How The USDC Depeg Will Impact DeFi, Expert Explains
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.
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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.
Circle's Stablecoin USDC Affected by Collapsed Bank - Blockchain News
Circle's USDC stablecoin briefly de-pegged after news that $3.3 billion of its cash reserves were stuck with collapsed bank Silicon Valley Bank. USDC's dollar peg has since recovered, but mass redemptions have led to a drop in the stablecoin's market cap by nearly 10% since March 11.
Tether Benefits From USDC Chaos, USDT Dominance Now 58% - Bitcoinist
Data shows Tether USD (USDT) has benefited from the recent chaos with the USD Coin (USDC) peg, as the stablecoin's dominance has now hit 57.8%. Tether (USDT) Dominance Has Surged To 57.8% Now As per the latest weekly report from Glassnode, Tether was previously facing a structural decline since mid-2020.
Xapo Bank Reopens USDC Deposits Amid The Remaining Crisis - Coincu
Crypto-friendly Xapo bank has allowed GBP and USDC stablecoin payments for its customers after earlier suspending services for the two currencies due to the continuing financial crisis.
Depegging of USDC and DAI Saves Borrowers $100 Million - Blockchain News
The depegging of USD Coin (USDC) and Dai (DAI) from the US dollar resulted in more than $2 billion in loan repayments on decentralized lending protocols Aave and Compound, with borrowers saving a total of over $100 million. USDC and DAI started heading back toward their peg, and repayment activity tapered off in the following days.
Breaking: Circle Accessed USDC Reserves In SVB Account, CEO Confirms - Coingape
Circle USDC News: In the wake of the devastating effect the failure of Silicon Valley Bank and Signature Bank had on the US markets, Circle CEO Jeremy Allaire gave the latest update on the state of affairs. The crypto market went bullish this week as the SVB related contagion spread through the US financial sector.
Justin Sun's Tron-Based Stablecoins Gain As Investors Flee USDC To USDT In Wake Of SVB Collapse - Benzinga
As investors sought safety in the wake of Silicon Valley Bank's (NASDAQ: SIVB) collapse this week, the total Tron (CRYPTO: TRX) stablecoin market cap saw a significant increase, while the Ethereum (CRYPTO: ETH) stablecoin market cap fell. What Happened: Data from DeFilama shows that Justin Sun-owned Tron reached over 50% levels of the total circulating stablecoins on Ethereum.
Circle USDC operations will resume when U.S. banks open Monday: CEO Allaire - Bitcoinworld
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.
USDC Bounces Back Toward $1 Peg after Fed Announcement - Bitcoinworld
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.
Crypto Market Rallies on FDIC Banking Intervention, USDC Regains Dollar Peg - Bitcoinworld
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.