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Circle The CEO of USDC, Jeremy Allaire, stated on Twitter that the organization's reserves are “safe and secure,” and that liquidity activities will continue when U.S. banks open on Monday.
After assurance from CEO Jeremy Allaire that its reserves are secure and the company has new banking partners lined up for “banking open tomorrow morning,” Circle's stablecoin USD Coin (USDC) is climbing back to its $1 peg. The value of USDC is currently $0.99, up 3.3% over the last day, according to data from CoinGecko.
All cryptocurrencies' market capitalization has surpassed $1 trillion once again. The damaged cryptocurrency market turned green after a joint statement from the Federal Reserve, U.S. Treasury, and FDIC stated that all depositors of the now-shuttered Silicon Valley Bank and Signature Bank will be allowed to get their monies out on Monday.
Massive redemptions for Circle's USDC stablecoin continued on Monday, March 13, after the weekend panic and de-peg in the stablecoin. As per blockchain researcher Nansen, over $1.74 billion of USDC stablecoins were redeemed on Monday.
A “desperate” cryptocurrency investor has paid well over $2 million in an on-chain trade to swap out of an investment offering them exposure to $USDC and the decentralized stablecoin $DAI and into $USDT, but only received $0.05 in return.
DEX platforms generated a massive amount of volume from USDC trades.
Following the announcement last night by federal regulators that all deposits at Silicon Valley Bank (NASDAQ:SIVB) would be guaranteed, Circle CEO issued a statement on the company's dollar-based stablecoin, USDC, as any risk was eliminated from Circle's relationship with SVB.
Circle's dollar-based stablecoin USDC lost its dollar peg last week after the firm revealed that $3.3 billion in reserves were locked up at Silicon Valley Bank (NASDAQ:SIVB). At one point, USDC dropped by around 12% as holders ran for the exits.
A March 12, 2023, joint statement by the Department of the Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) advised that depositors for both the Signature Bank, New York and Silicon Valley Bank, Santa Clara, California, will have access to their money effective March 13, 2023.
USD Coin is going to survive Silicon Valley Bank's collapse. But it should inspire advocates of cryptocurrency to prepare for future systemic shocks.
Fissures among the progressive left are primarily responsible for the lack of U.S. regulatory progress around stablecoins, says John Rizzo, senior vice president for public affairs at Clyde Group.
Blockchain data shows that Ethereum blockchain co-founder Vitalik Buterin acquired more USD Coin (USDC) at the maximum height of the panic surrounding the backing of the stablecoin.
The aftermath of the collapse of SVB and Signature bank has been felt by the stablecoin market and various holders alike. However, Ethereum [ETH] managed to benefit from the chaos that ensued following these events.
Circle's USDC stablecoin had nearly $3 billion in net redemptions since Friday, while the total supply of DAI increased by 1.2 billion tokens over the same time period.
As volumes soared across Curve and Uniswap amid USDC briefly losing its peg, liquidity providers have also raked in some serious cash.
The market frenzy that started with the Silicon Valley Bank collapse is pushing BTC price higher but with some casualties left behind.
USDC decoupled during the week after its issuer revealed that it has $3.3 billion in collapsed Silicon Valley bank.
Decentralized exchanges worked exactly as intended as traders rushed to exchange USDC for wrapped ether and other tokens.
It was a bullish Sunday, with ETH on the move again this morning. While Shanghai upgrade news will draw interest, the US banking sector is the focal point.
The fear, uncertainty, and doubts surrounding the second largest stablecoin USDC, issued by Circle, have significantly reduced in the past 24 hours following a bailout by the United States Federal Reserve. As a result, Circle's USDC has re-pegged to the ratio of 1:1 with the United States dollar, following a dip towards $0.
Silicon Valley Bank depositors are being bailed out by the government to ensure the stability of the banking system.
Bank of London presented an official offer on Sunday to acquire the U.K. subsidiary of Silicon Valley Bank (NASDAQ: SIVB). The offer was submitted by a group of top private equity firms led by the Bank of London.
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 firm Lookonchain, Huobi made the large transaction early on Saturday morning.
According to Arkham Intelligence, a provider of on-chain analytics, Voyager has sold crypto assets worth $358.5 million during the past six weeks. These assets included ERC-20 tokens traded on Binance.US, Coinbase, and directly through over-the-counter trades facilitated by market maker Wintermute.
