USDC Is In Trouble, But It Won't Go To Zero Like UST Did – Here's Why
USDC, the stablecoin tracing the USD, is under immense pressure as users rush to convert to other assets, including BUSD by Paxos and USDT by Tether Holdings. USDC Has De-pegged As USDC's market cap rapidly shrinks, primarily because of mass exits, there has been a de-peg.
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Circle's USDC Reserves Remain Stuck at SVB, Raises Concerns Over Crypto Stability - Blockchain News
Circle's $3.3 billion worth of USDC reserves held at Silicon Valley Bank (SVB) have not been processed, raising concerns over the stability of the cryptocurrency. This follows the disclosure that 20% of Circle's USDC reserves were held in several financial institutions, including the recently bankrupted Silvergate and the now-shuttered SVB.
Circle Unable to Withdraw $3.3 Billion from SVB, Causing USDC Sell-Off - Blockchain News
Circle, the issuer of USD Coin (USDC), was unable to withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), leading to a sell-off that caused the stablecoin's value to drop below its $1 peg. Circle initiated a wire transfer to remove the funds from SVB as the FDIC-insured bank was about to shut operations, but the transfer was not wholly processed, leaving $3.3 billion of USDC reserves with SVB.
Circle's USDC Reserve Mishap Leads to Massive Sell-off - Blockchain News
Circle's announcement that Silicon Valley Bank failed to transfer $3.3 billion of its USDC reserves led to a significant sell-off, causing the stablecoin to depeg from the U.S. dollar. Investors who tried to cut their losses by exchanging USDC for other stablecoins, such as USDT, faced exorbitant prices.
USDC Issuer Circle Reveals It Couldn't Withdraw $3.3 Billion From Silicon Valley Bank - Bitcoinist
Stablecoin issuer Circle disclosed late Friday that around $3.3 billion of its $40 billion USDC reserves remained at Silicon Valley Bank. This comes after the high-tech lender's share price dropped precipitously in response to a run on deposits by nervous consumers.
SVB closure spurs a crypto crisis: Coinbase and Binance suspend USDC conversions - Invezz
Just a day after covering Silicon Valley Bank stock (NASDAQ: SIVB) 60% dip after it announced it was raising funds to cover a loss it made after selling securities at a loss, the SVB closure is causing shockwaves in the crypto market.
Stablecoins No More Stable: After USDC Depeg, Is Tether's USDT in Trouble? - CoinPedia
The collapse of Silicon Valley Bank (SVB) has caused worry in the crypto industry, especially for investors who use stablecoins like USDC and USDT. Let's see how this affects these stablecoins. USDC and SVB Circle, the company behind USDC, had $3.3 billion or 8% of its reserves at Silicon Valley Bank (SVB) before its collapse.
Circle stablecoin USDC depegs to under $0.90 - Invezz
USD Coin (USDC/USD) has fallen below $0.90, sharply depegging after Circle confirmed exposure to Silicon Valley Bank. The cryptocurrency news this Saturday also sees major cryptocurrencies, including Bitcoin and Ethereum struggle with selloff pressure near $20,000 and $1,400 respectively. USDC falls under $0.
USDC Loses Peg After Circle Says It Is Holding $3.3 Billion of Cash Reserves at SVB - CryptoGlobe
On Friday (March 10), Californian regulators closed Silicon Valley Bank (SVB) — due to a capital crisis and a bank run — and placed it under the control of the US Federal Deposit Insurance Corporation (FDIC). SVB has $175 billion in deposits, 89% of which is uninsured.
Binance and Coinbase halt USDC conversions as Silicon Valley Bank collapse sparks crypto crisis - Cryptopolitan
On Friday, two top cryptocurrency exchanges, Binance and Coinbase, announced they would suspend USDC conversions temporarily while the repercussions of Silicon Valley Bank's closure were assessed.
Stablecoins In Trouble? USDC, DAI, USDD Depeg As SVB Crisis Deepens - Coingape
Crypto News: Dealing with a heavy sell off, the global digital asset market registered a broad recovery on Saturday morning. Bitcoin, Ethereum price jumped by 3% and 5%, respectively.