USDT issuer Tether has up to $1.7B in excess reserves, CTO says
Tether CTO Paolo Ardoino believes that USDT is becoming the “safest asset to hold in the world” amid the banking crisis. Go to Source Powered by WPeMatico
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Banking turmoil pushes crypto to ‘no oversight’, says Circle CEO
Crypto firms who have had the strongest position with U.S. regulation are now considered “unsafe,” Circle CEO Jeremy Allaire stated. Go to Source Powered by WPeMatico
Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday
Bitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion. Global Cryptocurrency … Read more
Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation
During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape … Read more
SVB crisis: Here are the crypto firms denied exposure to troubled US banks
Some of the biggest firms in crypto have denied exposure to any of the failed banks in the United States. Go to Source Powered by WPeMatico
Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums
On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and … Read more
Coinbase, Celsius and Paxos disclose funds in Signature Bank
The crypto-friendly Signature Bank was a key partner for many crypto firms, some which have been voluntarily disclosing their exposure to the recently closed firm. Go to Source Powered by WPeMatico
USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident
On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, … Read more
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
Circle’s USDC instability causes domino effect on DAI, USDD stablecoins
Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the dollar. Go to Source Powered by WPeMatico