The U.S. government’s biggest financial regulators released a joint statement on Sunday promising to save every last depositor at Silicon Valley Bank (SVB) – even those not fully covered by the federa...
Tag: USDC
USDC Recouping its Lost Peg, Suffers due to SVB Exposure
Due to SVB exposure, USDC lost its peg but soon recoiled to the $1 peg after the issuer pledged to cover losses. Circle Internet Financial Ltd. held $3.3 billion in reserves in the second-largest bank...
Crypto Platform Huobi Exchanged $100,000,000 USDC for DAI During Stablecoin Depegging Scare: On-Chain Data
Crypto exchange Huobi converted $100 million worth of USD Coin (USDC) to Dai (DAI) as uncertainty spread in the stablecoin market this weekend, on-chain data shows. According to blockchain tracking fi...
Binance CEO CZ ‘Banks are a risk to fiat-backed stable coins’ in reaction to SVB, USDC Depegging
Meanwhile, Binance is not alone in considering a move into traditional finance; Kraken has also stated its intention to open a bank. Read more: Kraken eyes own bank amid regulatory scrutiny The collap...
USDC Volatility Lifts Bitcoin’s Coinbase Premium to 3-Year High
“When news broke that Circle’s funds were stuck in Silicon Valley Bank, users rushed to redeem their USDC for USD,” Ignas said. “On Coinbase, users could redeem 1 USDC for $1.0...
Assessing Tron CEO Justin Sun’s take on SVB saga and USDC depegging
Justin Sun revealed his thoughts on the USDC depeg and was worried about its impact. TRX bounced courtesy of accumulation during its brief dip into oversold territory. Tron founder and CEO Justin Sun ...
Circle Plans to Cover USDC Shortfall After SVB Shutdown
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...
USDC Holders Panic Sell Amid Solvency Concerns
USD Coin (USDC), a popular stablecoin pegged to the U.S. dollar, has been facing solvency concerns since March 10, leading several holders to panic sell their holdings and switch to other stablecoins....
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...
USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident – Market Updates Bitcoin News
On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) p...
Is Circle’s USDC Stablecoin Crisis a Blessing in Disguise for Bitcoin?
Alex Dovbnya The recent crisis surrounding Circle’s USD Coin (USDC) stablecoin may have inadvertently boosted Bitcoin, as people are turning to it to achieve a synthetic USD due to the collapse ...
USDC Hits All-Time Low As Investors Pull Out Funds From The Stablecoin
USDC has been hit with a bearish wave following news of the collapse of Silicon Valley Bank on March 11. The stablecoin issuer Circle had revealed that it had $3.3 billion in deposits with the defunct...
Decoding the latest USDC update- Are USDT and DAI safer bets
Circle’s new statement revealed that USDC was 100% collateralized with the majority of its holdings collateralized through U.S. treasury bills. Many investors sold their USDC, some, however, bought th...
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...
USDC Recovers to $0.95, Bitcoin Reclaims the $20K Mark (Weekend Watch)
The past 24 hours saw the cryptocurrency market take a bit of a breather as it managed to recover around $16 billion in terms of its total capitalization. That said, the turmoil around USDC continues,...
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...
USDC Holder Forks Over $2 Million For $0.05 USDT In Desperate Move To Evade Crypto Crash
Every crypto investor’s nightmare starts when a sudden change in the industry leads to panic and massive selloffs. The effect of these two occurrences usually leads to uncontrollable price dips and de...
Traders are Moving Out of USDC After Silicon Valley Bank Shutdown
The sudden collapse of the US-based Silicon Valley Bank (SVB) is generating tremors in the US stock market. Regulators shut down SVB due to the sudden downfall of Silvergate Capital Corp on Friday. Th...
Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount
Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC’s collateral was held at S...
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...
Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan
Top Stories This Week Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs Silicon Valley Bank (SVB) was shut down by California’s financial watchdog...
Why the USDC potential depeg is not a reason to panic
Ad The following is a guest post by Anndy Lian. The crypto industry is currently experiencing anxiety due to concerns about the potential detachment of USDC, a stablecoin supported by US dollars. As a...
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...
Stablecoin USDC falls below $1, faces $3.3 billion exposure to Silicon Valley Bank
USDC, a stablecoin that is supposed to trade one-to-one against U.S. dollars, has fallen below $1 on Saturday, after creator Circle said it had over $3.3 billion held at Silicon Valley Bank, which col...
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 ...
Top 3 Stablecoins to Buy instead of USDC
The crypto scene was in shock as USDC de-pegged for the first time. Stablecoins were supposed to be…stable. However, it seems that market risks still affect even the mightiest players in the crypto sp...
USDC slowly repegs on unconfirmed reports of SVB resolution
According to a post on Mar. 11 by Bob Elliot, chief investment officer of unlimited funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank ...
Makerdao Issues Emergency Proposal to Address $3.1B in USDC Collateral After Stablecoin Depegging Incident – Bitcoin News
On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of wri...