The company that backs USDC Coin explained that the miscalculations in its balance sheet are a consequence of recent events in the crypto industry.
Circle had to file a new registration statement with the US SEC clarifying these projections.
Circle, the issuer of USD Coin (USDC), said that the failures in its financial projection calculations were possibly due to Binance’s stablecoin conversions system, resulting in a $3 billion loss on its balance sheets.
The company explained that apart from the automatic conversions of its stablecoin to BUSD, another factor that influenced this error was the resounding crash of the FTX.com cryptocurrency exchange.
Earlier in the month, Binance had previously announced that it would no longer support trading USDC and other stablecoins on its platform. It would also implement its own automatic conversion system.
Circle’s erroneous financial projections for this year were reflected in the company’s amended S-4 registration stateme
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