USDC Holder Forks Over $2 Million For $0.05 USDT In Desperate Move To Evade Crypto Crash
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.
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Timeline of Usd-coin, Tether
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.
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.
Unlucky crypto investor commits $2M for a payout of $0.05 USDT - Cryptopolitan
The market reacted with a big sell-off, depegging the stablecoin from the dollar, just after Circle disclosed Silicon Valley Bank did not transfer $3.3 billion of its USD Coin holdings. Not all crypto investors, however, had the good fortune to escape from the unforeseen condition with their funds.
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).
