Circle to ‘Cover Any Shortfall’ in USDC Reserves, Sparking Stablecoin Rally
The company plans to use corporate resources to fill the gap, including external capital. Source
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Circle
Circle plans to cover missing liquidity in Silicon Valley Bank with corporate funds
USD Coin (USDC) issuer Circle plans to use "corporate resources" to cover the shortfall on its reserves following Silicon Valley Bank's shutdown, said the company in a statement on March 11. According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States,"
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USDC depegs as Circle burns $2.34b in 24 hours
USD Coin (USDC) lost its $1 peg to the USD, trading to low as 81.5 cents on Mar. 11. Meanwhile, trackers indicate that Circle, the issuer of USDC, has burned $2.34b in the last day to meet increasing redemption requests. $2.34b in USDC already burned Circle’s USDC, the second-largest stablecoin by market
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USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 mark.On March 9, Circle had initiated a wire transfer for
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Circle Confirms $3.3B of USDC's Cash Reserves Stuck at Failed Silicon Valley Bank
Silicon Valley Bank, one of the reserve banking partner for Circle's USDC stablecoin, was shut down by regulators on Friday. Source
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Circle discloses $3.3B tied up at Silicon Valley Bank
On March 10, Blockchain payment tech company and USD Coin (USDC) issuers Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB). Concerns have been growing over USDC late this week
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USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal
An undisclosed portion of USDC’s cash reserves are parked at the now-failed bank, leading to concern that money backing the stablecoin is now stuck. Stablecoins like USDC are a key part of the crypto industry’s foundation, and when they stray far from $1 (or whatever fiat asset they’re pegged to)
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USDC Issuer Circle Says it ‘Awaits Clarity’ From FDIC on Silicon Valley Bank Collapse
USDC issuer Circle Internet Financial said late Friday it "awaits clarity" from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin. Original Source
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Circle, Paxos, Bitstamp and Galaxy join Coinbase in scaling back partnerships with Silvergate Bank
Several crypto firms have announced they will scale back or outright terminate their relationship with Silvergate Bank following an announced investigation into its alleged involvement in the FTX collapse.Amid news that crypto exchange Coinbase would no longer accept or initiate payments with Silvergate, companies including stablecoin issuers Paxos and Circle
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Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships – Bitcoin News
On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and
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