Circle, the issuer of the stablecoin USD Coin (USDC), has been forced to take action to cover a significant shortfall in its reserves after the closure of Silicon Valley Bank (SVB), one of the largest...
Tag: Circle
Circle Pledges To ‘Stand Behind’ USDC And Cover Missing Liquidity In Failed Silicon Valley Bank ⋆ ZyCrypto
Advertisement     Circle Internet Financial has promised to resume normal USDC liquidity operations from Monday, enabling the redemption of the troubled stablecoin at ...
Circle Shares an Update on SVB and USDC After SVB Collapse
Circle— a crypto firm, provided a recent update on USDC— a stablecoin, and Silicon Valley Bank (SVB), on March 11th, Saturday. It stated that USDC liquidity operations will resume normally after Monda...
Circle May Be Able To Recover All $3.3 Billion Stuck At Silicon Valley Bank
– Advertisement – Circle CEO Jeremy Allaire has stated that USDC will be supported through external capital if necessary. The Circle executive revealed that the company had initiated a tr...
USDC Regains Footing Following Circle Pledge to Cover Shortfalls
After depegging yesterday, USD Coin (USDC) rallied back to as high as $0.98 following news that its issuer Circle promised to cover any shortfall in its reserves amid the Silicon Valley Bank (SVB) cri...
Circle Burns Nearly $650M, Recovers From Unprecedented Crash
USDC price dropped significantly following the fall of Silicon Valley Bank (SIVB). The USDC stablecoin had a $3.3 billion exposure to the collapsed bank. Circle engaged in a series of burns and mintin...
USDC Back on Track as Circle Announces Corporate Resources Backing
23 seconds ago | 2 mins read Altcoin News Circle has pledged to back its stablecoin with corporate resources if required. The stablecoin is gradually recovering to trade at $0.95 at the time of writin...
Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall’ – Bitcoin News
On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United S...
USDC To Regain $1 Peg As Circle Devises Strategy To Cover Shortfall
In an official statement, USDC issuer Circle stated that it would resume normal operations from Monday and that the stablecoin will be redeemable one-for-one with the U.S. dollar as it plans to utiliz...
Jeremy Allaire Says Circle Will Use Own Resources to Cover Shortfalls As USDC Moves Closer to Peg
Circle CEO Jeremy Allaire is speaking out for the first time following USDC‘s depeg from the dollar, which saw over $6.3 billion disappear from the second-largest stablecoin’s market cap. In a new com...
Stablecoins rally as Circle announces it will cover all USDC deposits 1:1
Quick Take On Saturday, March 11, Circle CEO Jeremy Allaire announced that Circle pledges to cover any shortfall in the assets backing USDC if it does not receive the entirety of a $3.3 billion cash r...
Circle will cover funds shortfall caused by Silicon Valley Bank collapse
Circle stated that it initiated to transfer of $3.3 billion funds remaining in SVB However, the transfer was not processed as of Friday and the could be processed on Monday The stablecoin issuer has c...
Circle plans to cover missing liquidity in Silicon Valley Bank with corporate funds
USD Coin (USDC) issuer Circle plans to use “corporate resources” to cover the shortfall on its reserves following Silicon Valley Bank’s shutdown, said the company in a statement on M...
USDC will remain redeemable 1 for 1 with U.S. dollar, Circle says
USDC issuer Circle said it will resume normal operations Monday and that USDC will remain redeemable one-for-one with the U.S. dollar after Silicon Valley Bank collapsed. Circle said that in th...
Don’t Panic: ‘Circle Will Stand Behind USDC and Cover Any Shortfall’
Circle has issued a statement regarding USDC and the depegging of the stablecoin following the collapse of Silicon Valley Bank (SVB). If 100% of the $3.3 billion that Circle held at SVB at the end of ...
Circle Released its Examination Report After SVB Crisis
Circle recently announced that it uses Silicon Valley Bank (SVB) to manage almost 25% of USDC reserves held in cash. After the Circle’s announcement, USDC started depegging, with USDC falling by near...
Circle reveals $3.3 billion in USDC reserves remain at insolvent Silicon Valley Bank – Cryptopolitan
Concerns are rising within the cryptocurrency industry following the revelation that $3.3 billion of the approximately $40 billion in USDC reserves remain at Silicon Valley Bank (SVB). This news comes...
Circle says outstanding USDC transactions won’t process until Monday
Circle USDC transactions through Signature Banks Signet network won’t process until Monday, according to a note sent by the company to trading firms. The firm, which founded USDC in 2018 w...
These Companies—Roku, Roblox, Circle And More—Held Major Funds In Silicon Valley Bank When It Crashed
Topline Roku—a hardware digital media company known for its streaming devices—held about 26% of its cash at Silicon Valley Bank Financial, according to a securities filing, as other companies have dis...
USDC depegs as Circle burns $2.34b in 24 hours
USD Coin (USDC) lost its $1 peg to the USD, trading to low as 81.5 cents on Mar. 11. Meanwhile, trackers indicate that Circle, the issuer of USDC, has burned $2.34b in the last day to meet increasing ...
Circle ($USDC) Has Over $3B Tied Up At Silicon Valley…
The issuer of the second-largest stablecoin Circle has stated that it held an undisclosed portion of its $9.8 billion cash reserves at the failed Silicon Valley Bank as of 17th January 2023. Circle S...
Circle Unable to Withdraw $3.3 Billion from SVB, Causing USDC Sell-Off
Circle is a Boston-based fintech company that provides payments and investment services using blockchain technology. USDC is a stablecoin issued by Circle and Coinbase, pegged to the value of the US d...
USDC Issuer Circle Reveals It Couldn’t Withdraw $3.3 Billion From Silicon Valley Bank
Stablecoin issuer Circle disclosed late Friday that around $3.3 billion of its $40 billion USDC reserves remained at Silicon Valley Bank. This comes after the high-tech lender’s share price dropped pr...
USDC Depegs Below $0.90, Circle Confirms Exposure to SVB
Crypto investors have flocked to redeem their USD Coin (USDC) holdings after its issuer Circle revealed it held $3.3 billion of its reserves at the failed Silicon Valley Bank (SVB). Concerns about USD...
Circle stablecoin USDC depegs to under $0.90
USD Coin (USDC/USD) has fallen below $0.90, sharply depegging after Circle confirmed exposure to Silicon Valley Bank. The cryptocurrency news this Saturday also sees major cryptocurrencies, includin...
USDC Depegs as Circle Reveals Exposure To Struggling Silicon Valley Bank
7 seconds ago | 2 mins read Altcoin News Circle verified that $3.3 billion of the USDC reserves was lying with SVB. As of this writing, the USDC was trading at $0.8974. The price of USD Coin (USDC) dr...
USDC Tumbles to $0.93 as Circle Reveals $3.3 Billion Held at SVB, Tether and Binance Not Exposed
Following the second-largest bank collapse in American history on Friday, market participants are worried about which firms might be caught up in the contagion surrounding Silicon Valley Bank (SVB). ...
USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB), the resultant sell-off caused the price of t...
Circle discloses $3.3B tied up at Silicon Valley Bank
On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserv...
Circle says $3.3 billion of USDC reserves are with Silicon Valley Bank
Circle, the crypto payments firm behind stablecoin USDC, confirmed late Friday evening that $3.3 billion of the cash backing its coin remain with Silicon Valley Bank. Circle, which had early tw...
Circle, BlockFi may have exposure to Silicon Valley Bank; other firms deny exposure
Ad California-based Silicon Valley Bank (SVB), a unit of SVB Financial Group, has been shut down, according to an announcement from financial regulators on March 10. Silicon Valley Bank closed by regu...
Circle CEO Says SEC Isn’t The Right Regulator for Stablecoins
Circle CEO Jeremy Allaire recently said that the SEC shouldn’t regulate stablecoins. Allaire believes that stablecoins should fall under the purview of banking regulators. Stablecoin issuers have beco...