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Robinhood, a platform that allows the commission-free trading of, among other instruments, cryptocurrencies, via a mobile app, has halted the depositing and trading of USDC. Robinhood temporarily pauses depositing and trading of USDC Reports on Mar. 11 show that the trading portal has temporarily paused the trading and depositing of USDC. The
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In response to the extraordinary depegging event of the USD Coin stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flight to protect assets. Du Jun, co-founder of cryptocurrency exchange Huobi
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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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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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According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an "urgent executive proposal to mitigate risks to the protocol." Maker said that it possessed multiple collaterals "exposed to USDC tail risk" in light of the extraordinary de-pegging of
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Other cryptocurrencies did not post similar gains, however, suggesting traders were not taking risks on lesser-known tokens yet. Polygon’s matic (MATIC) was up 1.6% while BNB Coin (BNB) and XRP were up a nominal 2% in Asian evening hours on Saturday. Source
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Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin shakes off USDC depegData from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing.A brief dip below
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Some $4 million in USDC futures were liquidated in the past 24 hours, Coinglass data shows. Original Source
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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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