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USD Coin (USDC), the world’s second-largest stablecoin, may simply have been in the wrong place at the wrong time. The place was Silicon Valley Bank (SVB), a commercial bank with $209 billion in assets, where USDC issuer Circle had deposited $3.3 billion of its cash reserves for safekeeping. The time was
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Recent turmoil in the traditional banking sector, culminating in USD Coin (USDC) losing its peg, could negatively affect stablecoin adoption and potentially increase calls for regulation, argued credit rating agency Moody’s Investors Service. In its latest “Sector Comment” report published on March 16, Moody’s says fiat-backed stablecoins could face new resistance
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Crypto investors should know by now that it doesn’t take much to topple a distressed multi-billion-dollar firm. On March 10, California regulators officially shut down Silicon Valley Bank (SVB) 48 hours after the company disclosed it was in financial distress. As Cryptox reported at the time, SVB is the first
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Trading firms were quick to jump on the USDC long trade over the weekend as the stablecoin slumped to $0.88 amid banking concerns in the U.S. Source
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The collapse of Silicon Valley Bank (SVB) saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).Outflows from centralized exchanges often spike when the markets are in turmoil, explained blockchain analysis firm Chainalysis in a March 16 blog
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Breaking news and insightful views: Decentralize with Cryptox drops a
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Stablecoin issuer Circle has announced it has cleared "substantially all" of the backlog of redemption requests for its stablecoin USD Coin (USDC).In a March 15 operational update, Circle said between the morning of March 13 to the close of business on March 15, it had redeemed $3.8 billion USDC and
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“Regulators who tend to fight the last war are certainly on guard right now – looking at banks, including Cross River, to make sure that they are sufficiently capitalized,” Jay Ritter, Cordell professor of finance at the University of Florida, told CryptoX in an interview. Source
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Three other wallets previously linked to FTX and Alameda sent $188.58 million to crypto exchanges Coinbase, Kraken and Binance on Tuesday, according to blockchain sleuth Lookonchain. It remains unclear whether capital is being consolidated in line with bankruptcy proceedings or if it is being deployed to generate a yield. Source
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Bybit and Deribit calculate the payoff or profit/loss from the options trade, referencing the dollar value of the underlying asset (BTC). However, at Deribit, the actual settlement is paid in BTC, while Bybit uses USDC. Settlement refers to resolving the contract between trading parties through exchange of cash or actual
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