USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
WEBMar 11, 2023 · Almost immediately after USD Coin (USDC) issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), the resultant sell-off caused the...
$3.3 Billion of USDC Reserve Risk Removed, Dollar De-peg Closes
WEBThe $3.3B USDC reserve deposit held at Silicon Valley Bank, about 8% of the USDC total reserve, will be fully available when U.S. banks open tomorrow morning. No USDC cash reserves were held at Signature Bank. As a regulated payment token, USDC remains redeemable 1:1 with the U.S. Dollar.
Stablecoin USDC breaks dollar peg after revealing $3.3 billion ... - CNN
WEBMar 11, 2023 · Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at...
Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 ...
WEBMar 11, 2023 · The U.S. cryptocurrency firm Circle’s USD Coin lost its dollar peg and fell to a record low Saturday morning after the company revealed it has nearly 8% of its $40 billion in reserves tied up...
USDC Stablecoin Falls to 87 Cents After Circle Discloses ... - Decrypt
WEBMar 11, 2023 · The depegging happened after Circle, the issuer of USDC, disclosed on Friday night that some $3.3 billion worth of the cash reserves that back USDC remain held at Silicon Valley Bank, which was shut down by California financial regulators this week after a bank run.
Circle assures market after stablecoin USDC breaks dollar peg
WEBLONDON, March 11 (Reuters) - Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday before recovering most of its losses after Circle, the firm behind it,...
USDC Stablecoin Depegs From $1; Circle Says Operations Are …
WEBMar 11, 2023 · Circle Internet Financial’s USDC stablecoin, which is the second-largest stablecoin at $42 billion of market cap, depegged from the U.S. dollar as contagion from the collapse of Silicon Valley...
Circle’s USDC Stablecoin Breaks Peg With $3.3 Billion Stuck at …
WEBMar 12, 2023 · A major cryptocurrency operated by Circle Internet Financial Ltd. meant to mimic the value of the U.S. dollar dropped sharply after the company said it had $3.3 billion tied up in the collapsed...
SVB Fallout: Circle's USDC Stablecoin Depegs on $3.3 Billion SVB ...
WEBMar 11, 2023 · The second-largest stablecoin in crypto fell from its intended $1 peg on Saturday, trading as low as 81.5 cents, hurt by the exposure of issuer Circle Internet Financial Ltd. to the collapsed ...
Stablecoins: A Deep Dive into Valuation and Depegging
WEBSep 7, 2023 · Learn how stablecoins maintain a pegged value and what risks they face. This report analyzes five stablecoins, including USDC, DAI, and USDP, and their performance during a depegging event in March 2023.