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Coinbase offered Circle $3b credit line to repeg USDC

crypto.news

Crypto exchange Coinbase reportedly offered a $3 billion credit line to Circle, the crypto company that issues the USD Coin (USDC) stablecoin, in an effort to bring the stablecoin back to its $1 peg.

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Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1? - Coingape

Crypto News: As more information about the tragic weekend of the USDC depeg continues to surface, the newest development in the wake of the failure of Silicon Valley Bank is the introduction of a credit line with a value in the multi-billion dollar range. It has been reported that Coinbase made a massive offer of The post Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?


Chainalysis: the reaction of crypto to the demise of SVB and the USD Coin depeg - The Cryptonomist

Before the Silicon Valley Bank (SVB) crisis, the stablecoin USD Coin had captured about 70% of the on-chain transaction volume on Ethereum, indicating its popularity among the DeFi and NFT community.


USDC in circulation fell over 10% since de-peg event - CryptoSlate

The stablecoin market has seen significant changes over the past few weeks — including the removal of over 7 billion USDC stablecoins from circulation following the depegging event on March 11.


USDC depeg will hinder stablecoins' growth, increase regulatory scrutiny: Moody's - Cointelegraph

"Financial institutions may reconsider adopting stablecoins to settle agreements involving tokenized securities out of concern over the coins' potential volatility,” Moody's said.


USDC Minting And Redemption Backlog Almost Cleared By Circle - Bitcoinist

USDC stablecoin investors panicked when Circle announced its exposure to the shuttered banks, and Circle's latest report on USDC Reserves and attestation from Deloitte, the global audit company, confirms the connection.  However, in a new development, Circle reports almost clearing all minting and redemption requests for USDC.


Circle Investors Redeem $3 Billion in USDC - PYMNTS

Cryptocurrency investors have withdrawn a net $3 billion in Circle's USDC coin this week. Circle said on its blog Wednesday (March 15) evening that it had “cleared substantially all of the backlog of minting and redemption requests” for its coin, the second most popular cryptocurrency.


Circle Clears ‘substantially all' Minting and Redemption Backlog for USDC - Bitcoinworld

Circle says it has fulfilled “virtually all” of the redemption and minting requests for its USD Coin $1.00 stablecoin. Circle announced in a March 15 operating update that it has redeemed $3.8 billion USDC and minted $0.


Circle Update on USDC Operations - CrowdFundInsider

Circle, the issuer of dollar-based stablecoin USDC, was hammered when it was announced that the Fintech held $3.3 billion at Silicon Valley Bank (NASDAQ:SIVB). For a long minute, things looked a bit dire.


How The USDC Depeg Will Impact DeFi, Expert Explains - NewsBTC

Following the closure of Silicon Valley Bank (SVB), the value of the world's fifth-largest cryptocurrency, USD Coin (USDC), plummeted to an all-time low on Saturday. The U.S.-based company behind the coin, Circle, revealed that $3.3 billion of the $40 billion in USDC reserves backing it was held at the financial institution.


Justin Sun traded USDC fear after SVB collapse - Crypto news

At the height of USD Coin (USDC) panic — when news broke that much of its backing was stuck in recently-collapsed Silicon Valley Bank — Tron (TRX) founder Justin Sun traded millions of USDC.

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