USDC Stablecoin Momentarily Depegs to $0.74 on Binance

Circle's USDC stablecoin spiked down to as low as $0.74 on three occasions today following a marketwide sell-off spurred by a report casting doubt over whether a spot bitcoin ETF will be approved this month.

Timeline of Usd-coin

Hong Kong recently proposed stringent regulations for stablecoins, signaling its ambitions to become a virtual asset hub. However, the recent development poses potential challenges for popular stablecoins in the market.

USDC stablecoin issuer Circle, based out of the USA, has been facing regulatory scrutiny in its home base, pushing it to look outside and develop partnerships with entities such as Fuze Finance in the UAE,to grow its USDC stablecoin market share in MENA region.

S&P Global Ratings, a leader in providing credit ratings, announced a crucial series of stability assessments for various stablecoins on Dec. 12, rating each asset's stability strength on a five-point scale.

Stablecoins like USDC have become a cornerstone in the cryptocurrency ecosystem, offering unique stability and reliability. This article provides an in-depth exploration of the USDC Coin, offering you a detailed understanding of its functions, market dynamics, and the organization behind it, particularly Circle USDC.

Circle and Nubank (NYSE:NU), which claims to be one of the world's largest digital financial platforms serving 90 million customers across Brazil, Mexico, and Colombia, announced a partnership to extend USDC access to Brazilian Nubank customers.

Tether seems to be emerging as king in the stablecoin race, largely influenced by geography and regulations. As the United States puts further pressure on crypto companies, the rest of the world has decided which stablecoin it wants to use for dollar transactions.

Circle, a payment services company, and SBI Holdings, a conglomerate of financial companies, have partnered to bring liquidity services for the use of USDC, one of the largest stablecoins in the cryptocurrency market, to Japan, and promote the local use of stablecoins in the Web3 industry.

USDC (CRYPTO: USDC) stablecoin issuer Circle signed an agreement with Japanese securities and banking major, SBI Holdings. This will expand stablecoin usage in Japan and widen the use of Circle's Web3 services.

Stablecoin issuer Circle signed a Memorandum of Understanding (MoU) with Japanese financial giant SBI Holdings to boost USD Coin (USDC) circulation, establish a banking relationship, and expand its presence in the Asian country, according to a Nov. 27 statement.

In addition to securing a new banking partner for its USDC stablecoin, Circle said that SBI will adopt its other business offerings, providing end-to-end development, deployment, and operations platforms for building and operating Web3 apps across blockchains.