD from a bank account or Coinbase wallet will have any fees waived, however credit card and debit card purchases are still subject to the standard transaction fee. Users who purchase USDC off Coinbase can send those tokens to Coinbase, but only to the USDC wallet in their Coinbase account. If tokens are sent to the wrong address Coinbase will not be able to recover them. This is standard for cryptocurrencies. Always triple check addresses before sending any. In response to the law enforcement order, Centre banned and Ehtereum-based address on its platform which holds $100,000 in USD Coin (USDC) from what I understand, USDC is backed by USD 1 to 1 so holding USDC is exactly the same as holding USD in a bank account. avalanche said: More interesting question is, if you would like to have a chance to get your wallet blacklisted CENTRE appears to have blacklisted an address holding USDC for the first time

The USDC (USD Coin) — a US dollar-backed tokenised stablecoin — was recently joined by five new stablecoins on the eToroX Exchange, including the Hong Kong dollar (HKDX), the Turkish lira (TRYX), the Polish zloty (PLNX), the South African Rand (ZARX), and the Singapore dollar (SGDX). The goal of launching these new stablecoins was to find a way to bridge the gap between the world of cryptoassets and traditional financial markets Regulatory Consultation Food and Drug Administration. Low Acid Canned Food Regulations ; HACCP Regulations ; Labeling Regulations ; USDC/NOAA Seafood Inspection Program State Regulation. Food Safety Regulations ; Food Code Regulations ; Regulatory Policy. The SPA will actively advocate for sound science-based public policy for issues that may impact our members. This will be accomplished by participating in the rulemaking process, and through collaborative efforts with other Associations or. This new wave of regulation poses a contradiction in that some of the cryptocurrency's strongest traits have always been privacy and autonomy. As demonstrated by the latest incident, it appears that cryptos are not as private or autonomous as previously thought as government agencies can top-down demands, which include the freezing of accounts

Additionally, recently crypto exchange Coinbase has slashed rewards on USDC stablecoin holdings by about 90 percent. The initiative, which was launched in October 2019, rewards US users with USDC. Rewards are accrued daily and distributed monthly. Coinbase users usually earn 1.25 percent annual percentage yield (APY) on their USDC funds. That reward now has been cut to just 0.15 percent APY, effective today. Coinbase did not specify the rationale behind the move, but the reduction is in line. Per federal regulation D, variable rate deposit accounts at banks and credit unions no longer have limits to the number of transfers as of April 2020. The previous limit of 6 transfers was lifted in April 2020 as Covid-19 caused millions of Americans to lose their jobs, struggle to pay bills and needed to draw upon their savings in a time of crisis. Double check with your institution so you. USDC is a stablecoin created and bootstrapped by CENTRE, a partnership between fintech company Circle and Coinbase, the popular cryptocurrency exchange. It is issued by regulated financial institutions that are required to report their holdings every month. These institutions act as trusted third parties in charge of maintaining a fiat reserve of US Dollars equal to the coin's supply

The USDC token is one of many that Centre intends to launch, and is primarily targeted towards crypto-traders and investors to explore arbitrage opportunities in the crypto-market while holding a credible off-ramp protocol to shift between fiat and digital currencies rapidly. PAX, GUSD Listed on Huobi after Increasing Deman USDC is a popular stablecoin backed by US dollars. And is the third crypto to join the Maker protocol. Prior to this time, ETH and BAT were already approved collateral type crypto on Maker. USDC will now be used to generate Dai. In the Maker forum the day before the approval, the entire community discussed the merits and demerits of adding USDC. Demerits like the fact that it would no longer be supported 100% by a centralized entity. And is more susceptible to regulatory issues for the US.

Visa's international payment system is ready to make calculations in the equivalent of USDC stablecoins. It has already launched a test program in partnership with the cryptocurrency platform Crypto.com and Anchorage Bank, and by the end of 2021 intends to offer its services to even more partners.. In fact, to date Visa has become the first major payment network to use stablecoin on the. With this in mind, today we proudly shared some historic news about our digital currency efforts: the first transactions settled with Visa in USD Coin (USDC), a regulated stablecoin backed by the US dollar and transacted over the Ethereum blockchain. For the crypto-enthusiasts and payment experts among us, the significance of this news may be apparent—but for everyone else, we wanted to take a moment to explain what we've done, how we got here, and why we think it's so. USDC is generally not the best choice of digital currency for the perpetration of crime but the frozen account has been known to be used to scam people. Centre's Support of Regulation The company behind USDC, a US company called Circle, has signaled its commitment to regulatory compliance. The USDC network won't be fully open like a conventional cryptocurrency network. Rather.

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By adding support for USDC-SPL, a new chapter is added to the cryptocurrency industry. USDC on the Solana blockchain (USDC-SPL) introduces an extra layer of convenience and accessibility. MXC Exchange plans to integrate USDC-SPL into its exchange offering, making it accessible to its global user base as quickly as possible. Going down this path ensures MXC Exchange users will have access to the cheapest and fastest options to transact with the USDC stablecoin FinClusive is integrating numerous applications to make it possible for customers to make payments with USDC; however, it also covers for the Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, which is related to transactions with and between other anchors and fintech companies who are looking to connect and interact within Stellar in a regulatory-compliant way The YFI creator Andre Cronje, suggested that USDT and USDC will soon be available on Layer 2 since the stablecoins make the transition away from Ethereum. The comment came in the wake of a huge month for ETH transactions which saw them surge to new levels in terms of costs and amount. Cronje added that he believes stablecoins should be seen as trade instruments and not currencies USD Coin (USDC) is fiat-collateralized stablecoin that offers the advantages of transacting with blockchain-based assets while mitigating price risk. Each USDC is issued as an ERC-20 token on the Ethereum blockchain and is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves The USDC supply has grown by 8% in the past day alone, and the coin now takes up 1.16% of the stablecoin market. USDC is on track to enter the top 20 of digital coins by market capitalization. The stablecoin already carries 156 pairs, with a highly active USDC/USDT market on Binance. Most USDC activity is seen on BitMart. USDC is also paired. Circle's USD Coin (USDC), a stablecoin pegged to the US dollar, today found a new home on the open-source decentralized protocol Stellar, which becomes its third major blockchain. The move comes a few months after the stablecoin was launched on the Algorand (ALGO) blockchain, which reduced its reliance on Ethereum network that has offered the support for the native ERC-20 coin since inception

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