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Jeremy Allaire made the promise at a time that investors have been demanding more transparency around USDC.

With his company on the cusp of going public, Jeremy Allaire – CEO of Circle, operator of USDC (USDC (+0.06%)), the world’s second-biggest stablecoin – has vowed to make his company “the most public and transparent operator of full-reserve stablecoins in the market.”

He has a ways to go.

​​Circle announced Thursday that it is listing on the New York Stock Exchange via an acquisition by Concord, a special-purpose acquisition company, or SPAC, led in part by former Barclays CEO Bob Diamond. The deal values the crypto financial services firm at $4.5 billion.

After the announcement, Allaire wrote in a tweet that the transformation from a private to a public company “creates an opportunity for Circle to also provide significantly more transparency about the business we are building around USDC, and about the reserves that back USDC.”

Allaire made the promise at a time when a growing number of commentators have called for greater insight into the assets backing stablecoins like tether (USDT, +0.02%) (USDT), the largest in the cryptocurrency category with about $63 billion of assets. No. 2 USDC has grown to about $25 billion outstanding from less than $1 billion a year ago.

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