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USDC Hits All-Time Low As Investors Pull Out Funds From The Stablecoin

bitcoinist.com

USDC has been hit with a bearish wave following news of the collapse of Silicon Valley Bank on March 11. The stablecoin issuer Circle had revealed that it had $3.3 billion in deposits with the defunct bank, contributing to uncertainty regarding USDC.

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Bitcoin USDC
$ 1.0006

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Circle Commits to Covering USDC Shortfalls – Ensures Redemption at 1:1 with USD - Cryptonews

USDC issuer Circle has pledged to cover any shortfall in the stablecoin's reserves if it does not receive the entirety of the $3.3 billion held at now-collapsed Silicon Valley Bank.


Circle: ‘This Is a Time of Heightened Uncertainty for the USDC Economy' - CryptoGlobe

Circle Internet Financial (“Circle”), the issuer of the dollar-backed stablecoin USD Coin (USDC), has provided important assurances that should help to calm holders of the coin and the crypto market in general.


USDC Backed To $0.99 As Traders Gain Profits Amid Silicon Valley Bank Concerns - Coincu

As USDC remains a popular digital dollar, investors may be wondering whether it will survive after the recent collapse of Silicon Valley Bank. If the USD Coin eventually survived, this would be a suitable opportunity to buy at the bottom when USD Coin falls.


USDC Price Returned To 0.96 USD As Circle Addressed Collateral Asset Shortage - Coincu

Circle's CEO Jeremy Allaire, the business behind stablecoin USDC, made the latest update concerning USDC's volatility yesterday and the direction of the approaching resolution on March 12.


USDC Loses Dollar Peg, Coinbase Pauses Conversions as Circle Reveals $3.3 Billion Stuck at Silicon Valley Bank - CrowdFundInsider

Circle's dollar-based stablecoin USDC has lost its dollar peg following the revelation that $3.3 billion in cash reserves are still held at failed Silicin Valley Bank. According to Coinmarketcap, USDC traded at less than $0.


USDC Holder Forks Over $2 Million For $0.05 USDT In Desperate Move To Evade Crypto Crash - Bitcoinist

Every crypto investor's nightmare starts when a sudden change in the industry leads to panic and massive selloffs. The effect of these two occurrences usually leads to uncontrollable price dips and deep losses for investors.


Circle May Be Able To Recover All $3.3 Billion Stuck At Silicon Valley Bank - EWN

Circle CEO Jeremy Allaire has stated that his firm may be able to recover all of the $3.3 billion stuck at Silicon Valley Bank. In case the recovery is delayed, Circle will back USDC using external capital if necessary, he added.


Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall' - Bitcoin

On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin's liquidity operations will resume normally on Monday morning in the United States.


Jeremy Allaire Says Circle Will Use Own Resources to Cover Shortfalls As USDC Moves Closer to Peg - The Daily Hodl

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.


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.

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