Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount
Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency. Go to Source Powered by WPeMatico
Circle
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Circle plans to cover missing liquidity in Silicon Valley Bank with corporate funds
According to Circle, USDC liquidity operations will “resume as normal when banks open on Monday morning in the United States,” enabling USDC redemption at 1:1 with the U.S. dollar. Go to Source Powered by WPeMatico
Aave freezes stablecoin trading on Avalanche V3 as activity surges on CEXs
The trading freeze follows an analysis from DeFi’s risk manager firm Gauntlet Network considering different scenarios for the USD Coin price. Go to Source Powered by WPeMatico
Curve Finance trading volume reaches $7B historic high after USDC depeg
The USD Coin depeg led the DeFi protocol to experience a record-breaking daily trading volume as crypto whales fight for assets. Go to Source Powered by WPeMatico
USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity
On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) … Read more
Banks down? That is why Bitcoin was created, crypto community says
Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community. Go to Source Powered by WPeMatico
Bitcoin price spikes to ‘$26K’ in USDC terms — How high can the BTC short squeeze go?
Bitcoin recovers from the depegging of USDC, the second-largest stablecoin, from the U.S. dollar. Go to Source Powered by WPeMatico
USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan. Go to Source Powered by WPeMatico
Circle discloses $3.3B tied up at Silicon Valley Bank
Circle joined other customers and depositors in calling for the continuity of SVB in the US economy. Go to Source Powered by WPeMatico
Circle’s exposure to U.S. banks could top $9B
Circle’s reserves are held in a number of banks in the United States, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon. Go to Source Powered by WPeMatico