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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
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In the recent Unchained Podcast, “the block ghost of BitMEX”, Arthur Hayes said fiat-backed stablecoins like the USDC, USDT, and others pose a risk to the bonds market, and this is the primary concern for the United States. Stablecoins make the bonds market fragile, USDC de-pegs Arthur specifically pointed out the architecture
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The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the
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The full list of banks that held cash for Circle’s USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank (a division of Flagstar Bank, N.A.), Signature Bank, Silicon Valley Bank and Silvergate Bank. Circle also keeps some part of USDC reserves in a
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The United States Federal Reserve is set to create a “specialized team of experts” to keep up with developments in the cryptocurrency industry, according to a Fed official, amid concerns from the central bank about “unregulated” stablecoins.Speaking at the Peterson Institute for International Economics in Washington on March 9, Vice
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Sun’s USDT is moving after Huobi’s HT Token Dropped 93% and then rebounded. Source
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Behnam said that most fiat-backed stablecoins don’t operate with the intention of profit and thus shall be treated as securities. The US crypto regulatory landscape has been brewing with uncertainty all the while. On Wednesday, March 8, CFTC Chairman Rostin Behnam told the Senate Agriculture Committee that most stablecoins
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Stablecoins and Ether (ETH) are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing.At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam, was asked by Senator Kirsten Gillibrand about the differing
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Now, the network has been shut down – closed last week as the bank’s parent company, Silvergate Capital Corp., acknowledged there were questions about its ability to continue as a “going concern,” and that it would be late in filing an annual report with securities regulators. Even before the announcement,
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Ailing crypto-friendly bank Silvergate closed its instant settlement SEN platform last week, which has been a key on-ramp for institutional crypto investors to transfer U.S. dollars to exchanges. Source
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