Day: March 11, 2023

Circle’s USDC Stablecoin Endures $1B Net Redemptions Since Silicon Valley Bank Shutdown, Nansen Data Shows

CryptoX – Cryptocurrency Analysis and News Portal 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 The post Circle’s USDC Stablecoin Endures $1B Net Redemptions Since Silicon Valley Bank Shutdown, Nansen Data Shows appeared first on CryptoX. CryptoX Portal

USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal

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) that suggests concern about their financial footing. Source