MakerDAO Maintains Trust In USDC Despite Depeg Debacle

MakerDAO, the governance community of the popular DeFi lending platform Maker, has decided to keep using USD coin (USDC) as the primary reserve asset for the DAI stablecoin.  Although USDC experienced a temporary depeg earlier this month, an overwhelming majority of the MakerDAO have chosen to retain their faith in the world's second-largest stablecoin, dismissing any other viable options.

Timeline of Maker, Usd-coin

Mastercard has partnered with Stables to allow retail customers in the Asia-Pacific region to spend and save USDC through its network. Meanwhile, worldwide banking turmoil has not slowed the blending of traditional and decentralized finance (DeFi).

Crypto News: Jeremy Allaire, Co-founder and CEO of Circle on Thursday, flagged off risk building around USD after the Silicon Valley Bank and other banks collapsed. This comes after Circle's $3.3 billion of funds exposed to SVB were shifted out.

Xapo Bank, a licensed private bank and Bitcoin custodian has partnered with financial technology company Circle to integrate USD Coin (USDC) payment rails as an alternative to the traditional SWIFT payment system. This partnership allows Xapo Bank members to deposit and withdraw funds using the stablecoin without fees.

Xapo Bank says it is the first regulated bank to accept USDC deposits and withdrawals. Issued by Circle, USDC is the second largest stablecoin by market cap, pegged to the US dollar.

USD Coin (USDC) issuer Circle has applied to become a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP) in France — expanding its operations in Europe.

Stablecoin issuer Circle plans to set up shop in Paris and expand into other European markets from the French capital.The crypto payments company also applied for an e-money service provider license as part of its growth strategy in Europe.CEO Jeremy Allaire added that the USDC issuer is working to align its Euro-backed stablecoin with the landmark MiCA bill. Crypto payments company Circle applied for an e-money license from regulators in France as the USDC stablecoin issuer moves to expand its presence across European markets, Bloomberg reported on Tuesday.

A multi-billion dollar emergency credit facility from American crypto exchange Coinbase to Circle Internet Financial recently came to light. The credit line was reportedly offered to the USDC issuer last week after the collapse of Silicon Valley Bank.

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.

The Maker (MKR) token dropped 26% in value within a week following the news of an emergency proposal to address the DeFi protocol's $3.1 billion USDC exposure, raising concerns among investors and stakeholders.

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?