Circle clears ‘substantially all’ minting and redemption backlog for USDC
The stablecoin issuer said as at U.S. banking close on Wednesday, it redeemed $3.8 billion USDC and minted $0.8 billion USDC. Go to Source Powered by WPeMatico
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Circle CEO ‘able to access’ $3.3B of USDC’s reserves at Silicon Valley Bank
Circle’s earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor USDT. Go to Source Powered by WPeMatico
Debtors saved over $100M using de-pegged stablecoins to repay loans
Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar. Go to Source Powered by WPeMatico
USDC depegged, but it’s not going to default
USD Coin is going to survive Silicon Valley Bank’s collapse. But it should inspire advocates of cryptocurrency to prepare for future systemic shocks. Go to Source Powered by WPeMatico
Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits
Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for … Read more
Bitcoin futures premium falls to lowest level in a year, triggering traders’ alerts
On March 12, Bitcoin futures traded 5.5% below regular spot exchanges, causing volatility in derivatives markets. 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
Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles … Read more
Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps
The market frenzy that started with the Silicon Valley Bank collapse is pushing BTC price higher but with some casualties left behind. Go to Source Powered by WPeMatico
Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week
Bitcoin and crypto react bullishly to news that the Fed is providing liquidity again in the wake of Silicon Valley Bank failing and Signature Bank being closed. Go to Source Powered by WPeMatico