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 company update also posted to Twitter, Allaire says that USDC is still redeemable for dollars on a 1 for 1 basis.
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Stablecoins rally as Circle announces it will cover all USDC deposits 1:1 - CryptoSlate
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 reserve held at Silicon Valley Bank.
USDC will remain redeemable 1 for 1 with U.S. dollar, Circle says - The Block
The USDC issuer said its operations will resume as usual on Monday and that the stablecoin will remain redeemable one-for-one with the U.S. dollar after Silicon Valley Bank collapsed.
Silicon Valley Bank's Collapse Depegs USDC, Stablecoin Falls Below 90 Cents - EWN
The turmoil induced by the fall of Silicon Valley Bank has led to USDC losing its dollar peg. The stablecoin fell as low as $0.87 earlier today as holders flocked to other crypto assets.
USDC Issuer Circle Says it ‘Awaits Clarity' From FDIC on Silicon Valley Bank Collapse - Bitcoinworld
Late Friday night, the USDC issuer Circle Internet Finance released a statement saying that it “awaits clarity” from federal banking regulators regarding the standing of its accounts at Silicon Valley Bank.
Nine out of top 10 stablecoins trading below peg as USDC contagion spreads – Tether sole survivor - CryptoSlate
Nine of the top 10 stablecoins by market cap are trading below their dollar peg as the market reels from the contagion sparked by the depeg of Circle's USDC stablecoin on March 11, according to CryptoSlate data.
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).
$6,300,000,000 Erased From USDC Market Cap As Top Stablecoin Depegs From US Dollar - The Daily Hodl
USD Coin (USDC) is struggling to maintain its peg to the US dollar after revelations that some of the cash backing the top stablecoin is stuck in Silicon Valley Bank. The Boston-based firm says $3.3 billion of the $40 billion backing USDC is locked in the collapsed bank, which is now controlled by the FDIC.
USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity - Bitcoin
On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S.
Will USDC's Sudden Collapse Trigger Crypto Market to Crash? Here's What to Expect from Top Assets - CoinPedia
The world of cryptocurrency is known for its volatility, with prices rising and falling on a regular basis. However, the recent collapse of the USDC stablecoin has caused investors to fear that the entire market could be on the verge of a catastrophic crash.
Binance And Coinbase Scramble To Halt USDC Conversions Amid Silicon Valley Bank Chaos - Benzinga
Cryptocurrency exchanges Binance (CRYPTO: BNB) and Coinbase Global Inc (NASDAQ: COIN), two of the top cryptocurrency exchanges, announced temporary suspensions of USD Coin (CRYPTO: USDC) conversions due to concerns about the fallout from the collapse of Silicon Valley Bank , a subsidiary of SVB Financial Group (NASDAQ: SIVB). The move followed worries that Circle, the company behind USDC stablecoin, held some of USDC's cash reserves at Silicon Valley Bank, which California's financial regulator shut down.
