Circle scrambles to contain SVB fallout as USDC loses peg

The stablecoin's value proposition is that it is 100% backed by U.S. dollars or short-term U.S. treasuries, such that the tokens are always redeemable 1:1 for actual dollars in a traditional bank account. As such, it generally maintains a price of almost exactly $1, even in the hectic cryptocurrency markets.. It has fallen as low as $0.88.

Circle added: "USDC liquidity operations will resume as normal when banks open on Monday morning in the United States."to wait to shed USDC's counterparty risk. Tether is currently trading at $1.01, suggesting that many USDC holders are opting for the original, global stablecoin in this moment of uncertainty in the U.S.$32.4 billion of the assets backing USDC are held in short-term U.S. treasuries, while $9.

Oh no what will we ever do if another crypto scam fails?

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USDC remains at about $0.90 following Circle's disclosure of funds at SVBMany stablecoins are trading below their pegs after Circle disclosed that $3.3 billion of USDC's reserves is with Silicon Valley Bank. 1 USD = 1 USD Overkill for $USDC Its over here. They said its absolutely save now we see how save it is! Job Looking for a Community Manager. You can apply on communityone_io marketplace
Source: TheBlock__ - 🏆 464. / 53 Read more »

Circle Confirms $3.3B of USDC's Cash Reserves Stuck at Failed Silicon Valley BankCircle said Friday that $3.3 billion in cash – roughly 7.5% of USDC's total reserves – remain at failed Silicon Valley Bank. sndr_krisztian reports sndr_krisztian sndr_krisztian No it’s 7,5% if it’s cash reserves which is k my 25% of total USDC, 75% in treasuries etc earning 5=% sndr_krisztian There goes stable coin.
Source: CoinDesk - 🏆 291. / 63 Read more »