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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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USDC is the second-largest stablecoin, trailing only Tether’s USDT, and a backbone of the crypto ecosystem. The token’s value is backed by U.S. government bonds and cash-like assets, including a total $11.1 billion of cash deposits at various regulated banks, according to Circle’s website. Source
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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 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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“Curve pools have become a bellwether for investor sentiment regarding stablecoins,” said Andrew Thurman, head of research at data firm Nansen. “They also play a key structural part in maintaining on-chain pegs, and an imbalanced pool can exacerbate liquidity woes, adding to panics.” Source
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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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According to a Mar. 7 announcement from the University of California San Diego (UCSD), the post-secondary institution has received a 15 million USD Coin (USDC) donation from the Balvi Filantropic Fund. The foundation is currently directed by Ethereum (ETH) co-founder Vitalik Buterin and "is a scientific investment and direct gifting
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Wallet startup Giddy has a new "autogas" feature for easy onboarding into Polygon. Source
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In the course of its investigation, Forbes interviewed Patrick Hillmann, Binance’s chief strategy officer. Hillmann’s explanation, included in the original story, seemed to be simply that the on-chain wallets understood to contain backing for Binance’s stablecoins are effectively meaningless. “There was no commingling” of customer funds, Hillman told Forbes, because
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